The two-wheeler is the most popular mode of transport in India. It has become an essential commodity for an average Indian’s daily commute. In fact, India is the largest manufacturers of two-wheelers in the world. To constantly keep up with the desires of the young Indians, the manufacturers produce latest models. These new bikes are designed in such a way that they suit the Indian roads as well.
With the demand for bikes on the rise, especially amongst the millennials, banks and other financial institutions have started offering two-wheeler loans. While some bikes may be at your reach, some are beyond your budget. The two-wheeler loan comes with varying eligibility criteria. One of the most popular demographics are the students.
Students, of course, would not have the necessary finance to own a bike of their choice. So, lenders offer bike loan to them under specific conditions. This article talks in detail about how students can acquire the loan.
What is a bike loan?
It is the simplest way to purchase a new two-wheeler. You have to first pay a minimum down payment to the lender, followed by equated monthly instalments (EMIs). You receive plenty of financing solutions when you go for this route. The two-wheeler loan interest rate is affordable and can be managed with EMIs.
What are the highlights of bike loan for students?
• The repayment period for student two-wheeler loans are 3 years
• The income requirement is not as high as a regular bike loan
• You will have to provide a co-applicant when availing the two-wheeler loan
• The documentation procedure takes 3 days
• Two-wheeler loans for students are unsecured
• You can purchase any kind of bike under this credit
What are the eligibility criteria for acquiring student two-wheeler loans?
The conditions differ from lender to lender. The eligibility criteria for students are:
• You should be 18 years old for applying for a bike loan
• The co-borrower, whom you get along when applying for the two-wheeler loan, should earn a decent income
• The co-borrower should also hold good CIBIL score
• The applicant should have a permanent address in place
What documents are needed at the time of bike loan application?
The student proofs:
• ID proofs such as voter’s ID, passport, PAN card, driving license
• Address proofs like utility bills, passbook, LIC insurance, ration card
The salaried/self-employed co-applicant verifications:
• Income proofs include last 6 months salary slips, past 6 months bank statement
• 2 years’ IT returns
• Last 1 year’s bank statement
• Business registration papers
If you want a better understanding of which bike loan will fit your requirements, you can use the bike loan EMI calculator. It will assist you with your monthly budget as well.
With the demand for bikes on the rise, especially amongst the millennials, banks and other financial institutions have started offering two-wheeler loans. While some bikes may be at your reach, some are beyond your budget. The two-wheeler loan comes with varying eligibility criteria. One of the most popular demographics are the students.
Students, of course, would not have the necessary finance to own a bike of their choice. So, lenders offer bike loan to them under specific conditions. This article talks in detail about how students can acquire the loan.
What is a bike loan?
It is the simplest way to purchase a new two-wheeler. You have to first pay a minimum down payment to the lender, followed by equated monthly instalments (EMIs). You receive plenty of financing solutions when you go for this route. The two-wheeler loan interest rate is affordable and can be managed with EMIs.
What are the highlights of bike loan for students?
• The repayment period for student two-wheeler loans are 3 years
• The income requirement is not as high as a regular bike loan
• You will have to provide a co-applicant when availing the two-wheeler loan
• The documentation procedure takes 3 days
• Two-wheeler loans for students are unsecured
• You can purchase any kind of bike under this credit
What are the eligibility criteria for acquiring student two-wheeler loans?
The conditions differ from lender to lender. The eligibility criteria for students are:
• You should be 18 years old for applying for a bike loan
• The co-borrower, whom you get along when applying for the two-wheeler loan, should earn a decent income
• The co-borrower should also hold good CIBIL score
• The applicant should have a permanent address in place
What documents are needed at the time of bike loan application?
The student proofs:
• ID proofs such as voter’s ID, passport, PAN card, driving license
• Address proofs like utility bills, passbook, LIC insurance, ration card
The salaried/self-employed co-applicant verifications:
• Income proofs include last 6 months salary slips, past 6 months bank statement
• 2 years’ IT returns
• Last 1 year’s bank statement
• Business registration papers
If you want a better understanding of which bike loan will fit your requirements, you can use the bike loan EMI calculator. It will assist you with your monthly budget as well.
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