Most people purchase a motorcycle for a variety of reasons. There may be several reasons for you to purchase a great two-wheeler. You may easily purchase the motorcycle of your choice thanks to the many bike loans offered. However, you would be aware of your two-wheeler loan eligibility.
One of the easiest ways to finance a bike today is to obtain a loan. Many banks and other financial organizations now offer easily repaid bike loans to their consumers, making this dream appear attainable fast. What factors determine a person’s eligibility for a bike loan? Most traditional or online bike finance lenders are cautious and only approve the bike loan after ensuring the borrower has a stable income. Additionally, the criteria the lender uses to determine a person’s eligibility for a two-wheeler loan depends on several factors.
Common Requirements for Two-Wheeler Loan Eligibility
Two-wheelers are readily available to Indians, and many banks and NBFCs offer affordable two-wheeler loan eligibility, one of the most compelling explanations for their increased use. However, the majority of lenders check for a few standard ones when financing bicycles:
Age: The applicant must be a minimum of 21 years old. If you are between 18 and 21 years, you must have a co-applicant. Your retirement age or 65 years old, whichever comes first, should be your maximum age at the end of the bike loan period.
Income: You must be employed and get a minimum yearly salary, which varies from lender to lender. The minimal yearly income varies once again for people who are self-employed for themselves. You will be eligible for a higher amount of bike loan if your salary or income is higher. The fact that your income is higher does not, however, guarantee you a bike loan.
Minimum work experience: Even though the minimum work experience requirements vary from bank to bank, you should have at least six months of experience working in your current position. For entrepreneurs or self-employed people, the firm must have been operational for a minimum of two years to be eligible for a bike loan.
Repayment capacity: Your ability to repay the loan is one of the key factors a lender takes into account before approving a bike loan. It will review your repayment history and the other debts you now have to determine if you have the financial means to repay.
Check Your Online Eligibility for a Two-Wheeler Loan
Online eligibility checks are available for two-wheeler loans. For instance, the online lender assists you in financial planning by calculating the monthly payments using an EMI calculator for a two-wheeler loan. Follow these simple steps to check your two-wheeler loan eligibility online.
- This method of applying for a two-wheeler loan is quite simple. It is effortless and quick.
- You can visit third-party financial websites or the lenders’ official websites that provide these loans. You can learn more about the interest rates, charges, fees, and EMI alternatives related to each loan after you visit these websites. You can compare each loan’s features before selecting one. You may also choose your loan tenure and amount by comparing loans online.
- On both financial and official bank websites, there are online loan EMI calculators that you can use. You can enter various loan amounts, terms, and interest rates here. Once you get results for the details you enter, you can fix your loan tenure and amount.
- You can upload the necessary documents to the website and submit them online along with your application. From lender to lender, this will be different. Before submitting your application, you can check with your lender.
Applying for online bike finance is simple because you can do it from your home or business without going to the bank and standing in a long line. Two-wheeler lending applications submitted online lower overall loan costs. When you apply for a loan online, most lenders offer doorstep delivery.
Offline Loan Application
- You will need to go to a bank branch or NBFC you are interested in to apply offline for a two-wheeler loan.
- You must ask for a customer representative’s assistance to apply for two-wheeler finance at the branch.
- You can discuss your preferences and financial situation with the representative.
- Before the loan amount is issued to your account, you must complete all the necessary steps.
- Online loan EMI calculators cannot be used when submitting an offline application.
- Also, you won’t be able to compare the various two-wheeler loan choices offered in the financial sector. Also, you might have to wait in line.
The two-wheeler loan eligibility criteria are guidelines that mandate the bare minimum a person must meet to be considered for a two-wheeler loan.
Most offline/online bike finance platforms adhere to a few regulations, such as the minimum and maximum age categories, the need that applicants have lived at a given location for at least a year, and so forth.