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What Is Eligibility Criteria For A Two Wheeler Loan

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By Author: ArjitChalmela
Total Articles: 3
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A two wheeler loan is one of the most popular loan items available in the market. There are many lenders who offer this type of loan which has made it easy for people to buy a two wheeler. This loan can be applied for both online and offline which makes it convenient for all types of loan applicants.

One of the biggest misconceptions about a two wheeler loan is that the lender finances the entire purchase price of the two wheeler. However, the lenders finance between 65% to 80% of the purchase price of the vehicle including road tax.

A two wheeler loan is repaid through monthly instalments. You can find out the instalment amount before you apply for the loan by using a loan EMI calculator. This tool is available for free on lender websites. It requires you to input the principal amount, the rate of interest and loan tenure and it will show you the monthly instalment amount.

However, before you apply for a two wheeler loan, you must check loan eligibility. Most lenders clearly display these loan eligibility criteria on their websites which can easily be accessed.

Eligibility criteria for two wheeler loan:

Age:

The age of the applicant is very important for a two wheeler loan. The minimum age of the applicant ranges from 21 years to 25 years and the maximum age ranges from 58 years to 65 years. Depending on the lender, some may have conditions where the maximum age cannot come during the loan repayment period.

Employment:

Some lenders give loans only to salaried employees. Others give two wheeler loan to salaried and self employed applicants. There are minimum employment requirements for some lenders where the applicant has to be working for at least 6 to 12 months.

Monthly income:

Most lenders have some requirement when it comes to monthly income and yearly income. For self employed applicants this may translate into a monthly or yearly minimum profit from business. The amount differs from lender to lender.

Residence:

Some lenders have a condition that the loan applicant should reside in the city where he is taking a loan from for 6 to 12 months. It is possible to check loan eligibility online on the lender’s website with regards to residence.

Credit score:

Even though lenders may not explicitly have a credit score loan eligibility, they usually check the loan applicant’s credit score. A score above 700 is considered good.

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