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Two Wheeler Loan Eligibility And Documents

  • Overview
  • Eligibility & Documentation
  • Rates & Charges
  • Calculators
  • EMI Options
  • FAQs
  • Know More
    • 1

    Eligibility and Documents Required for Two Wheeler Loan

     

    The following are the two wheeler loan eligibility criteria for salaried and self-employed individuals –

    • The applicant’s age must be between 21 to 60 years.

    • The applicant must have a residential stability for a minimum of one year.

    • The applicant must have a stable employment status for at least a year.

       

    The applicant must submit the following documents to prove their two wheeler loan eligibility –

    • Identity Proof documents – Passport/Driving License/PAN Card/Aadhaar Card/Voter’s ID and recent passport-sized photographs

    • Income Proof documents (if required) – Latest Income Tax Returns (ITR) for self-employed individuals and Last three months’ Salary Slips/Form 16/Last three months’ Bank Statements reflecting salary credits/Salary Certificate for salaried individuals

    • Last three months’ Bank Statements – mandatory

    • Residence Ownership Proof – optional 

    Eligibility

     

    Salaried/ Self employed:

    • Age - Minimum- 21 Years and Maximum- 60 Years at loan maturity

     

    • Loan Amount - Minimum- ₹ 25,000 and Maximum- ₹ 3,00,000

     

    • Tenor - Minimum- 6 months and Maximum- 60 months

     

    • Residential Stability - Minimum 1 Year

     

    • Employment Stability - Minimum 1 Year

     

    • Income - Not mandatory

     

    • Loan To Value (LTV) - Up to 95%

     

    Documents required

    ID Proof

    Passport /Pan Card /Driver's License /Voter's ID/Aadhar Card Along with recent passport size photographs
      

    Address Proof

    Ration Card/Electricity Bill/ Passport

    Income Proof if required

    Salaried - Last 3 month's salary slips/ Form 16/Last 3 month's bank statement reflecting salary credits/Salary Certificate

    Self Employed - Latest Income Tax Return (ITR)

    Bank Statement

    Last 3 month's statement is mandatory

    Residence Ownership Proof

    Not mandatory

    Eligibility

     

    Salaried/ Self employed:

    Age - Minimum- 21 Years and Maximum- 60 Years at loan maturity


    Loan Amount - Minimum- ₹ 25,000 and Maximum- ₹ 3,00,000

    Tenor - Minimum- 12months and Maximum- 36 months

    Residential Stability - The residence should be self-owned (parental house is allowed)

     

    Employment Stability - Minimum 2 years

     

    Income - For Salaried- Rs.15,00,000 and For Self Employed- The business income should be Rs.5,00,000

    Loan To Value (LTV) - Up to 65%

    Documents required

    ID Proof

    Passport/Pan Card/Driver's License/Voter's ID along with recent passport size photographs

    Address Proof

    Passport/Driver's License/Voter's ID/Utility Bill

    Income Proof if required

    Last 3 month's salary slips/Form 16/Last 3 month's bank statement reflecting salary credits/3 year's ITR

    Bank Statement

    Last 6 month's statement is mandatory

    Residence Ownership Proof

    Mandatory and should be in the name of Applicant/Applicant's Parents/Spouse

    What are Factors Affecting Your Two Wheeler Loan Eligibility?

    The factors affecting your two wheeler loan eligibility are as follows –

    • CIBIL score – The higher the CIBIL or credit score (750 and above), the higher will be an applicant’s bike loan eligibility.

    • Outstanding loan – Large outstanding debts will have an adverse impact on loan eligibility. Paying off previous debts is key to high eligibility.

    • Income – The higher an applicant’s income, the more they will be eligible for a two wheeler loan and vice-versa.

    How to Improve Your Two Wheeler Loan Eligibility?

    Two wheeler loan eligibility can be improved in the following ways –

    • Maintaining a high CIBIL score – Timely payments of credit card dues, closing of previous outstanding debts, keeping a balance between secured and unsecured loans, and checking for discrepancies in credit report are imperative to a high CIBIL score of 750 and above, something which lenders prefer.

    • Choosing a longer repayment tenure – Since a longer tenure gives more time to pay off the standard and super bike loan EMI, it increases loan eligibility. Plus, a longer tenure also reduces the monthly EMI value.

