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  • Two Wheeler Loans for Students

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    Two Wheeler Loan
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    The two wheeler is one of the most popular modes of transport in India and has become an almost essential commodity for the average Indian’s daily commute. India is one of the largest manufacturers of two wheelers in the world and is considered one of the best markets for small to medium capacity two wheelers. Many manufacturers from around the world have started operations in the country and have designed many models to suit Indian roads. With these new models entering the markets, many banks have also decided to introduce loans for two wheelers with varying eligibility criteria, so that they will be able to cater to every segment of the market. A demographic among which twowheelers are quite popular are students, but most students do not have the finances to purchase a new two wheeler, for this very purpose, some banks have decided to provide twowheeler loans to students under certain special conditions, as they are not yet earning members of society. In the following paragraphs the various criteria a student will need to fulfill to be eligible for a twowheeler loan have been discussed, along with the applicable interest rate and other charges.

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    Features

    • The minimum repayment period for a two wheeler loan provided to a student is 3 years.
    • The income requirement for the coapplicant is not very high.
    • The student will need to provide a coapplicant/guarantor to avail this type of loan.
    • Most banks take up to 3 days to process the documents.
    • Two wheelers loans for students are unsecured.
    • There is no restriction on the type of vehicle the student may purchase by availing this type of a loan.

    Eligibility

    There are various factors taken into consideration by the bank before providing a student with a two wheeler loan. The eligibility criteria for student two wheeler loans have been listed below:

    • The minimum age of the applicant should be 18 years.
    • The applicant will need to apply for this loan along with a coborrower/guarantor.
    • The coborrower should have a steady source of income, and should have valid proof of income.
    • The applicant must be a student.
    • The coborrower should have a good CIBIL score. Most banks prefer to transact with individuals who have a CIBIL score of 700 or more.
    • Banks prefer the applicant to have some for of permanent address.

    Documentation

    • Proof of identity (Voter ID, Passport, Aadhaar Card, Driver’s License)
    • Proof of address (Utility bills, Bank passbook, Voter ID, Passport, Aadhaar)
    • Coborrower’s proof of Income:

    You may like to read: Two Wheeler Insurance

    Salaried Coborrower

    • Last 6 months pay slips.
    • 6 months’ bank statements.

    SelfEmployed Coborrower

    • 2 year’s income tax returns.
    • Bank statements for the last 1 year.
    • Proof of business

    News About Two Wheeler Loans for Students

    • Rent-A-Bike Policy Likely to Make a Comeback

      The AAP Government is all set to revive the policy of renting bikes, which came as a great news for most Delhiites. This scheme was operative a few years back, which was followed by its sudden cancellation.

      Recently, the Delhi Government announced that the scheme is making a comeback. Having received multiple proposals from various dealers already, the policy also focuses on decongestion of the already populated city thereby significantly lowering the usage of cars (four-wheelers) and bolstering the last mile connectivity. This measure has also come as a boon for the women residing in Delhi.

      Cities such as Goa, Bangalore, and such have already undertaken this scheme and Delhi is following suit. The main motive here is to promote safety awareness and depopulate the city.

      17 May 2018

    • Hero Super Splendor launched at a price of Rs.57,190 in India

      Hero MotoCorp, the Indian motorcycle manufacturer has launched the Super Splendor bike at Rs.57,190 in India. The Hero Splendor is one of the best-selling bikes in the country. Hero MotoCorp has spruced up the Splendor model for the 2018 launch with cosmetic updates and a more powerful engine. The Super Splendor bike is available in 5 metallic colours - heavy grey, candy blazing red, purple, black with silver, and black with fiery red. The bike is powered by a new air-cooled 125cc one-cylinder engine that generates 11.5 PS power and 11 Nm torque. Hero MotoCorp leads the 125cc segment with more than 55% market share.

