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  • Two Wheeler Loan Eligibility

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    Two Wheeler Loan Eligibility:

    Owning our own vehicle, be it a car or a bike is a luxury for most Indians. Most of us feel it is a necessity to own a two wheeler at least in order to improve our lifestyle. Most of us are also not fortunate enough to have a large sum of money at our disposal. The best option, many of us find, is to get a two wheeler loan so we can finance that dream bike.

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    The best thing about getting a bike loan is the fact that you can get the bank to pay for up to 85% of the bike's price, which is a huge sum. Afterwards, you can simply pay off the debt in affordable EMIs (Equated Monthly Instalments). However, it will be a rough ride for you to pick the perfect bike loan among the many in the market, each with different terms and features. This means that you will have to do your homework well and research each deal before finalizing one.

    In order to get a bike loan you must meet certain qualifications, and each bank or finance company will have slightly different criteria that must be met. However, a lot of the criteria to be eligible for a bike loan is the same, and they are as follows:

    Also Read: Two Wheeler Insurance.

    • Employment: You must either be employed by a company (salaried), or be self-employed.

    • Age: Many banks offer bike loans to those who are 18 years or older. Many accept applications from only those who are 21 and above. The maximum age limit to apply for a bike loan is generally 65 years, but this may also vary depending on the bank.

    • Work experience: It is true that many banks offer bike loans to even students (under certain conditions), but most banks give preference to those who have a minimum of one year of work experience.

    • Minimum income: Different banks have different expectations when it comes to the minimum monthly income that is required of you that will make you eligible for a loan. In general, a minimum of Rs. 5000 per month is the required income that will make you eligible for a bike loan from most banks.

    • Landline number: It is often necessary in most banks that you provide a landline number of either your residence or office.

    • Residence: Some banks will require that you have been living at the same residence for over a year.

    • Credit History: A good credit score will make it easier for you to get a good deal on your two wheeler loan. Try to maintain a good credit history in order to get the best deal possible. Even if your credit history is not in the best shape, chances are that you will still be approved a two wheeler loan, but the terms will not be as great as it would be if you have a good credit history. Sometimes, even the issue of a bad CIBIL score can be skirted with when taking a bike loan because it comes under the category of a secured loan, your bike being the security.

    • Documents needed: There is a list of documents that you will require to provide to the bank when you apply for a bike loan. This list may vary slightly depending on the bank, but in general these are the documents that you must keep ready:

      1. Address proof: You must provide any address proof which prove that your current address is what you claim it to be. Some of the address proof that you could provide are your Passport, Driver's License with the current address printed, Voter's ID, Utility bill (electricity/landline bills) or rent agreements.
      2. ID Proof: a document that proves your identity such as Passport, Pan card, Driver's license, Voter's ID card.
      3. Income proof: One of the criteria that the bank will need you to meet is the minimum income that you earn per month. You must provide proof in the form of salary slips of the last 3 months, Latest form 16, Bank Statement reflecting salary credits for the last 3 months and last employer's salary certificates.
      4. Photographs: You will need to provide a number of recent passport size photographs.
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    News About Two Wheeler Loan Eligibility

    • DSK-Benelli confirms the launch of Benelli TNT 300 ABS this month

      DSK-Benelli, an Italian bike manufacturing company, has confirmed the launch of its Benelli TNT 300 ABS (Anti-Lock Brakes) equipped version in India this month. The bookings have already started and the dealers are gearing up to initiate the sales soon.

      TNT 300 is the second highest selling motor bike in India from the house of Benelli and this improved ABS version is anticipated to add more figures to its sales record. After the launch, it is going to be the third DSK-Benelli motorcycle equipped with Anti-Lock Brakes, the other two models being Benelli 302R and Benelli TNT 600i.

      This move is a part of Benelli’s plan to include Anti-Lock Brakes in all of its new and existing product line by default as per the declaration of DSK-Benelli head Shirish Kulkarni initially this year. Though the official price of this advanced ABS version is not announced yet, it is expected that the cost will be slightly more than the existing version.

      28th November 2016

    • Ride For Freedom Event Organised By Triumph Motorcycles and Smile Foundation

      As India celebrated 70 years of independence, Triumph Motorcycles India partnered with Smile Foundation to organise a Ride for Freedom event across multiple cities in the country. Hundreds of Triumph motorcycle owners who participated in the event also pledged to sponsor the education of girl children in the country.

      Smile Foundation is a development organisation that supports causes of social relevance like healthcare, education and women empowerment. The work undertaken by this organisation benefits over 4 lakh families every year.

      Vikram Singh Verma, COO of Smile Foundation thanked Triumph Motorcycle Owners for coming forward to support this initiative. The Ride for Freedom event was inaugurated at Triumph dealerships in various cities, and concluded at the same venues.

