Two wheeler ownership is often one of the first lifestyle milestones that individuals meet. Many also initiate to purchase new vehicle models as upgrades to their previous counterparts. Further, one cannot stress enough why owning a two wheeler is important in today’s fast-paced life. So, while the ownership of a bike is justified as a modern day commuting necessity, the financing of these vehicles also extends a significant challenge to many. Availing a 2 wheeler loan can, nevertheless, make up for this financing hurdle, allowing bike ownership right when it is needed.
Availing a bike loan, however, also comes with a host of requirements from the loan provider that you must fulfil. It is thus best to be well-informed and prepared before availing the loan so that when you apply, the loan process is streamlined and fast-tracked for a smooth processing. Let’s check out the important aspects you must know about bike loans when planning to avail one.
Eligibility Criteria
Individuals need to meet a handful of eligibility requirements when availing a bike loan. While these requirements may differ from one lender to another, there are usually some common requirements that all lenders ask for.
- Age between 20 and 70 years
- A stable source of income
- Applicant should be either a salaried or a self-employed individual
- He/she must be a residing citizen of India for not less than a year
- In case of salaried individuals, a minimum total job experience should not be less than a year
- For self-employed individuals, a minimum work experience of 3 years
- The applicants must also carry a minimum work experience as required in their current employment or ventures
Along with these, it is best to apply for a 2 wheeler loan with a credit score of 700 as the score is an indicator of one’s creditworthiness. Even though it is not compulsory, lenders initiate an enquiry on your credit history and score when assessing the loan application. It is thus best that you check the score and work on it before applying for your loan for a positive impact.
Documentation Requirement
The documents required for personal loans are simple too. Some standard 2 wheeler loan document requirements include the following.
- KYC documents for identity and address identification as well as verification
- Proof of income
- Proof of employment/business existence
- Any other additional document that the lender may ask for
Once you are ready for documentation, you can proceed to apply for the advance with your selected lending institution.
Application Process
With the integration of digital framework, applying for any type of loan online has been simplified. One of the best advantages of an online application is that availing the advance is possible irrespective of where you are. For instance, if you need a two wheeler loan in Ahmedabad but you are currently in Noida for a visit, you can still apply to a branch in Ahmedabad through an online application.
- Visit the website of your selected loan provider.
- Navigate to the two wheeler loan page and go to the online application form.
- Fill up the form with necessary details accurately and submit it with all required documents.
Once you have applied for your 2 wheeler loan, co-ordinate with your lender representative for verification and other formalities. If you meet all requirements adequately, it takes only a few minutes for the approval to come by.
