What is the minimum salary requirement to apply for a two-wheeler loan?

Here are some key points on minimum salary requirements for two-wheeler loans:

• There is no legal minimum salary. But most loan providers want salaried applicants to earn at least ₹ 10,000 to 15,000 per month.
• For self-employed individuals, the minimum monthly income is typically ₹ 25,000-30,000 based on their policies.
• Some banks or Non-banking Financial Companies (NBFCs) may offer loans even if the salary is ₹ 10,000 per month, but loan amount and tenure may be typically lower.
• Applicants from reputed Multinational Corporations (MNCs) or government jobs may get approval more easily despite lower salaries.
• Salaried people need the last three months' payslips as proof of income, while self-employed people need Income Tax Returns (ITRs) and bank statements.
• The higher the income, the better the chances of approval, as it indicates repayment capacity.
• Meeting minimum income criteria does not guarantee approval if credit or repayment history is poor.
• Low-income applicants can improve their chances by adding a co-applicant or guarantor with a higher income.
• If income is inadequate, build a credit profile first. Reapply after a few months once income increases.
• While loan providers have income guidelines, eligibility depends on many factors, not just monthly salary.
• However, higher income certainly improves the chances of getting approved for a two-wheeler loan.