      13 March 2018

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    Two Wheeler Loan for Students Reviews

  • Page 1 of 50 1 2 3 4 5
    • HDFC Bank Two Wheeler Loan
      "Not satisfied"
      HDFC BANK
      0.5 1.0/5 "Really Bad"
      I have taken a two wheeler loan with HDFC bank and my experience was not up to the mark. The loan amount was for Rs 1.36 lakhs with nominal interest rate. The charges are very high and customer service was not satisfactory. The tenure period for this loan is 30 months.
      Was this review helpful? 1
      , bangalore
      Reviewed on Jul 18, 2018
    • HDFC Bank Two Wheeler Loan
      "Excellent Service"
      HDFC BANK
      0.5 4.0/5 "Great!"
      I had taken this loan for the purchase of my Scooty and the process in getting this loan had been smooth and easy. The loan amount which they had provided had been satisfactory and the interest rate has been average when compared with the market rate. I have already paid the first EMI already and the services has been hassle free.
      Was this review helpful? 1
      , kolkata
      Reviewed on Jul 18, 2018
    • L&T Finance Two Wheeler Loan
      "Good service"
      L&T FINANCE LIMITED
      0.5 4.0/5 "Great!"
      I have taken a two wheeler loan with L& T and my loan experience was good, the loan amount was for Rs 50000 with nominal interest rate when compared to others in the market. Customer service was good, they followed up on time and the tenure period is 24 months.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Jul 18, 2018
    • review Two Wheeler Loan
      "Average service"
      INDUSIND BANK LTD
      0.5 3.0/5 "Satisfactory"
      I have taken a two wheeler loan with IndusInd bank and my loan experience was good, the loan amount was for Rs 45000 with nominal interest when compared to others. Customer service was good and they followed up on time. The tenure period is 12 months and the only issue i found in this bank is, they do not give offer like credit cards.
      Was this review helpful? 0
      , chennai
      Reviewed on Jul 18, 2018
    • review Two Wheeler Loan
      "Good Service"
      INDUSIND BANK LTD
      0.5 5.0/5 "Blown Away!"
      I took a bike loan from the IndusInd bank, The interest rate is very low. I applied at the branch. The whole application and the documentation was easy and hassle free. I never faced any issues during the application. It is a recommendable provider for bike loans.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jul 17, 2018
    • HDFC Bank Two Wheeler Loan
      "Good experience"
      HDFC BANK
      0.5 4.5/5 "Excellent!"
      My two wheeler loan was taken with HDFC Bank 2 months back. The loan amount was 50,000 and the interest rate was very good . The tenure period was very satisfactory. The tenure period was 18 months. The customer service and responsiveness was up to the mark. They have sanctioned the loan with the committed time.
      Was this review helpful? 0
      , jaipur
      Reviewed on Jul 17, 2018
    • review Two Wheeler Loan
      "Not satisfied"
      BAJAJ FINSERV
      0.5 1.0/5 "Really Bad"
      My two Wheeler loan was taken with BAJAJ 4 years back. The loan amount was 50,000 and the interest rate was very high .The tuner period was 3 years . I felt that there is no transparency in the process and they did not give the documents after disbursement. I can pay the amount through the website which is very convenient and i am expecting the same potion from other banks also but i a not satisfied with the customer service and responses here.
      Was this review helpful? 0
      , navi mumbai
      Reviewed on Jul 14, 2018
    • HDFC Bank Two Wheeler Loan
      "Average service"
      HDFC BANK
      0.5 3.0/5 "Satisfactory"
      It was an average experience with HDFC bank for two wheeler loan, the loan amount was for Rs 1 lakh with nominal interest rate. I paid an amount of Rs 35000 as a down payment and i have to pay an EMI of Rs 3052 for 3 years. Customer service was not up to the mark and their response was delayed.
      Was this review helpful? 3
      , kolkata
      Reviewed on Jul 13, 2018
    • HDFC Bank Two Wheeler Loan
      "The interest rate is high"
      HDFC BANK
      0.5 3.0/5 "Satisfactory"
      I took a bike loan from the HDFC bank, the loan was approved and process din no time. The loan amount was 50000 and the interest was high when comparing with other banks in the market. The whole loan application process was easy as a breeze.
      Was this review helpful? 1
      , chennai
      Reviewed on Jul 13, 2018
    • HDFC Bank Two Wheeler Loan
      "Good service"
      HDFC BANK
      0.5 4.0/5 "Great!"
      The experience with them had been very good and the loan amount which they had provided had been very good. The interest rate with them had been average and their customer support had been helpful and they had been responsive. They had helped to make the process easy and simple.
