What Documents Do You Need for a Two Wheeler Loan?

Summary: Getting a two-wheeler loan is quick and painless with the correct documents. We tell you what you need.

With public transport getting shut down periodically to contain the pandemic, having personal mobility in the form of one’s vehicle has become a need – and not everyone can afford to purchase a car outright with short notice. Then, the way forward is to get yourself a two-wheeler: it is affordable, easy to maintain, and you’ll not have to go around in circles looking for a big enough parking space in even the most crowded areas.

Two-wheeler purchases have become easy today, with down payments of a few thousand rupees being enough for a down payment – the rest is paid off monthly via a two-wheeler loan, with affordable EMIs. How can you get a bike loan, though?

Two-Wheeler Loan Eligibility

To have a bike or scooter loan approved, you need to meet a few simple criteria. One, you need to be between 21 and 60 years old – you will need to be a maximum of 60 years old when you pay the last EMI. You must also have lived at the same address for at least one year and have the same employer for at least one year. These rules apply to both salaried as well as self-employed individuals.

Documents Required for a Two-Wheeler Loan

The list of documents required for a two-wheeler loan is almost as simple as the eligibility criteria:

• You will need Government-issued ID proof such as your Aadhaar card, driving license, passport, PAN card, or voter ID card.
• You will also need proof of residence, such as your ration card, electricity bill, or any of the ID proofs mentioned above that have the address mentioned on them, like the passport or Aadhaar card.
• You do not have to show proof of ownership of your residence, but if you can, that will certainly help your cause.
• For income proof, if you are a salaried individual, you must submit the last three months’ salary slips, Form 16, the previous three months’ bank statements showing the salary being credited, or a salary certificate. If you are a self-employed individual, you must submit the latest income tax returns (ITR) forms you have filed. For both salaried and self-employed individuals, the last three months’ bank statements are necessary.
• Finally, you will need three or four recent passport-sized photographs of you, the applicant.

Two-wheeler loans are offered, ranging from Rs.25,000 up to Rs.3 lakh, with tenure offered to vary between 6 months to 5 years. Two-wheeler loan interest rates beginning at 10.75% and up to 95% of the vehicle’s value are provided as a loan. Zero down payment bike loan with Flexi EMI options is also offered to customers who qualify for the two-wheeler loan.

Most financiers have online tools like a bike loan EMI calculator, making it extremely easy to plan to purchase your bike. Most financiers have online tools like a bike loan EMI calculator, making planningare to buy your b extremely easyike. Once you have all the documents mentioned above, you must fill out an online two-wheeler loan application available on the site, upload the records, and wait for verification. Your loan will be sanctioned if all is well and the amount is disbursed to your two-wheeler dealer.