Can students apply for a two-wheeler loan at 18?

Students can apply for a two-wheeler loan at 18, but certain conditions apply. Banks and Non-Banking Financial Companies (NBFCs) typically offer bike loans to individuals aged 18 to 21, as students are often in this age group. However, students do not have a stable income, so a co-applicant or guarantor with a steady income source is mandatory for loan approval.

Key features of a student bike loan include:

• Eligibility: Minimum age of 18 years. The applicant must be a student, and a co-applicant or guarantor is required. Typically, age limits may differ with different financial institutions.
• No Collateral: These loans are usually unsecured, meaning no security is needed.
• Quick Processing: Loan approval can be completed within 3 days.
• 100% Financing: The loan often covers the full cost of the bike, including insurance and registration.
• Flexible Repayment: The repayment period typically starts from 3 years.

Documents Required

• Identification and Address Proof
• Co-applicants’ Income Proof which typically includes payslips for salaried individuals or income tax returns for self-employed co-applicants.

Bike loans for students provide a convenient way to purchase a two-wheeler, especially for those looking for personal transportation. However, reviewing terms with the lender is important to ensure the loan suits your needs.

Note: Loan eligibility, documents required and terms may vary by financial provider. Always verify with the respective financial institution.