A Loan is a debt levied by an individual or other entity. The lender—usually a financial institution or government—advances money to the borrower. In return, the borrower agrees to details, including any finance charges, interest, repayment date, and other conditions. Just like Personal and Car Loans, there are also Loans for bikes. Here is everything you need to know about Two-Wheeler Loans.
Eligibility criteria
The eligibility criteria for a Two-Wheeler Loan depend on the applicant's nature of income and profession:
- For working individuals:
- You should be 21years of age or above but below 58 years
- Your minimum per annum income must be over Rs. 1.44 Lakh
- You must submit bank statements for the past three months while applying
- For Self-Employed Individuals:
- You must be over 21 years old but below 65 years
- Your minimum per annum income must be over Rs. 2.5 Lakh
- You must submit bank statements for the past three months while applying
Tips for a successful Two-Wheeler Loan application
To avoid refusal and ensure your Two-Wheeler Loan application is accepted, here are steps you can follow:
- Ensure the application is for the right Loan amount. If the bike model you are applying for is less or more than the Loan amount, your Loan application may not be accepted.
- Check your credit score beforehand. Talk to your financial broker to find ways to increase your credit score if needed.
- Please complete your Loan application form correctly.
- Get a financially stable co-applicant or co-guarantor to co-sign the Loan with you for higher chances of acceptance.
Bike Loan EMI calculator
A Bike Loan EMI calculator is an online financial tool that lets you calculate your Loan's monthly instalment. The process is hassle-free, as you only need three variables: the Loan amount, the tenure, and the interest rate. Once you provide these details, the calculator will immediately give you an accurate result for your EMI.
Conclusion
A Loan for your Two-Wheeler is easily available, but there are a few things to keep in mind and take care of. Consider the above-mentioned points before you opt for a Bike Loan.
