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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.

    Two-Wheeler Loan Eligibility Criteria
    Particulars Eligibility Criteria
    Age 18 or 21 years to 65 years
    Employment status Salaried or self-employed
    Preferred credit score 750 and above
    Employment tenure At least 6 months in the same job
    Minimum income Pretty low
    Residential stability Applicant should be residing in the same space to show residential stability
    Permanent telephone number Required

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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

    • Triumph Motorcycles intends to release 4 new bikes in the nation

      The Indian section of Triumph Motorcycles intends to have an amazing launch in the year 2018 in India. The company aims to release 4 new motorcycles in the country. One of the bikes is its adventure bike known as Tiger 1200. The next one is Triumph Bonneville Speedmaster. Next, India will most likely see the launch of the younger Tiger 800. This will finally be followed by the brand new 2018 Triumph Speed Triple. The leading Japanese bike manufacturer also plans to increase its operations and sales across the country, particularly in the tier 2 cities.

      4th January 2018

    • Royal Enfield 650 cc bike to be launched in June 2018

      It is anticipated that the Royal Enfield 650 cc twins may be launched in the country sometime in June 2018. The Royal Enfield 650 cc twins include Continental GT and Interceptor. Both the bikes were displayed in India in the previous month. It is reported that one can book any of these 2 bikes from April 2018. The main feature of this parallel twin engine is that it will give out a maximum power of 47 bhp and a torque of 52 Nm. Both the bikes will have wheels with standard and disc brakes.

      27 December 2017

    • 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.

      28 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.

      28 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.

