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For most Indians, a two wheeler is not their means of commuting but an integral part of their everyday lives. Affordable, convenient and easy to maintain, on the bust Indian roads, a two wheeler is a great fit for the Indian customer. If you or someone you know is planning to buy a bike and want to know all about bike loan eligibility, read on. 

Two Wheeler Loan Eligibility Criteria

Most banks and NBFCs have simple two wheeler loan eligibility criteria that you need to fulfil in order to get a two wheeler loan.  Let us take a look at who can apply for these loans:


1. Individuals who are:


  • Self-Employed or Salaried 

  • Aged between 21 to 65 years (at the end of the loan tenure)

  • Employed for at least 1 year

  • Have a minimum salary of Rs. 10,000

  • Have been residing in that city for a period of 1 year or more

Documents Required  for Two Wheeler Loan

 You need to keep the following documents ready:


1. Identity Proof


  • Aadhaar Card

  • PAN 

  • Driver’s Licence 

  • Voter’s ID Card

  • Passport


2. Address Proof


  • An Identity Proof with the permanent address

  • Telephone Bill

  • Electricity Bill

  • Water Tax

  • Property Tax receipt

  • Post-paid Mobile Bill


3. Income Proof, if applicable


  • Latest ITR in case of self-employed/3-month bank statement

  • 3-month salary slip/ Form 16 for Salaried


4. Recent Passport size photographs



5. Other KYC Documents


Factors that Affect Two Wheeler Loan Eligibility

When it comes to bike loan eligibility, there are certain factors that come into play. Though different lenders may have their set of rules, the most common factors are listed below:

  • Age of the Applicant


Unless you are above 21 years you would not be able to apply for a loan in your name. Also, you should be below 65 years of age at the completion of your loan term. Therefore, your age is one of the major factors that can affect your two wheeler loan eligibility.


  • Income of the Applicant


In order to qualify for a two wheeler loan, the financial institution will see your income as a criterion to gauge whether you would be able to pay off the loan amount or not. In most cases, the minimum income required is as low as Rs. 10,000.


  • Credit Score of the Applicant


Your Credit Score is one of the most important two wheeler loan eligibility criteria. When you have a credit score of 750 or more, you are in a stronger position to get a loan, as the score puts you in good standing. It shows that you have been paying your debts on time without defaulting on the payment. On the other hand, with a poor score, your application may be outrightly rejected.


  • Applicant’s Work Experience


Most lender firms expect you to have at least 6 months of work experience with your existing employer before considering you as an ideal prospect for a loan.


  • Current Debt Situation of the Applicant


Your existing debt can also influence your eligibility for a two wheeler. Having too many loans in your name can pose a problem for a lender. Giving you a loan may be a risky proposition for the lender.


  • Downpayment


You automatically decrease the loan amount when you make a high down payment. This makes you a suitable candidate for a loan.


Getting a two wheeler loan was never so easy. There are numerous options that you have today. Online applications, easy EMI options, flexible tenures etc., are features that make owning a bike an attainable dream. Research well in order to make a well-informed decision.

Two Wheeler Loan Eligibility FAQs

  • ✔️I have some surplus capital. Can I prepay my two wheeler loan?

    Yes, you have the option to prepay your two wheeler loan. You would have to complete a few simple formalities and pay a small charge for the same.

  • ✔️Is it required to provide collateral/ security to avail of a two wheeler loan?

    No, there is no need to provide collateral or any security when you apply for a two wheeler loan.

  • ✔️How can I make payment of the EMI for the two wheeler loan?

    You can pay your EMI through ECS, Electronic Clearing Service or through PDCs, Post Dated Cheques.

  • ✔️Do I have the Advance EMI option available with my two wheeler loan?

    Yes, you do. The option is available.

  • ✔️How long does it generally take for the two wheeler loan to get cleared?

    Once the documentation is complete, a two wheeler loan generally takes about seven working days to get cleared.

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