Two-wheelers are ideal for navigating the often congested Indian roads. Both in rural and urban areas, individuals prefer owning two-wheelers for their daily commutes over four-wheelers. These vehicles are easy to handle, offer better manoeuvrability and are fuel-efficient. Additionally, you won’t have to rely on public transport to reach your destination. Over the last decade, there has been a substantial increase in the number of registered two-wheelers in the country. Individuals today can easily purchase bikes by applying for – and gaining access to – two-wheeler loans. Thus, you can now buy your preferred bike on EMIs and repay the amount over a period of 1-7 years.
Affordability
Flexible repayment terms
Competitive interest rates
Faster approval times
Different lenders have varying eligibility criteria while assessing loan applications. However, the most common eligibility criteria include the following.
Criteria |
Salaried Individual |
Self-Employed Individual |
Age |
21 - 65 years |
21 - 65 years |
Credit Score |
750 or above |
750 or above |
Employment |
Gainfully employed for at least one year at a Private Limited Company, MNC or a PSE |
Working for at least one year |
Monthly Income |
At least ₹10,000 per month |
At least ₹10,000 per month |
Residence |
Residing in the same city for at least one year |
Residing in the same city for at least one year |
While the credit score requirement isn’t a prerequisite for all lending entities, it is wise to have a credit score of around 750. This shows the lender that you are a responsible borrower, and have dealt with previous loans and debts responsibly. Additionally, different lending entities have different minimum monthly income mandates, but you should earn around ₹10,000 - ₹15,000 per month.
During the loan application process, you are required to submit a few documents.
Documents |
Salaried Employee |
Self-employed |
ID Proof |
Aadhaar Card, passport, PAN Card, driver’s licence, Voter’s ID or an Identity Card with your photo, issued by the State or Central Government departments or PSU |
Aadhaar Card, passport, PAN Card, driver’s licence, Voter’s ID or an Identity Card with your photo, issued by the State or Central Government departments or PSU |
Passport-size Photos |
You also have to submit two recently taken passport-size photos |
You also have to submit two recently taken passport-size photos |
Address Proof |
Aadhaar Card, passport, driver’s licence, Voter’s ID, electricity bill, or your bank account or Post Office’s savings bank account statement, issued by the PSU or private sector or MNC banks. Additionally, you can also submit your property or municipal tax receipt |
Aadhaar Card, passport, driver’s licence, Voter’s ID, electricity bill, or your bank account or Post Office’s savings bank account statement, issued by the PSU or private sector or MNC banks. Additionally, you can also submit your property or municipal tax receipt |
Employment Proof |
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Non Partner Two Wheeler Loan Providers
You can follow these steps to buy a scooter or bike on EMIs.
Visit the lender’s website or go to their office/nearest branch
Click on the ‘Apply Now’ button
You will then be redirected to a page with all the different loan offerings
Opt for a two-wheeler loan
Choose ‘Salaried’ or ‘Self-employed’ as applicable
Fill out the online form mentioning your personal and employment details
Click the ‘Submit’ button and submit the details
Once you submit all the relevant documents, you will be able to purchase the scooter or bike on instalments.
The bike loan interest rate varies from lender to lender. While applying for a two-wheeler loan, the bike loan interest rate ranges from 8% to 28.3%, depending on your credit profile, age, employment status etc.