      28th November 2016

    • The 2016 Red Bull Rookies Cup - a great platform for young Indian riders

      The Road to Rookies Cup is an event sponsored by Red Bull, and it provides a platform for young riders in the age group of 13-17 years to prove their mettle. 2016, being the tenth running year of the competition, also provides an opportunity for two of the best Indian racers to participate in the 2017 Red Bull MotoGP Rookies Cup in Spain.

      The qualifying rounds for the Road to Rookies Cup will be hosted at the same venue as the competitions for the Suzuki Gixxer Cup. Considering the fact that the winners of the 2015 Moto2 and Moto3 championships were ex-Rookies, this is distinctively a huge platform for selected Indian racers. They get a chance to understand the working of an international racing outfit, and this would in turn, benefit the entire motorsports scene in India as well.

      25th August 2016

    Two Wheeler Loan by Other Banks
    Two Wheeler Loan

    Customer Reviews

  • Page 1 of 50 1 2 3 4 5
    • review Two Wheeler Loan
      "Not a good experience"
      INDUSIND BANK LTD
      0.5 3.0/5 "Satisfactory"
      This is one of the worst Bank to get a loan from, they have a huge interest rate of about 2% per month. Also the policies are too much against Pre closure and fore closure. Last month I closed off the whole loan, I believe it was something which could have affected me very badly.
      Was this review helpful? 0
      , faridabad
      Reviewed on Oct 17, 2017
    • review Two Wheeler Loan
      "Need proper response"
      TVS FINANCE
      0.5 1.0/5 "Really Bad"
      Customer service was not satisfactory from the TVS finance for the 2 wheeler loan i took from them .They don't have ECS option for the EMI payment. The rate of interest was average which i got from the TVS side . There were no proper statement on the loan.
      Was this review helpful? 0
      , chennai
      Reviewed on Oct 17, 2017
    • review Two Wheeler Loan
      "Good Service"
      BAJAJ FINSERV
      0.5 4.0/5 "Great!"
      Couple of months back only i took a 2 wheeler loan from Bajaj Finserv and its a good customer service they providing . The rate of interest is very low and the processing fee was zero the whole process maximum took total 3 days . Rest everything went on in a very smooth way . It was an ok experience I would say.
      Was this review helpful? 0
      , bangalore
      Reviewed on Oct 16, 2017
    • review Two Wheeler Loan
      "Good"
      TVS FINANCE
      0.5 5.0/5 "Blown Away!"
      Customer service was good from the TVS finance side for the 2 wheeler loan i took from them . I took it four years back from them . They called me and gave all the required information for the process . The rate of interest was very low which i got from the TVS side . I actually paid extra amount of rupees six thousand for closing everything .
      Was this review helpful? 0
      , indore
      Reviewed on Oct 16, 2017
    • review Two Wheeler Loan
      "Payment option is good"
      BAJAJ AUTO FINANCE
      0.5 5.0/5 "Blown Away!"
      This was my second two wheeler loan, and to my surprise unlike the first one this was far more impressive. This Financial services had lot of payment option and everything happened with real smoothness. I haven't had any issue with their loan until now.
      Was this review helpful? 0
      , pune
      Reviewed on Oct 16, 2017
    • HDFC Bank Two Wheeler Loan
      "Agent issue"
      HDFC BANK
      0.5 4.0/5 "Great!"
      I felt the whole loan experience was good, I got the loan when I required and was pretty much easy to get it. But the issue started when I came to know one of the Agent, who has been collecting my money hasn't been putting the money in account. This has caused a great damage to my credit score.
      Was this review helpful? 0
      , pune
      Reviewed on Oct 16, 2017
    • L&T Finance Two Wheeler Loan
      "GOOD SERVICE"
      L&T FINANCE LIMITED
      0.5 4.0/5 "Great!"
      It was a simple and quick process with L&T finance limited. I had taken a two wheeler loan from them and the process was very professional and I liked the way they handled the whole thing. The rate of interest and processing charges was normal to me as long as the services has been good.
      Was this review helpful? 0
      , chennai
      Reviewed on Oct 16, 2017
    • HDFC Bank Two Wheeler Loan
      "Average service"
      HDFC BANK
      0.5 3.0/5 "Satisfactory"
      I had a two wheeler loan from HDFC it was an average service from HDFC. I have taken the HDFC two wheeler loan before 3 years the staffs of HDFC is very good but it was very long so I don't remember about the rate of interest they offered ,I would say the service of HDFC is average.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Oct 16, 2017
    • HDFC Bank Two Wheeler Loan
      "High on charges but very good customer service"
      HDFC BANK
      0.5 5.0/5 "Blown Away!"
      HDFC Bank has offered me a two wheeler loan and the customer support is excellent. The process was fine and I was kept updated about my status on a regular basis. The after loan services are also good. The interest rate and processing charges is high.
