Proof of identity documents – passport/driver`s license/PAN card/Aadhaar card/current voter card and passport photos In addition, a two-wheeled loan is a popular financial product that caters to the wishes of drivers all over India. The documents you need to apply for a bike loan can be roughly divided into three categories: Income – The higher an applicant`s income, the more they are entitled to a two-wheeler loan and vice versa. Opt for a joint loan – A co-applicant improves eligibility for bicycle loans by taking into account the income of both applicants. Make sure you choose a co-applicant with a good credit rating and a stable source of income. Proof of income (if required) such as recent tax returns (RTIs) Some of the documents accepted as proof of identity also serve as proof of address. The proof of address documents required to purchase a bike from EMI are as follows: In order to obtain a standard two-wheeler loan as an employee or self-employed, you must meet the following two-wheeler loan eligibility criteria – The applicant must submit the following documents to prove their eligibility for the two-wheeler loan. – The factors that affect the eligibility of your two-wheeler loan are as follows – Maintaining a high CIBIL score – Paying credit card fees on time, closing previous outstanding debt, maintaining a balance between secured and unsecured loans and checking gaps in the credit report are essential for a high CIBIL score of 750 and above, what lenders prefer. Income – The higher the income, the higher the amount you can borrow and your eligibility for the two-wheeler loan decreases steadily with a decrease in income. A two-wheeler loan for the self-employed can be claimed by submitting the following documents – these are, in short, the documents required for the two-wheeler loan that the applicant must submit. See other sources of income – Additional sources of income such as mutual fund dividends, rental income from another property, etc. can also improve eligibility for the credit. CIBIL Score – The higher the CIBIL score or credit score (750 and above), the higher an applicant`s eligibility for a bicycle loan. Workforce stability – Stable employment or business status improves your credibility in the eyes of the lender.
Therefore, it is necessary to have a stable source of income for solvency. Have you dreamed of owning a bike to make long car trips and navigate urban traffic easily? The two-wheeler loan interest rate is the interest rate at which interest is charged on a standard or superbike loan over a specified period of time. The interest rate on bicycle loans is usually expressed as a percentage. The monthly calculation of electromagnetic interference with a bike EMI calculator is fast, easy, secure and provides accurate results every time. To use the calculator, only three entries are needed – principal amount, interest rate and loan term – and the calculator automatically displays the results in seconds. Yes, a salaried worker can obtain a two-wheeler loan to buy a vehicle for personal use. However, such a person must meet the eligibility criteria for two-wheeler loans and present the necessary documents for verification. Outstanding loan – Large outstanding debts have a negative impact on creditworthiness. Repaying past debts is the key to high eligibility. Below are the eligibility criteria for two-wheeler loans for employees and freelancers – Choosing a longer repayment period – Since a longer term offers more time to repay the standard and Superbike EMI, it increases credit eligibility.
In addition, a longer term also reduces the monthly MIL score. Riding a two-wheeler is a joyful experience where the wind bubbles before your face and the scenery unfolds as you ride. This nature-based experience is why cycling is so popular. However, the benefits of a two-wheeler are not limited to long bike rides to exotic locations. A two-wheeler is very useful in any place, urban or rural. Whether it`s a quick trip to the grocery store or bringing a relative from the station, two-wheelers are functional and practical. Owning one isn`t difficult either. Bicycles and scooters are available in a variety of prices. Since you are repaying your two-wheeler loan in the form of equivalent monthly payments or the Flexi EMI option, it is important to have a decent monthly income that can cover EMEs as well as your other financial obligations for the month. The higher your monthly income, the higher your right to the loan of two-wheelers and vice versa. That is, with a high monthly income, you can borrow a higher loan amount and in the opposite direction. Proof of address documents – utility bill/food card/CIBIL passport or credit score – A high CIBIL score, preferably 750 or higher, will portray you as a low-risk borrower and increase your eligibility for the bike loan, while lenders may charge high interest rates for two-wheeled loans or reject your loan application altogether if your CIBIL score is poor.
Proof of income (if required) – Last self-employed income tax returns (ITRs) and payslips for the last three months / Form 16 / bank statements for the last three months reflecting salary credits / employee salary statement Two-wheeled loans can be improved in the following ways – Below are the documents required for a two-wheeler loan – Supporting identity documents such as passport/voter card/ Aadhaar Card / Driver`s License with Current Passport Size Photos Use two-wheeled loans with easy documentation options.