A two-wheeler adds mobility to your life. Plus, it\u2019s economical to maintain.\u00a0<\/span><\/p>\n

If you are considering a bike purchase, the 2-wheeler loan is for you. Your current means might not allow for your dream bike if you prefer self-financing the purchase. Even if you have enough savings to finance the purchase, it\u2019s never a good idea to exhaust your savings. Financial exigencies can surface anytime, and your savings hedge you against them. The bike loan gives you the desired funds to own your dream bike without eating into your savings.\u00a0<\/span><\/p>\n

Has this piqued your curiosity? If yes, then here\u2019s what all you need to know about bike loans.\u00a0<\/span><\/p>\n

Eligibility:\u00a0<\/span><\/h2>\n

First, you need to qualify for <\/span>bike finance<\/span><\/a>. Every lender requires you to fulfil certain parameters to ensure recovery. The eligibility criterion is different for different lenders but with a lot of overlap. Here\u2019re a few qualification parameters:\u00a0<\/span><\/p>\n

You should be<\/span><\/p>\n

\n
• An Indian citizen<\/span><\/li>\n
• Either self-employed or salaried<\/span><\/li>\n
• 18 years of age when applying<\/span><\/li>\n
• Below 65 years old before the loan term expires<\/span><\/li>\n
• Earning at least INR 96,000 annually if salaried\u00a0\u00a0<\/span><\/li>\n
• Earning INR 1,20,000 annually if self-employed\u00a0<\/span><\/li>\n<\/ul>\n

  Documentation:\u00a0<\/span><\/h2>\n

  Documentation is an essential part of the scooter loan. Again, the documentation requirements are minimal and vary from lender to lender. Typically, the following documents are required:\u00a0<\/span><\/p>