      Was this review helpful? 0
      , jaipur
      Reviewed on Jul 12, 2018
    • HDFC Bank Two Wheeler Loan
      "Very Good Service"
      HDFC BANK
      0.5 5.0/5 "Blown Away!"
      I have taken this loan a very long time back and it had been a very good experience with them. I have closed this loan now, the interest rate with them had been very low and they had provided me with a loan amount of 75 thousand. Their customer support and the staffs where prompt in their response and there has not been any hassle faced with their service.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 12, 2018
    • HDFC Bank Two Wheeler Loan
      "Very Good Service"
      HDFC BANK
      0.5 5.0/5 "Blown Away!"
      It had been a very good experience with them and the process in getting the loan had been simple and smooth. The loan amount which they had provided had been satisfactory and the interest rate with then also had been good where it was 11.5%. Their customer support and the staff response of them also had been very good.
      Was this review helpful? 2
      , bangalore
      Reviewed on Jul 12, 2018
    • review Two Wheeler Loan
      "Excellent"
      INDUSIND BANK LTD
      0.5 5.0/5 "Blown Away!"
      I have taken my two wheeler loan with INDUSIND Bank 2 years back. The loan amount was 1.20,000 and the interest rate was very satisfactory . The tenure period was 2 years . The process was very easy and the staffs were every helpful. I have not faced any issues with the service here and the loan was approved on time here.,
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jul 12, 2018
    • review Two Wheeler Loan
      "Average service"
      BAJAJ FINSERV
      0.5 3.0/5 "Satisfactory"
      I have taken a two wheeler loan with Bajaj Finserv and my loan experience was good, the loan amount was for Rs 50000 with nominal interest rate which is 12%. Customer service was fine and their response was good. The tenure period for this loan is 18 months.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 11, 2018
    • Shriram City Two Wheeler Loan
      "Good service"
      SHRIRAM CITY UNION FINANCE
      0.5 5.0/5 "Blown Away!"
      My two wheeler loan was taken with SRI RAM 2 years back. The loan amount was 59,000 and the interest rate was bit high than other banks and the tenure period was 2 years . The customer service and responses was good. The process was very easy and smooth .The processing fee was also nominal. I had very hassle free documentation process.
      Was this review helpful? 1
      , chennai
      Reviewed on Jul 11, 2018
    • ICICI Two Wheeler Loan
      "Good service"
      ICICI BANK
      0.5 4.0/5 "Great!"
      I have taken a two wheeler loan with ICICI bank and my experience was good, the loan amount was for Rs 40000 with nominal interest rate when compared to other banks. Customer service was good and they followed up on time. I have to pay an EMI for 36 months.
      Was this review helpful? 0
      , lucknow
      Reviewed on Jul 10, 2018
    • HDFC Bank Two Wheeler Loan
      "Good Service"
      HDFC BANK
      0.5 4.0/5 "Great!"
      I took a bike loan from the HDFC bank for 60000. The interest rate was high, I ended up in paying almost 80000 to close the loan. The EMI was paid via ECS. The application process was really easy I got the loan quickly. They should seriously consider reducing the interest rates with the bike loan.
      Was this review helpful? 0
      , chennai
      Reviewed on Jul 06, 2018
    • HDFC Bank Two Wheeler Loan
      "Good service"
      HDFC BANK
      0.5 4.5/5 "Excellent!"
      It had been a very good experience with them and the process in getting the loan had been smooth and easy and the loan amount has been sufficient and satisfactory. I had taken this loan a very long time back, the interest rate has not been that high during that time.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Jul 06, 2018
    • HDFC Bank Two Wheeler Loan
      "Good service"
      HDFC BANK
      0.5 3.5/5 "Pretty good"
      I have taken a two wheeler loan with Hero Fincorp and my loan experience was good, the loan amount was for Rs 38000 with 12% interest rate which is nominal rate. Documents were collected on time and the customer service was good. The tenure for this loan is 30 months.
      Was this review helpful? 0
      , amravati
      Reviewed on Jul 06, 2018
    • ICICI Two Wheeler Loan
      "Average service"
      ICICI BANK
      0.5 2.0/5 "Expected more"
      I had taken a Two wheeler loan with ICICI bank 12-13 years back and it was an average experience. The loan amount was for Rs 25000 with nominal interest rate when compared to other banks. The processing charges were high at that time and the customer service was not up to the mark.
      Was this review helpful? 0
      , karad
      Reviewed on Jul 05, 2018
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