What Are The Documents That You Will Need To Apply For A Two Wheeler Loan?
The prices of motorcycles in India are increasing with each passing year. This made it impossible for the common person to buy even an entry-level commuter bike with cash.
So what is the solution?
Well, unlike the days gone by, applying for a bike loan is the solution for the above predicament.
What is a bike loan?
A bike loan is meant for people who want to buy a bike with money borrowed from a lender. The dues can then be paid back to the lender in the form of EMIs.
What is the benefit of a bike loan?
When one applies for a bike loan after using a bike EMI calculator, they save themselves from additional financial burdens.
Buying a bike with cash compels one to break out their fixed deposit or dip their hands into their savings. This can lead to financial insecurity. As one would not have any money left to cover their expenses for bike during a financial emergency.
When one applies for a bike loan, they can choose to pay a nominal down payment for the bike. The rest of the bike’s MSRP can be paid using the money borrowed from a revered leader. All lenders in India offer bike loan schemes with affordable interest rates. Furthermore, the tenure periods available are plenty and the repayment methods are flexible as well.
However, some lenders would try to entice one to choose a 0 down payment loan. One should refrain from going down this lane. The reason is simple. 0 down payment loans come with high-interest rates. The EMIs are hefty as well.
The best step forward is to pay 30 – 40 per cent of the bike’s MSRP as a down payment. The rest should be covered using the money borrowed from the lender.
Documents required to apply for a bike loan.
The documents needed when one wants to apply for two-wheeler loans are as follows –
A salaried person would need to submit –
ID proof in the form of any one of the following –
- Passport
- Photo credit Card
- Pan Card
- Driver’s Licence
- Voter’s ID
- Aadhaar Card
- ID card with the applicant’s photograph that is issued by the state or central government of India.
- Two recent passport size photographs (mandatory).
Address Proof in the form of any one of the following –
- Passport
- Driver’s Licence
- Voter’s ID
- Utility Bill
- Aadhaar card
- Bank account statement
- Post Office savings bank account statement
- Property or municipal tax receipt
- Last 3 month’s salary slips
- Form 16
- Latest ITR
- Last 3 months’ bank statement (mandatory).
A self-employed person would need to submit:
ID proof in the form of any one of the following –
- Passport
- Pan Card
- Driver’s Licence
- Voter’s ID
- Aadhaar Card
- Two recent passport size photographs (mandatory)
Address proof in the form of any one of the following –
- Passport
- Driver’s Licence
- Voter’s ID
- Utility Bill
- Aadhaar card
- Bank account statement
- Post Office savings bank account statement
- Property or municipal tax receipt
- Latest ITR
- Last 3 month’s bank statement (mandatory)
Eligibility criteria for a bike loan applicant
- The applicant should be at least 21 years old.
- The applicant can be 18 years old while applying for the loan but should be accompanied by a co-applicant.
- The applicant should not be more than 65 years old when the loan matures.
- The applicant should have a stable residential address. They should have stayed at their current address for more than a year.
- The loan applicant should have a stable source of income that sustains stability for at least 1 year.
For more details, one should seek assistance from the spokesperson of their preferred lender.