      25 August 2016

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    Customer Reviews

  • Page 1 of 50 1 2 3 4 5
    • review Two Wheeler Loan
      "Average service"
      BAJAJ FINSERV
      0.5 5.0/5 "Blown Away!"
      The bajaj finserv has offered me a two wheeler loan and they have given the loan amount with in a day time. I have paid the initial amount of Rs,25,000. The customer support was good with the bajaj finserv. The rate of interest and the charges were high with the bajaj finserv.
      Was this review helpful? 0
      , guntur
      Reviewed on Jan 17, 2018
    • review Two Wheeler Loan
      "Good service"
      BAJAJ FINSERV
      0.5 4.0/5 "Great!"
      I have taken a Two wheeler loan with Bajaj Finserv.The loan amount is 53,000.I closed the loan amount long back,rate of interest is nominal as compared to others.I have no charges after i foreclose the loan.I paid my EMI through an ECS payments.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 16, 2018
    • HDFC Bank Two Wheeler Loan
      "Good service"
      HDFC BANK
      0.5 4.0/5 "Great!"
      I have taken two wheeler loan with HDFC bank and it was a good loan experience. The loan amount was for Rs 35000 with the rate of interest which is nominal when compared to others in the market. The process was quick and i received my loan amount on the same day. Customer service was good and they responded on time. The tenure of this loan was 2 years and it was overall a good service from HDFC bank.
      Was this review helpful? 0
      , rajkot
      Reviewed on Jan 16, 2018
    • review Two Wheeler Loan
      "Best service"
      BAJAJ FINSERV
      0.5 5.0/5 "Blown Away!"
      I have taken a Two wheeler loan with Bajaj and the loan experience was very good. The loan amount was for Rs 90000 with the rate of interest 12% which is nominal when compared to other sources. Customer service was good and they followed up correctly. The process was very smooth and i received my loan amount within a day. The tenure of this loan is 2 years and it was overall a good service from Bajaj.
      Was this review helpful? 0
      , chennai
      Reviewed on Jan 16, 2018
    • review Two Wheeler Loan
      "Good service"
      INDUSIND BANK LTD
      0.5 5.0/5 "Blown Away!"
      I have taken Two wheeler insurance with IndusInd bank and it was a good loan experience. The loan amount was for Rs 60000 and the rate of interest was 14.4% which is high when compared to all other banks. The process was smooth and i received my loan amount within the given time. Customer service was fine and they responded on time. The tenure of this loan is 3 years and it was overall a good service.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jan 15, 2018
    • ICICI Two Wheeler Loan
      "Excellent service"
      ICICI BANK
      0.5 5.0/5 "Blown Away!"
      I got good response from ICICI bank in regards Two wheeler loan experience. Around 10 years ago I have got the Two wheeler loan from ICICI bank. The customer support was good with the ICICI bank. I have got the loan amount upto 90% from the original price. I have paid Rs,10,000 as down payment top get the bike.
      Was this review helpful? 0
      , chennai
      Reviewed on Jan 12, 2018
    • L&T Finance Two Wheeler Loan
      "Good"
      L&T FINANCE LIMITED
      0.5 4.0/5 "Great!"
      I had closed my two wheeler loan with L&T Finance by last month. They took too much time to deliver the NOC. The rate of interest and charges are nominal. I have purchased a Hero Scooter. The documents are collected by the executive and I would say the entire process was very much convenient.,
      Was this review helpful? 0
      , mohali
      Reviewed on Jan 12, 2018
    • Shriram City Two Wheeler Loan
      "Average service"
      SHRIRAM CITY UNION FINANCE
      0.5 2.0/5 "Expected more"
      I have taken Two Wheeler loan with Shriram city union finance.The loan amount is 40,000.Rate of interest is nominal as compared to other banks.I closed the EMI 10 years back,the EMI amount is 1900.Net banking is good at times they don't respond on time i would not recommend the finance company when i closed the policy they did not respond properly.
      Was this review helpful? 0
      , chennai
      Reviewed on Jan 12, 2018
    • HDFC Bank Two Wheeler Loan
      "Faster approval"
      HDFC BANK
      0.5 5.0/5 "Blown Away!"
      I had closed my two wheeler loan with HDFC Bank before 1 or 1.5 years. It was a immediate process and got the loan amount within one or two days. I had purchased passion pro. The rate of interest and charges are normal for the two wheeler loan.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 11, 2018
    • HDFC Bank Two Wheeler Loan
      "Best service"
      HDFC BANK
      0.5 5.0/5 "Blown Away!"
      I have taken a two wheeler loan from HDFC bank and it was a good loan experience. The loan amount was for Rs 45000 with the rate of interest of 10% which is nominal when compared to all other banks. Customer service was good and i received my loan amount within the given time. The tenure of this loan is 2 years.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jan 11, 2018
    • review Two Wheeler Loan
      "Best service"
      TVS FINANCE
      0.5 5.0/5 "Blown Away!"
      I have taken two wheeler loan from TVS Finance and it was a good loan experience. The loan amount was for Rs 50000 with the rate of interest of 13% which is nominal when compared to other sources. Customer service was good and they followed up on time. The process was very smooth and i received my loan amount in time. The tenure of this loan is 2 years and it was a good service overall from TVS.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jan 11, 2018
    • review Two Wheeler Loan
      "Best"
      BAJAJ FINSERV
      0.5 5.0/5 "Blown Away!"
      I have closed the two wheeler loan with the Bajaj finserv and the interest rate was around 16%, also the response was good too. The loan amount got disbursed within a week of time and every aspects are really fine one for me with the Bajaj Finserv.
      Was this review helpful? 0
      , chennai
      Reviewed on Jan 11, 2018
    • HDFC Bank Two Wheeler Loan
      "Good service"
      HDFC BANK
      0.5 5.0/5 "Blown Away!"
      I have taken a Two wheeler loan with HDFC bank.The loan was taken 15 years ago I was paying an EMI amount of 3000,The loan amount is 45,000.The rate of interest is nominal as compared to other banks in the market.I got processed my loan very quickly.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 11, 2018
    • ICICI Two Wheeler Loan
      "Two Wheeler Loan from ICICI"
      ICICI BANK
      0.5 4.5/5 "Excellent!"
      I have taken a two Wheeler Loan from ICICI bank. The approved loan amount was 45 thousand . The given rate of interest was nominal. The monthly EMI comes around 5000. the total tenure is for 18 months. The customer service and response that I received from the bank is good.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 10, 2018
    • HDFC Bank Two Wheeler Loan
      "Good service"
      HDFC BANK
      0.5 4.0/5 "Great!"
      My two wheeler loan was taken with HDFC bank 3 months back. The loan amount was 55,000 and here its 0% Interest rate. The tenure period was 30 months. The loan process was very good and they have sanctioned the loan with the committed time. My overall experience was good and Its recommendable.
      Was this review helpful? 0
      , rajahmundry
      Reviewed on Jan 10, 2018
    • HDFC Bank Two Wheeler Loan
      "Good service"
      HDFC BANK
      0.5 5.0/5 "Blown Away!"
      I have taken Two wheeler loan with HDFC bank.The loan amount is 56,000,rate of interest is low as compared to others.I have submitted documents.I have taken it for three years.The response is quick and fast and they had processed it in 4 days of time.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jan 09, 2018
    • HDFC Bank Two Wheeler Loan
      "Good service"
      HDFC BANK
      0.5 5.0/5 "Blown Away!"
      I had taken a Two Wheeler loan with HDFC bank.The loam amount is 30,000,rate of interest is nominal as co pared to others banks in the market.The EMI amount is 2200,The customer service is good to approach.I paid my EMI through net banking service.
      Was this review helpful? 0
      , chennai
      Reviewed on Jan 09, 2018
    • review Two Wheeler Loan
      "Good service"
      BAJAJ FINSERV
      0.5 4.0/5 "Great!"
      I have taken a Two wheeler loan with Bajaj Finserv.The EMI amount is 6583,The total tenure is for one year.The loan amount is 70,000.They had deducted processing fees of 700 other wise no interest rate is been charges for the same.They had processed the request within a weeks time.
      Was this review helpful? 0
      , chennai
      Reviewed on Jan 09, 2018
    • review Two Wheeler Loan
      "Best service"
      BANK OF INDIA
      0.5 5.0/5 "Blown Away!"
      I have taken Two wheeler loan from Bank of India, the loan amount was for Rs 55000 with the rate of interest of 13% which is nominal when compared to other banks. It was a very good loan experience. Customer service was good and i received my loan amount within the given time. They did not charge any processing fees and the tenure of the loan is 3 years.
      Was this review helpful? 0
      , kolkata
      Reviewed on Jan 09, 2018
    • review Two Wheeler Loan
      "Good service"
      BAJAJ FINSERV
      0.5 4.0/5 "Great!"
      The service is good with the bajaj two wheeler loan. The customer support is good with the bajaj finserv. The rate of interest and the charges are average with the bajaj finserv Two wheeler loan service. The required loan amount has been given by the Bajaj and I am satisfied with it.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jan 09, 2018
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