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 two wheelers 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 two wheeler 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 two wheeler loan have been discussed, along with the applicable interest rate and other charges.
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The minimum repayment period for a two wheeler loan provided to a student is 3 years.
The income requirement for the co-applicant is not very high.
The student will need to provide a co-applicant/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.
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 co-borrower/guarantor.
The co-borrower should have a steady source of income, and should have valid proof of income.
The applicant must be a student.
The co-borrower 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.
Proof of identity (Voter ID, Passport, Aadhaar Card, Driver’s License)
Proof of address (Utility bills, Bank passbook, Voter ID, Passport, Aadhaar)
Co-borrower's proof of Income:
You may like to read:
Last 6 months pay slips.
6 months’ bank statements.
2 year’s income tax returns.
Bank statements for the last 1 year.
Proof of business
News About Two Wheeler Loans for Students
2019 Kawasaki KLX140G Introduced to the Indian Market at Rs.4.06 Lakh
The Kawasaki MY2019 KLX 140G has finally made its way to the Indian market. Featuring an ex-showroom price of Rs.4.06 lakh in Delhi, the updated version of the dirt bike carries new body graphics and weighs only 99 kgs. While the engine and the mechanical components of the 2019 KLX 140G remains unchanged, the bike is powered by a 144cc, air-cooled, single-cylinder SOHC engine coupled with a 5-speed gearbox. The motorcycle is the intermediate model in the KLX series, and is ideal for beginners who want to gain experience in trail riding. Furthermore, this lightweight bike suits a wide variety of off-roaders. The suspension duties of the 2019 Kawasaki KLX140G is handled by 33mm telescopic forks with 190mm of travel at the front along with an aluminium monoshock that offers 200mm travel at the rear end. This dirt bike carries a 220mm petal disc brake at the front end and a 190mm petal disc brake at back. With a fuel tank capacity of 5.8 litres, the KLX 140G has a ground clearance of 315mm and a seat height of 860mm. This motorcycle is based on a semi-double cradle frame and features 21-inch and 18-inch front and rear multi-spoke wheels in addition to off-road specific tyres. The KLX series from Kawasaki is expected to compete against the Suzuki dirt bikes, which are likely to be launched in the country soon.
20 December 2018
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.
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My two wheeler loan was taken from ICICI Bank because they have given me a pre-approved loan based on my account. I have done the down payment of Rs. 30000. I took the loan amount of Rs. 94000. I pay the EMI amount of Rs. 2832 per month. I have already closed the loan and i have received the NOC letter too.
I have taken two wheeler loan directly through Bajaj Finserv .The vehice name is passion Pro .The rate of interest and the processing fee was very nominal .The loan got sanctioned on time and everything was good .I have successfully closed this loan without any discrepancies.
I have taken a two wheeler loan from ICICI Bank and the loan amount was Rs.40k and i made a down payment of Rs. 20k. I was taken this loan on 2014 now i completed this loan. At that time documentation was very simple i given to the bank itself, service was good.
I have taken two wheeler loan from INDUSIND on 3 years back to purchase TVS Bike. I am happy with their service. Some one has suggested about this bank to apply for a loan so chosen it. The amount of 58K was provided from bank which was sufficient with tenure period of 4 years. An interest rate of 13% is okay without processing fee. I have done down payment of 20K. EMI need to pay of 20,200 rupees. Pre closure is avail but I have not utilize yet.
Indusind bank does not require any cheque leaf to avail a bike loan so that i have taken the two wheeler loan with them but other banks are asking me cheque book to process the loan. I have taken the loan amount of Rs. 50000 and i have paid the down payment of Rs. 27000. I have been paying the EMI amount of Rs. 3645. They have sanctioned my loan within two days.
My two wheeler loan was taken from L & T because the loan was directly taken from the place where i have purchased the bike. I have paid the down payment of Rs. 15999. I have been paying the EMI amount of Rs. 5360 and they have sanctioned the loan immediately. Documentation process was okay because i have just given my Aadhar card, PAN card, cheque leaf. So far i have paid around 8 installments.
