Bike Loan: Features, Eligibility Criteria, And Document Requirements

By Author: Arijit Chalmela
Total Articles: 18
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Having a vehicle can make life much easier. You can conveniently commute to your office on your own time and with a preferred company. Owning a vehicle also gives you a chance to take pleasure trips with loved ones and have a good time. All in all, you should consider buying a vehicle for your own. There are primarily two options – a bike or a car.  A bike is a more popular option as it is easy to ride and cuts through traffic.
Buying a bike requires you to shell out a significant amount. Hence, you may need financial assistance to make the purchase successfully. Applying for a Bike Loan is a viable option to explore. It helps you finance your two-wheeler purchase in an affordable manner. Here is a quick overview of the Bike Loan features, eligibility, and document requirements.
Must-know features of a Bike Loan
The Bike Loan features and benefits differ between banks. However, here are the basic features:

You can choose to apply for a Bike Loan with any leading bank by meeting basic eligibility ...
... criteria and completing a simple procedure.
Banks offer up to 100% financing to purchase your two-wheeler. However, this is subject to your eligibility.
You can avail the Bike Loan at a competitive interest rate.
You can opt for a repayment tenure ranging between 12 to 48 months.
You can comfortably repay the Loan in Equated Monthly Instalments spread across the opted tenure.
You can also make prepayments and opt for foreclosure with the Loan repayment.

Eligibility criteria for a Bike Loan
The eligibility criteria differs if you are an individual and non-individual. If you are an individual applicant, you need to meet the following criteria to apply for Bike Loan:

You must either be salaried or self-employed.
You must be between 21 to 65 years of age.
You must earn a minimum monthly income of Rs 10,000.

If you are a non-individual applicant, you must be one of the following to apply for a Bike Loan:

Partnership firms
Private limited companies
Limited companies

Note that this is a general criterion you must meet. The bank may require you to meet additional eligibility pointers depending on the Loan product you are opting for.
Document requirements for a Bike Loan
You can apply for a Bike Loan anywhere. In either case, you need to submit the following documents:

Identity and address proofs – Aadhar Card, Voter’s ID, driving license, Valid Passport, or any other proof that the bank’s standard policy considers acceptable.

Income proofs – Last three months' Bank Account statements or the Latest ITR (for self-employed). You also need to submit three months' salary slips. Alternatively, you can submit Form 16.