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Student Bike Loan

In the past, students had to rely on public transport such as buses, trains and rickshaws to travel to their colleges and universities. Today, however, students can rely on two-wheelers for their daily commutes. In most Indian cities, college-goers have to travel long distances to attend classes, and not everyone can afford a bike that would make such long-distance travel convenient. However, lenders such as banks and NBFCs are now offering bike loans for students under certain conditions. As students cannot be expected to repay two-wheeler loans in 2-3 years, they can apply for a loan along with a co-applicant or a guarantor. For this reason, the minimum age to apply for a student bike loan is 18 years.

Features of a Student Bike Loan

2-wheeler loans for students are different from the normal two-wheeler loans for working adults. Thus, their features also differ and make it extremely convenient for students to apply for a two-wheeler loan.

  • Repayment period

Unlike traditional two-wheeler loans, which have a minimum repayment period of one year, two-wheeler loans for students come with a minimum tenure of three years. Thus, you won’t have to worry about expensive EMIs that would disrupt your monthly budget while applying for a student bike loan.

  • Co-applicant or guarantor

If you are a student, you would need either a co-applicant or a guarantor while applying for a two-wheeler loan. As students aren’t able to earn – or have a reliable income source, it is mandatory to either apply with a co-applicant or have a guarantor.

  • No minimum monthly income mandate

There is no minimum income requirement for the co-applicant, unlike traditional two-wheeler loans. Even if the co-applicant earns a stable, moderate income, the loan application will be processed.

  • Quick processing times

Lenders tend to take up to three days to process the loan application. Thus, whether you approach banks or NBFCs for a student two-wheeler loan, it will take around 72 hours to process your application and approve your loan application.

  • Secured loans

These loans are secured; that is, the lending entity will require security or collateral to sanction the student bike loans.

  • Greater freedom

Whether you want to purchase a scooty, an entry-level motorcycle or a high-end sports bike, you can choose the type of bike you require. Banks and NBFCs do not impose any restrictions on the type of bike you should purchase, and you can select any two-wheeler you wish to own.

Eligibility Criteria for Student Bike Loan

It is important that you know about the eligibility criteria to apply for a student bike loan. Lenders consider various factors before approving your loan application. The two-wheeler loan eligibility criteria have been provided below for your perusal.


  • Age - You should be at least 18 years old to apply for a student two-wheeler loan. Certain banks and NBFCs require the applicant to be at least 21 years old. Thus, the minimum age varies from lender to lender.

  • Co-applicant or guarantor - As students cannot hold a stable job and do not have a stable source of income, it is compulsory that they apply for a bike loan with a co-applicant or a guarantor. By having a co-applicant or a guarantor, lenders can hedge against the risk of the borrower defaulting.

  • Co-applicant’s employment status - The co-applicant or the guarantor should be gainfully employed with a stable income source. They should also be able to submit documents that serve as proof of income.

  • Occupation - As these are two-wheeler loans designed for students, the applicant must be a student.

  • CIBIL score - The co-applicant must have a decent credit score. Banks and NBFCs tend to prefer individuals who have a credit score of at least 700.

  • Permanent address - The applicant must also have a permanent address.

Documents to avail of a Student Bike Loan

While applying for a bike loan for students or even a second hand bike loan for students, you should provide a few basic documents. The two-wheeler loan documents you must provide are highlighted below.


  • Identity proof - As ID proof, applicants can provide their Aadhaar Card, passport, driver’s licence or Voter ID.

  • Address proof - Applicants must also provide address proof and can use their Aadhaar Card, passport, Voter ID, utility bills or bank passbook for the same.

  • Income proof - The co-applicant or guarantor must provide proof of income.

  • Salaried individuals: If they are salaried individuals, they can provide pay slips for the previous 6 months and their bank statements for the last 6 months.

  • Self-employed individuals: If the co-applicant or guarantor is self-employed, they should provide the ITR for the previous 2 years. Additionally, they also have to provide their bank statement for the previous year. Lastly, they are also required to provide proof of business.

FAQs- Bike Loan for Students

Yes. Students can apply for a bike loan along with a co-applicant or a guarantor. Furthermore, the co-applicant or guarantor must have a stable job with a steady income source.

Students can opt for bike loans that come with nominal interest rates and minimum repayment periods of three years. Thus, bike EMIs for students are minimal and do not strain your finances, making them affordable and convenient

Two-wheeler loans for students come with nominal interest rates, which can go as low as 8%. The bike loan interest rates vary from one lender to another, and if the co-applicant has a good credit score of 750 or above and a decent monthly income, lenders offer loans at attractive interest rates.

To calculate bike EMIs for students, you can use bike loan EMI calculators available online. By entering the principal amount, interest rate and repayment period, you can calculate the EMI you will have to pay every month.

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