Summary: Getting a two-wheeler loan is a quick, painless process 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 own vehicle has become a need – and not everyone can afford to purchase a vehicle 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?
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 – that is, 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.
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 also 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 will need to submit the last three months’ salary slips, or Form 16, or the last three months’ bank statements that show the salary being credited, or a salary certificate. If you are a self-employed individual, you will need to submit the latest income tax returns (ITR) forms that 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 range 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 offered as a loan. Zero down payment bike loan with Flexi EMI options is also offered for certain customers that meet the required two-wheeler loan eligibility.
Once you have all the documents mentioned above, all you need to do is fill an online two wheeler loan application available on the site, upload the documents, and wait for verification. Your loan will be sanctioned if all is well and the amount disbursed to your two-wheeler dealer. Most financiers have online tools like a bike loan EMI calculator, making it extremely easy for you to plan to purchase your bike.