Can I get a two-wheeler loan if I have a low credit score as a pensioner?

Getting a two-wheeler loan with a low credit score as a pensioner is possible but can be challenging. Here are some points to consider:

• Loan Eligibility: Many financial institutions require a minimum credit score to approve loans. If a borrower has a low credit score, the loan provider may conduct stringent background checks.
• Interest Rates: A poor credit score attracts higher interest rates on loans. Financial institutions consider low credit scores a higher risk and charge more interest to mitigate this.
• Loan Amount: The maximum loan amount sanctioned could be lower for applicants with low credit scores. Loan providers may offer a conservative amount based on repayment capacity.
• Co-applicant: Adding a co-applicant with a healthy credit score and income proof can improve your chances of loan approval and better terms.
• Secured Loans: Opting for a secured loan by pledging an asset as collateral improves approval chances despite low credit scores.
• Credit Score: Work on improving your credit score before applying by clearing debts, avoiding defaults, maintaining a good credit mix, etc.