Are you eligible for a two-wheeler loan?
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October 26, 2018
Time is money. Thus, all of us are always looking to utilize our time to the maximum. However, while managing our busy schedule and trying to squeeze out a few minutes from it- we often overlook the biggest cause of time-wastage. It is none other than the daily commute that we perform. Yes, you heard it correct! Most of us forget the fact that we spend hours of our days’ time, just to reach our destination. We often waste hours on a daily basis because of traveling from office to work and vice versa. However, now you can not only cut down on the time wastage but also travel with comfort. The only thing that you need is a motorbike but if you purchase it at one go, it might leave a huge hole in your pockets. But now you can avail a two-wheeler loan and purchase a new motorbike without exhausting your funds. However, the financial institutions have set certain criteria for you to become eligible for the loan amount.
The eligibility criteria that you need to meet, so as to avail a two-wheeler loan is as follows:
- Your age: The eligibility criterion for a two-wheeler loan is similar to most of the other type of loans. Your age plays a pivotal role in determining your loan worthiness. Most of the FINTECH companies will sanction your loan amount if you are in the age group of 21 years to 65 years. The reason being, financial institutions want to make sure that you will be able to repay the loan amount- and not default on any repayments.
- Credit score and history: Your credit history is the complete report of your previous and current loan repayments. Your credit score is given out by CIBIL and has a range of 300-900. The reason why your financial institutions scrutinize your credit history is that it reflects your repayment attitude. Thus, you need a good credit history and a great credit score (mostly above 700) to become eligible for a two-wheeler loan.
- Your income: The reason why financial institutions offer two-wheeler loan is to make a profit. Thus, they have to make sure that you will be able to repay the loan amount. And what’s better than your income. Thus, the FINTECH companies thoroughly inspect your income and its source before giving out loans. It’s better to have a stable source of income before you apply for a two-wheeler loan. They also check your employment stability; therefore, you need to make sure that you have at least completed 6 months in your current job.
- Your residence: The financial institutions even ask for documents such as proof of residence. This is because your residential stability is as important as your financial one. Also, remember that you need to be an Indian citizen to avail two-wheeler insurance from a FINTECH company in India.
Hope this article will help you understand the eligibility criteria required to avail a motorbike loan. Wish you all the best.
