Tow-Wheeler-loan Compare and Apply for Credit Cards, Loans, Investment in India - SafeMudra

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If you have been wondering how to buy a new or a used two-wheeler, you can apply for a two-wheeler loan. With such a loan, you can make your purchase process simpler as you will not be forced to shell out your entire savings on buying a new bike.

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Why Should I Choose a Two-Wheeler Loan?

Considering the rising number of private cars in the urban regions in India, one might think that rural area transportation may have similar trends. The truth is that the majority of the rural demographic can afford a two-wheeler, mainly due to the availability of loans to buy the same. But the convenience of bikes are not the only factors that make these loans a popular finance product in India:

Comprehensive
Better resale value

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Comprehensive
Two-wheeler Insurance

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Pay installments

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Eligibility Criteria

Banks do not give loans for your vehicle on your face value. In fact, nowadays, banks are extremely careful about making sure that their customers are able to pay up their loans. This is especially due to the rising debt rate among youngsters in the country. Hence, they have a general set of eligibility criteria for two wheeler loans, among which the following are the most important to cover.

1.Age

Minimum Age: 18 years and Maximum Age: 70 years

2.Income

low income

3.Preferred credit score

750 and above

4.Employment tenure

At least 6 months in the same job

A permanent residence

5.Residential stability

Applicant should be residing in the same space to show residential stability

6.Employment Type

You must either be a salaried employee or a self-employed individual/business owner.

Documents Required

It is essential to remember that with every eligibility criterion that needs to be covered, comes the requirement to prove it to the bank through documentation.

1. Identity proof

Passport

Voter Identity card

License

PAN Card

Aadhar Card

2. Photo identity proof

Passport-size photographs, at least 2 to 6 are recommended to be kept handy for your loan application.

3. Address proof

Permanent address proof:

PAN card,

Driving License Temporary address proof Bills against your name

4. Employment proof

Bank statements,Form 16

5.Permanent address proof:

Driving License Temporary address proof

6.For self-employed individuals:

Latest Form 16

FAQs

Do I need to visit the bank to avail a two-wheeler loan?
You must be a resident of India. You must either be a salaried employee or a self-employed individual/business owner.
What is the maximum amount of loan that I can avail?
Banks usually provide loan of 80% to 90% of car price (considering the ‘on road price’). Banks consider your net annual income too before financing.
How should I pay the EMI?
auto debit facility if you have a savings account with the bank where your EMI will get debited automatically at the end of every cycle
How can I increase the loan amount?
You can increase the loan amount by clubbing your income with your spouse / son / father etc.. In that case he/she will be the co-applicant for your loan.
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