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Whether you want to purchase a scooter, an entry-level motorcycle, or a high-end sports bike, you can choose the ideal bike for yourself. You can purchase any type of bike with the help of loans, if you have a steady source of income.

However, due to the lack of stable income, students face difficulty when looking to buy a two-wheeler on a loan. To solve this problem, various banks and NBFCs now offer customised bike loans to students.

Features of Bike Loans for Students

Two-wheeler loans for students are different from the regular bike loans. Thus, their features also differ. Here’s how: 

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.

Co-applicant or guarantor

As a student, you would need either a co-applicant or a guarantor, while applying for the loan. Usually, a family member with a stable income and a good credit profile can act as a co-applicant.

No minimum monthly income mandate

Students do not have to fulfil minimum monthly income requirements. This is because, they usually do not have a stable source of income.

Quick processing

Whether you approach banks or NBFCs for a two-wheeler loan for students, it will take around 72 hours to process your loan application.

Secured loans

These loans are secured; that is, the lender will consider the purchased bike as security or collateral to sanction the loan.

Eligibility Criteria

Some of the common two-wheeler loan eligibility criteria for students are as follows:

  • You must be over 18 years old

  • You must have a co-applicant or a guarantor with a stable job and source of income

  • Your co-applicant or guarantor must have a CIBIL score of at least 700 or more

  • You must have a permanent address and are required to submit proof of the same at the time of application

Documents to avail of a Student Bike Loan

While applying for a bike loan for students you need to provide a few basic documents. These are as follows:

  • Identity proof: Anyone of the following

    • Aadhaar card

    • Passport

    • Driving licence 

    • Voter ID.

  • Address proof: Anyone of the following

    • Aadhaar card

    • Passport

    • Voter ID

    • Utility bills

    • Bank passbook

  • Income proof:

    • Salaried co-applicants: Pay slips and bank statements of the last 6 months

    • Self-employed co-applicants: ITR for the previous 2 years, bank statement of the previous year, and proof of business


Yes. Students can apply for a bike loan along with a co-applicant or a guarantor.

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 low and do not strain your finances, making them affordable and convenient.

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

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