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.
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
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
Address proof: Anyone of the following
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.