What are the eligibility criteria for student bike loans?

The key eligibility criteria for student bike loans are usually the following:

• Age: Typically, the minimum age for eligibility is 18 years, while most lending institutions may generally set it at 21 years.
• Income Status: There is no specific minimum income requirement for student bike loans. However, lending institutions prefer individuals with income sources like part-time work, scholarships, and parental support.
• Co-applicant: A co-applicant is usually required. The co-applicant can be a parent or other earning family member with a stable income. Usually, the co-applicant becomes a joint borrower.
• Down Payment: A minimal down payment of 5-15% of the bike's value from your own funds may be required.
• Bike Value: The loan amount is linked to bike value and is usually capped at 80%-90% of the ex-showroom price.
• Repayment Tenure: Typically, a maximum tenure of 5 years is commonly provided aligned to the applicant’s repayment capacity. However, it can be higher.
• Credit History: While students may have a limited credit history, a good co-applicant profile and income help improve chances of loan eligibility and approval.