What documents are required to apply for a two-wheeler loan?

Applying for a two-wheeler loan is straightforward, but having the proper documents ready can speed up the process. Here’s a list of documents that you need to apply for a two-wheeler loan:

1. Identity Proof: You can provide a copy of your Aadhaar card, PAN card, passport, or driver's licence as proof of your identity.
2. Address Proof: You are required to provide address proof to the lending institution. Acceptable documents for this purpose include utility bills (such as electricity or water bills), rental agreements, or bank statements. These documents help lenders verify the applicant's residence.
3. Income Proof: If you’re salaried, recent salary slips or Form 16 are usually required. Self-employed individuals might need income tax returns or bank statements to prove their earnings.
4. Employment Details: A letter from your employer or an employment certificate is usually required as proof of employment.
5. Bank Statements: The last 3-6 months of bank statements are typically needed to demonstrate your financial stability.
6. Photographs: Recent passport-sized photos are typically required while submitting the application form.
7. Vehicle Details: Information about the two-wheeler you wish to purchase, including its price and model, helps the lending institution assess the loan amount to be approved.