      Was this review helpful? 0
      , jaipur
      Reviewed on Oct 15, 2017
    • review Two Wheeler Loan
      "EXCELLENT"
      FULLERTON
      0.5 4.5/5 "Excellent!"
      Response given by HDFC bank for my two wheeler loan process was very fast. They approved the loan with simple documents collection. Customer service is really good.This bank offered the loan to me at the minimum interest of rate which i don't recall now.It was on 2013.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Oct 15, 2017
    • HDFC Bank Two Wheeler Loan
      "good service"
      HDFC BANK
      0.5 4.0/5 "Great!"
      It was a about 6 years I have taken a two wheeler loan from HDFC for my honda activa ,I use to pay my payments through check for HDFC for my two wheeler loan process the staff where very good in responding I could say the service is good from HDFC for my two wheeler loan.
      Was this review helpful? 0
      , bangalore
      Reviewed on Oct 15, 2017
    • Shriram City Two Wheeler Loan
      "good service"
      SHRIRAM CITY UNION FINANCE
      0.5 4.0/5 "Great!"
      I had taken a two wheeler loan from SRIRAM finance the customer service is good but the rate of interest was little high I use to pay my emi payment every month of rupees 1900 for 11 months I don't find any difficulty with SRIRAM service it was a very excellent experience with SRIRAM for my two wheeler loan.
      Was this review helpful? 0
      , bangalore
      Reviewed on Oct 15, 2017
    • L&T Finance Two Wheeler Loan
      "excellent service"
      L&T FINANCE LIMITED
      0.5 5.0/5 "Blown Away!"
      I had a two wheeler loan for my hero mastero bike with LNT two wheeler loan. This was taken through the direct bank this was taken through the dealer and the dealer has got tie up with the bank. The process would get completed within 2 days. Initially I paid around 8k.
      Was this review helpful? 0
      , chennai
      Reviewed on Oct 15, 2017
    • HDFC Bank Two Wheeler Loan
      "Faster process"
      HDFC BANK
      0.5 5.0/5 "Blown Away!"
      I have taken Two wheeler loan with HDFC before 10 months. Every month Rs.2202 emi will be debited directly from my savings account. I had very good response and they have disbursed the loan of 60,000 within 6 to 7 hours. The rate of interest was nominal.
      Was this review helpful? 0
      , howrah
      Reviewed on Oct 14, 2017
    • review Two Wheeler Loan
      "Average Service"
      TVS FINANCE
      0.5 3.0/5 "Satisfactory"
      I have taken an two wheeler loan with TVS Finance. I took this loan 1 year ago. I don't exactly remember the rate of interest they offered me but it was low only when compared with others. But they were slow in processing my two wheeler loan which is only I don't like with them.
      Was this review helpful? 0
      , bangalore
      Reviewed on Oct 14, 2017
    • Corporation Bank Two Wheeler Loan
      "EXCELLENT"
      CORPORATION BANK
      0.5 5.0/5 "Blown Away!"
      The service provided was very good with corporation bank related to the business loan process.Which was offered by our honorable prime minister of India,which was really helpful, I have taken this loan on January and i have closed it in April, Customer service is good with the corporation bank.
      Was this review helpful? 0
      , pune
      Reviewed on Oct 13, 2017
    • review Two Wheeler Loan
      "Its Good"
      BAJAJ AUTO FINANCE
      0.5 5.0/5 "Blown Away!"
      Bajaj Auto Finance gave me good service and their loan procedure was very easy to avail it, But in term of interest they gave 16% it was average as per the market standard and also they haven't provide me satisfactory principal amount, but I am fine with that.
      Was this review helpful? 0
      , bangalore
      Reviewed on Oct 12, 2017
    • HDFC Bank Two Wheeler Loan
      "Satisfactory"
      HDFC BANK
      0.5 4.5/5 "Excellent!"
      The process for the two wheeler loan was also a good experience with HDFC Bank. The customer services was on time and I being an existing customer had to hassles in this loan too. It was timely and their charges are also minimal. The bank also sent me the loan letter on time too.
      Was this review helpful? 0
      , jaipur
      Reviewed on Oct 11, 2017
    • L&T Finance Two Wheeler Loan
      "Its very good"
      L&T FINANCE LIMITED
      0.5 5.0/5 "Blown Away!"
      In L & T Finance, I done a low documentation procedure and they done fast process, I took the bike loan of Rs. 40,000 to purchase Activa for the tenure of two year, I have paid all the dues, just two EMI are pending. They offered me the loan with good interest rate.
      Was this review helpful? 0
      , vadodara
      Reviewed on Oct 11, 2017
    • review Two Wheeler Loan
      "Good service"
      BAJAJ FINSERV
      0.5 4.5/5 "Excellent!"
      The BAJAJ FINSERV has approved My 2 wheeler loan around a year ago. The required loan amount has been disbursed and happy about it. The customer service is good with BAJAJ finserv. This loan has the tenure of 3years. They have disbursed the loan amount in a day time.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Oct 10, 2017
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