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Explore ways to fund your next bike purchase as a student
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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 one of the best bikes for students with the help of loans.
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. Here’s everything you need to know about bike loans for students, be it a scooty loan for students, or a sports bike loan. Also know how to apply for them.
Unlike traditional two-wheeler loans, which have a minimum repayment period of one year, a student vehicle loan comes with a minimum tenure of three years.
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.
Students do not have to fulfil minimum monthly income requirements. This is because they usually do not have a stable source of income.
Whether you approach banks or financial institutions for a two-wheeler loan for students, it will take around 72 hours to process your loan application.
These loans are secured; that is, the lender will consider the purchased bike as security or collateral to sanction the loan.
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 in addition to your bike loan application. 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
To apply for a student loan, first compare different banks and NBFCs to find the best student bike loan interest rate. As you select a lender, follow the below-mentioned steps:
Visit the lender's website or mobile app to fill the online application form
Submit the required documents through the online portal
The loan approval process typically takes around 72 hours, depending on the lender's policies
Once approved, review and sign the loan agreement before receiving your funds
Applying for a student two-wheeler loan involves a clear understanding of eligibility criteria, documentation requirements, and the application process. You can ensure that all necessary documents are prepared and you select a suitable lender. As a student, you can thus effectively secure financing for your two-wheeler.
It is essential to thoroughly review the terms of the loan agreement, including interest rates and repayment options, to make an informed financial decision. A two-wheeler can significantly provide a convenient commute option during academic pursuits, making it a valuable investment for students.
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.
To answer, can a student get a bike loan, it is important to note that securing a two-wheeler loan as a student may be challenging without a co-applicant. Limited income and lack of repayment history are significant factors that lenders consider. However, the final decision rests with the lender's policies and discretion. Therefore, it is advisable to contact your lender directly for more specific information regarding your eligibility and options.
