How do I know if I fit the eligibility criteria for a Two Wheeler Loan?
Every person has their dream bike; one that is often out of our budget. Many people choose to raise funds by taking a loan from a money lending business. It is important to know your bike loan eligibility, as it can help you understand the next steps that go into assessing an applicant’s eligibility for bike loan.
How Do You Get a Two-Wheeler Loan for Your Dream Bike?
Most small companies and banks do not merely give out loans to whoever asks for it. It is essential to find out your scooter loan eligibility so that you get the best deal possible.
If you are looking for a bike loan, then Shriram Finance can help you procure an easy and quick two-wheeler loan.
By understanding the different factors that can affect the eligibility for a bike loan, you take the first steps towards gaining the finances and ultimately purchasing your bike.
What Is Bike Loan Eligibility?
Understanding whether or not you fit the eligibility criteria for two wheeler loan can help you understand if you qualify to borrow the finances. Thus, your bike loan eligibility is dependent on certain factors. You can figure out your eligibility for bike loan, which is commonly required by lenders.
- The minimum age limit for procuring a bike loan is 21 years.
- The maximum age limit to qualify for bike loan eligibility is 58 to 65 years or retirement age.
- Your employment status should either be salaried or employed, with a minimum annual income of Rs 50,000 per year.
- You need to showcase six months of minimum work experience with your current employer if you are salaried.
- The maximum loan amount that you can procure for a two wheeler loan is Rs 10 lakhs.
- The maximum repayment tenure to pay back the two-wheeler loan is 84 months or seven years.
- The interest rate usually levied on the two-wheeler loan is 9.5 to 17.75% per year, for a two-wheeler loan.
- To fulfil your bike loan eligibility, you need to have a good credit score, and it is vital to have a CIBIL score of at least 750. The CIBIL score is a three-digit score which measures your creditworthiness based on your credit history.
The eligibility criteria for two wheeler loan usually vary from lender to lender. The maximum age limit refers to the applicant’s age at the end of the loan’s tenure.
Shriram Finance can help you procure the necessary funds and finances for instantly processing a two-wheeler loan. With Shriram Finance, you can get the funds immediately to procure the dream bike of your choice!
What Are the Various Documents Required to Fulfil the Eligibility Criteria for a Two-Wheeler Loan?
For quick processing of your bike loan eligibility, you must submit the necessary documents while applying for the loan. Here are all the documents that you will need to fill:
- Filled and signed loan application form
- Proof of identity documents like PAN card, voter’s ID, passport, and driving license
- Proof of address like utility bills, passport, and rental agreement
- Proof of age
- Proof of income like salary slips, bank statements, income tax returns, and a salary certificate
What Are the Factors Affecting Your Eligibility Criteria for a Two Wheeler Loan?
Various factors can potentially affect your bike loan eligibility, which varies from lender to lender. However, there are a few general factors that you need to be aware of, such as the eligibility criteria for two-wheeler loan. The factors of eligibility for bike loan are:
- Age: Age plays a crucial role in fulfilling the eligibility for motorcycle loan as you will only get a bike loan if you are 21 years or older. If the vehicle is registered under your name, you will need to show proof of income to repay the loan. However, in some cases, you might get a loan if you are below 21 years old and have somebody to guarantee the loan.
- Income: A higher income will improve your bike loan eligibility for repaying the loan on time. It generally translates to a lower risk rating to increase your overall loan eligibility. The higher your income, the higher are your chances of getting a bike loan.
- Credit score: Your past credit score plays a vital role in determining your bike loan eligibility. If you have a low credit history, then lenders will usually reject your loan application, and a good credit score can get you more favorable loan terms.
- Area of residenceThe city you live in also plays a significant role in defining your motorcycle loan eligibility. If you live in a metro city, then your chances of getting your loan can improve.
- The company you work for: : Another critical metric is the organization you work for, as a reputed company means that you have a stable job and a regular income. It ultimately lowers your entire risk level, which is something that lenders prefer.
- Work experience: Lenders usually require you to have at least a year’s worth of work experience, along with having six months of experience with your current company.
- Existing debt: It is essential to understand how much debt you currently possess that determines your overall loan eligibility. When you have too many obligations under your name, lenders will hesitate to give you another loan as you possess a risk being unable to repay.
How Can Shriram Finance Help You Get Your Two Wheeler Loan?
The eligibility criteria for two wheeler loan are dependent on different factors. If you are looking to get a quick two wheeler loan with less paperwork and without the hassle of banks, then Shriram Finance is what you’re looking for!
Shriram Finance helps procure loan with minimum paperwork. As soon as you are eligible for a two-wheeler loan along with the necessary documents, Shriram Finance can help you get the two wheeler loan for the motocycle of your dreams.
So, what are you waiting for? Know about your eligibility criteria for two wheeler loan with Shriram Finance and get your bike loan eligibility. Ride the bike of your dreams with a quick two wheeler loan only with Shriram Finance today.