What are the eligibility criteria for a low-interest two-wheeler loan?

Applying for a low-interest two-wheeler loan can make purchasing your dream bike more affordable.

Here are the standard eligibility criteria you need to meet:

1. Age: Typically, applicants should be between 21 and 59 years of age (the age might differ depending on the financial institution) to avail of a low-interest two-wheeler loan.
2. Income: Lending institutions assess your ability to repay the loan by looking at your monthly or annual income. Both salaried and self-employed individuals can apply.
3. Employment Stability: Loan providers prefer applicants with at least 1-2 years in their current employment or business.
4. Credit Score: A good credit score (typically 700 and above) is essential for securing low interest rates. It reflects your creditworthiness and repayment history.
5. Documentation: Prepare necessary documents like identity proof, address proof, income proof (salary slips or tax returns), and bank statements. Some lending institutions may require additional paperwork.
6. Down Payment: While not always mandatory, a higher down payment can typically improve your eligibility and reduce the loan amount. This can potentially help obtain more competitive interest rates.