Can an 18-year-old get a loan for an electric two-wheeler?

An 18-year-old can apply for a loan for an electric two-wheeler, but the approval depends on various factors. While the minimum age requirement to apply for a loan is generally 18, most financial institutions have additional eligibility criteria.

• Income Source: Most 18-year-olds may not have a stable income, so a co-applicant or guarantor with a steady income is often required.
• CIBIL Score: A good credit score is typically needed, especially for the co-applicant or guarantor, to increase the chances of loan approval.
• Loan Amount and Tenure: The loan amount, tenure, and interest rate can vary depending on the applicant's financial background and the financial provider’s policies.
• Electric Vehicle Specifics: Banks may have specific terms for electric two-wheeler loans, considering factors like government subsidies or vehicle pricing.

Many financial institutions and banks offer electric two-wheeler loans with competitive interest rates and quick approval processes. However, loan terms may differ depending on the lender’s policies and the applicant’s overall financial profile.

Note: Loan approval is subject to the lending institution’s terms and conditions and eligibility checks.