    • Opting for a joint loan – Having a co-applicant improves bike loan eligibility as incomes of both the applicants are taken into account. Make sure to choose a co-applicant with a good credit score and stable source of income.

    • Showing additional income sources – Having additional income sources such as mutual fund dividends, rental income from another property, etc. can also improve loan eligibility. 

    What is the Interest Rate for Two Wheeler Loan?

    Two wheeler loan interest rate is the rate at which interest is to be charged on a standard or super bike loan principal over a specified tenure. Bike loan interest rate is usually expressed as a percentage.

    How to Calculate EMI Using Bike Loan Calculator?

    Calculating monthly EMI value using a bike EMI calculator is fast, easy, safe, and gives accurate results every time. To use the calculator, only three inputs are needed – Principal amount, Rate of Interest, and Loan tenure – and the calculator will automatically show results within seconds.

    To view the Specific Agreement, please click on the link below.

    Detailed FAQs

    To get a standard two wheeler loan as a salaried or self-employed individual, you must meet the following two wheeler loan eligibility criteria –

    • Your age must be between 21 and 60 years.

    • You must have a residential stability of at least a year.

    • You must have a stable employment status for at least a year.

    Since you will be repaying your two wheeler loan in the form of Equated Monthly Instalments or Flexi EMI option, it is important to have an adequate monthly income that can cover the EMIs as well as your other financial commitments for the month. As such, the higher your monthly income, the higher will be your two wheeler loan eligibility and vice-versa. Meaning, with a high monthly income, you will be eligible to borrow a higher loan amount and counter-wise. 

    The following are the documents required for a two wheeler loan –

    • ID Proof documents – PAN Card/Driver’s License/Passport/Aadhaar Card/Voter’s ID and two passport-sized photographs

    • Address Proof documents – Electricity Bill/Ration Card/Passport

    • Bank Statements for the last three months (mandatory)

     

    • Residence Ownership Proof (optional)

     

    • Income Proof documents (if required) – Latest Income Tax Returns (ITR) in case of self-employed individuals and Last three months’ Salary Slips/Salary Certificate/Form 16/Last three months’ Bank Statements showing salary credits 

     

     

    The following factors affect two wheeler loan eligibility –

    • CIBIL or Credit Score – A high CIBIL score, preferably 750 or above, will present you as a low-risk borrower and increase your bike loan eligibility whereas lenders may charge high two wheeler loan interest rates or altogether reject your loan application if your CIBIL score is poor.

    • Income – The higher the income, the more you will be eligible to borrow a higher amount and your two wheeler loan eligibility steadily falls with a fall in income.

    • Work Stability – A stable employment or business status improves your credibility in the eyes of the lender. Hence, it is must to have a stable source of income for loan eligibility. 

    Your credit report, having details of your past borrowings and repayments, is a reflection of who you are as a borrower. Based on the credit report, you are assigned a score known as the CIBIL or credit score on a scale from 300 to 900. A low CIBIL score will portray you as a high-risk borrower in the eyes of a lender and vice-versa. Lenders prefer that your credit score for bike loan be at least 750 or above for loan sanctioning. A very low CIBIL score may altogether get your two wheeler loan application rejected. 

    You can take a two wheeler loan to purchase superbikes or high-end bikes. The eligibility criteria for a superbike loan is as follows –

    • Your age must be within 21 to 60 years.

    • The residence you live in must be registered under your name (parental house will not be accepted).

    • You must have a stable income source for the past 2 years.

    • You must have an annual income that is at least Rs. 15 lakhs (salaried individuals) and a monthly business turnover of at least Rs. 5 lakhs (self-employed individuals). 

    Yes, a salaried individual can get a two wheeler loan to purchase a vehicle for personal use. However, such a person must meet the two wheeler loan eligibility criteria and submit the required documents for verification.

    A two wheeler loan for self-employed individuals can be availed by submitting the following documents –

    • ID Proof documents such as Passport/Voter’s ID/Aadhaar Card/Driver’s License along with recent passport size photographs

    • Address Proof documents such as Electricity Bill/Ration Card/Passport

    • Income Proof documents (if required) such as latest Income Tax Returns (ITR)

    • Previous three months’ Bank Statements

    • Residence Ownership Certificate (optional) 

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