What are the documents required for a two-wheeler loan?
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October 26, 2018
Tired of waiting in the queue for catching a train or a bus? Worry not, now you can easily buy a motorbike of your choice with the help of a two-wheeler loan. This will help you ease up your daily commute and ensure that you never fall on the shorter end of the stick. There are a lot of banks and FINTECH companies that provide two-wheeler loans for eligible candidates. You can simply make use of them and purchase your dream bike. However, there are many among us who are still perplexed with the whole two-wheeler loan procedure and confused as to what all documents are required. For those of us, this article will highlight a few pointers to avail easy loans and the documentation required for it.
Things that decide your loan eligibility are as follows:
- Credit history: It is the complete report of your current and past financial activities. Thus, it reflects all the loan repayments that you have and are making. Thus, the financial institutions scrutinize it before approving the two-wheeler loan amount. Hence, make sure that you never default on any of the repayments.
- Credit score: In India, financial institutions highly emphasize on your CIBIL score. The range of CIBIL score is from 300 to 900, and a score of 700 and above is considered as a good score. It reflects your financial responsibility and is one of the key factors that decide your loan eligibility.
- Income: However, more than credit score and history, it is your income that plays a deciding role in your two-wheeler loan approval. After all, the financial institutions want to confirm that you will be able to repay the loan amount in time- and not default on any repayments.
- For salaried individuals:
- Photographs
- KYC documents such as your Pan Card , Aadhar card, driving license, etc.
- Any 1 Address proof: Passport, Utility bill, etc.
- 3 months Bank Statement
- For salaried individuals:
- Photographs
- KYC documents such as your Pan Card , Aadhar card, driving license, etc.
- Any 1 Address proof: Passport, Utility bill, etc.
- Latest Filled Income Tax Return . (Not Mandatory)
- Business address proof, service tax registration documents, etc.
Other than these factors, your documents will play an important role in deciding your loan eligibility. The documents that you need for a two-wheeler loan are as follows:
Hence, you can easily apply for a two-wheeler loan if you have the required documents. It will help you fulfill your dreams of owning your favorite motorbike. Thus, now you don’t have to waste time standing in those endless train and bus queues; obtain a loan and enjoy the wind whistling through your face. Even the repayment of the loan is done in the flexible form of installments. Hence, it doesn’t leave a dent in your financial management. Hope this article was helpful. Good luck and all the best!