I have taken two wheeler loan from L&T FINANCE LIMITED on 2 years back. By 2-3 months I am going to close the loan. I have been taken bike through showroom, an executive has assist to take this loan from this company. The loan amount was good with tenure period of 2 years. The rate of interest is nominal. I have done down payment of 60K. There is pre closure and part payment facility are applicable. EMI need to pay of 4K. The bike model is Royal Enfield Classic 350.
I have taken a two wheeler loan from Bajaj Finserv but I am not sure about the loan amount. I use to pay EMI of Rs.11K interest rate was okay with tenure period of 2 years. Documentation was simple I have given to the showroom within a month they provided the amount. I have purchased bike model BAJAJ CT 100, customer service was good.
HDFC has provided two wheeler loan, this was my first loan when I started my career. I have made a down payment of Rs. 10,000. On 5 years ago I got this loan. They have provided me a low rate of interest and quick disbursal, once I closed the loan. They have advised me to take NOC letter and I have received the same.
HDFC has provided a pre approved loan offer for two wheeler, hence the process was done through showroom. I got loan limit offer up to 5L. But I bought the vehicle of 70K. I had taken this loan on 1 year back. The tenure period of 18 months, an interest rate is nominal. I use to get remainder message on time for EMI to pay of 4400 rupees. The bike model is Honda Scooty.
I have taken a two wheeler loan from HERO FINCORP. The loan amount was Rs. 60K and i made down payment of Rs. 15k . The rate of interest was nominal and i have opted for the tenure period of 2 years, still i have 8 months to complete. Customer service was good.
I have taken two wheeler loan directly through HDFC Bank.The vehicle name is Honda Unicorn and this loan is still active and will be closing this loan on august month .There was no issues faced and paying the premium on EMI basis .The rate of interest and the processing fee was nominal and this loan was sanctioned on time .
Bajaj Finance people given me a good service and minimal rate of interest and other banks are not ready to provide. I taken the loan in the year of 2015. Loan was only for the 18 months hence it got over by 2 years ago. I have received the NOC letter also when i went to the Bajaj Finance office.
The showroom where i have purchased the bike that manager has recommended me about the HDFC two wheeler loan. Interest rates are average. I bought the loan amount of Rs. 80000. I have been paying the EMI amount of Rs. 2900. I have paid the down payment of Rs. 20000. Chosen the duration of 3 months.
I have taken two wheeler loan from INDUSIND on 2 years back. I visited to branch and requested for the loan amount of 60K with tenure period of 12 years. Since my transaction was well and good so banker has given re-loan option. The rate of interest is below 10% . The processing fee was nominal. I have done down payment of 10 or 12K. EMI use to 5500 rupees. The bike model is Honda Dio. I had closed the loan and got a call from bank to collect the NOC letter but I don't have time to get it.
Through showroom I took a two wheeler loan from HDFC bank. They have sanctioned the loan on same day since it was pre approved loan. All the process was done through net banking. I received a full amount for the tenure period of 2 years. Rate of interest was okay. EMI need to pay of 3500 rupees. I took this loan on 8 months back. I had down payment of 10K. The bike model is Honda.
I have taken a two wheeler loan directly through HDFC Bank.The vehicle name is Honda Dio which was directly taken through bank .This loan was sanctioned on time without any drawbacks,The rate of interest and the processing fee was nominal.
I have taken Two Wheeler Loan from BAJAJ FINANCE on one year before. Through showroom I got this loan offer for the amount of 1.40L with tenure period of 3 years. The rate of interest is nominal. I had done down payment of 30K. There is no option of pre closure. Their service is good. The bike model is Avenger 120.
I have taken two wheeler loan directly through HDFC Bank .This was 2016 and the vehicle name is TVS Jupiter i have successfully closed this loan .I am not a defaulter and paying the premium on EMI .Without any difficulties i have closed the loan successfully .I am really satisfied with the loan process .
I have taken Two Wheeler Loan from TATA CAPITAL on one month before. I have got this loan offer through showroom. The loan amount of 2L which is sufficient with tenure period of 3 years. Interest was nominal of 10.6% and fee of 8K. I had done down payment of 30K. There is locking period of 6 months for pre closure and with charges of 5K. The bike model is Royal Enfield classic 350.