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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I have taken a two wheeler loan with L&T FINANCE LIMITED on 4 years before which was processed through showroom. The amount given for 60 thousands for the tenure period of 2 years. Rate of interest was high. The processing fee was high and need to open an account to detect amount for fee. EMI was okay. The bike model was Honda duo.
It was 6 years before I have taken a two wheeler loan with TVS FINANCE which was processed through showroom for this loan. The rate of interest was low of 12%. The amount given for 48 thousands for the tenure period of 2 years. I received NOC letter. The bike model was TVS star city.
I have taken a two wheeler loan with HDFC BANK on 2 years before which was processed through a showroom for the amount of 40 thousands for the tenure period of 2 years. The rate of interest was nominal. For EMI amount paying for the amount of 3 thousands. Now I have closed the loan. They have given NOC letter. The bike model is Glam-our.
HDFC is providing me a very comfortable service. Due is pending means, the staffs are helpful. They will send the reminders about the due date. I bought a loan amount of Rs. 70000 in that 40000 is pending to pay. In the tenure period of 29 months, i have completed 15 months already.
My friend told me to take the two wheeler loan from TATA Capital. I made the down payment of Rs. 26000 and Total cost of the bike is Rs. 8500. I had chosen the tenure period of 3 years. I had paid the EMI amount of Rs. 2560. They have part payment facility.
I had taken two wheeler loan with INDUSIND BANK LTD on 3 years before which was processed through a showroom. The amount given for 40 thousands for the tenure period of 2 years. Within one day they have sanctioned a loan. I bought a bike for Fashion Pro. I am yet to receive NOC letter.
I had taken two wheeler loan with INDUSIND BANK LTD on 2 years before which was processed through a showroom. The amount given for 50 thousands for the tenure period of 2 years. Within one day they have sanctioned a loan. I bought a bike for ZERO Glamour.
I have availed Two Wheeler loan with Bajaj Finserv through Online .The vehicle model was 2015 it was Bajaj CT 100.I have applied for loan amount of 1 lakh for the tenure of 3 years.The rate of interest and the processing fee was nominal .I have got the loan amount on time and no difficulties faced so far.
I took my two wheeler loan from Indusind bank. Every month 7th date, they will deduct the money but this time, even though i kept the balance on my account they have not taken. After that 11th, they came to place and asking me the late fee charges along with the loan amount. Due to this, i have pre-closed the loan and surrender the vehicle.
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Reviewed on Oct 13, 2019
HDFC has offered me a pre-approved two wheeler loan. Since its pre-approved the interest rates are high because they offered me 19%. I had taken loan amount of Rs. 72000 approximately. The loan is on going now. I'm paying the EMI of Rs. 3600. I have selected the tenure period of 24 months.
My friend has referred me about the two wheeler loan from Shriram Finance. At that time, the interest rate was low and the benefits are high. I have made the down payment of Rs. 12000. I have chosen the tenure period of 18 months and i have been paying the EMI of Rs. 3000 which is deducted from my account automatically.
My friend is working in Bank of India so he helped me a lot hence the loan got sanctioned in 1 day and i have pre-closed the loan within 3 months. I had taken the loan amount of Rs. 50000 approximately. I had made the down payment of Rs. 12000. The loan amount was selected for a period of one year.
My friend was working in HDFC and he suggested me to take the loan so i have paid a less down payment. Still 1 year more to pay the EMI amount because i got the loan in the year of 2017. I paid the down payment of Rs. 8000 and cost of the bike is Rs. 1 lakhs.
They have provided me a interest rate of 24%. My Honda activa bike was purchased in the showroom where they have referred me about the indusind bank loan. I paid the down payment of Rs. 35000 and the loan amount was Rs. 50000 for the tenure period of 24 months. Documentation process was average.
They have approved the loan instant and disbursed immediately with the less documentation. They have not even done a telephonic verification also. The processing charges are less. My two wheeler loan was taken from L & T because of the fast approval.
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Reviewed on Oct 08, 2019
I went to the showroom to purchase a bike, they only preferred me to go with Bajaj Finserv for two wheeler loan. My experience is very good and they were co-operative. The interest rate is reasonable and the processing fee is available. The tenure is 24months.
Purchased my two wheeler insurance from South Indian bank. Since my friend has recommended me about the loan from them, i have chosen this bank. I have made a down payment of Rs. 20000 and the vehicle value is Rs. 72000. I have paid the EMI amount of Rs. 2200 for the tenure period of 2 years. They have sanctioned the loan immediately.
From ICICI bank I have taken two wheeler loan on one year before which was applied for this loan through showroom. The amount which was given for 40 thousands for the tenure period of 1 year. The rate of interest was nominal. The bike model was Bajaj.
When i purchased the two wheeler from Bajaj, they have provided the loan from L&T Finance. I bought the loan amount of Rs. 87000 and i made the down payment of Rs. 36000. I am paying the EMI of Rs. 2194. They have sanctioned the loan immediately.
I have taken a two wheeler loan with HDFC bank on 1 year before which was processed through a showroom. The amount was sufficient of 60 thousands for the tenure period of one year 8 months. The rate of interest was high. The bike model was Honda. Their service is good and approachable.