What Documents are Required to Get a Two Wheeler Loan?

With people living busy lives nowadays it has become essential for them to save all the time they can for the mind and body to rest. Transportation happens to take a large part of one’s daily routine, and there is no guarantee of reaching from point A to point B on time. Blast the stress of missing out on one form of public transport on-time guarantees being late to your office or an important meeting.

In times like these, the comfort of a two-wheeler bike cannot be compared with any form of public transport. People need to know that two-wheelers cost a lot, and it is not feasible for everyone to pay a large sum of money at once. This is when a two-wheeler loan comes into play to make people’s lives easier. A substantial amount can be loaned from a bank or a financial institution to pay as a minimum down payment for a bike loan has to be taken on in turn. The loaned amount can be paid off by people over the years in nominal amounts. But applying for loans is a cumbersome job in itself, and there are several eligibility criteria and documents involved in it before passing the loan request.

Eligibility criteria for applying for the two-wheeler loan

• The loan applicant must be at least 21 years of age if applying for the loan individually or at least 18 years of age when using with a co-applicant.
• The two-wheeler loan applicant must be a maximum of 65 years of age at the time of maturity of the loan.
• The applicant must be resident in the same house for at least one year and if not that, In some cases, the same city for the same period to show residential stability.
• The applicant must be possessing a stable job for at least one year or if he or she is self-employed, income tax returns for two years have to be presented.
• The applicant must be having a good CIBIL score that is rated by an accredited institution or bureau.
• The applicant should have a permanent phone number which is postpaid, possess KYC and some other documents as well.
The documents required for two-wheelers

There are two types of people who are eligible for the application and passing of a Two Wheeler Loan. They might be different documents that are required for loans from various banks, and financial institutions with the ones given below are the most general and usually necessary ones.

The documents needed for each of them are listed below:

1. For salaried people

• An ID Proof of the loan applicant is needed like a Passport, photo credit Card, Pan Card of a loan applicant, his/her driver’s license, Voter’s ID, Aadhaar Card or even an Identity card along with photograph issued by Central/ State Government Departments or Public Sector Undertaking.
• A valid address proof that is provided licence, Aadhar card, voter’s ID, post office savings bank account or even a regular bank account. It is acceptable for the applicant to apply for a loan also if the address is in the name of his or her spouse or even. The documents have to be mandatory in an electronic form that is issued by a Public Sector Undertaking, Private sector or a Multinational Corporation bank only. Property or Municipal Tax receipt is acceptable in some cases as well.
• Two recent passport size photographs of the loan applicant are needed.
• The applicant has to present the last three-month salary slip or form 16 or the latest income tax return.
• A statement from the bank of the last three months’ transaction is a mandatory document that is to be submitted by the applicant.

2. For self-employed people

• An ID Proof of a similar kind as a salaried person of the loan applicant is needed. They include a Passport, credit card having the photograph of the applicant, Pan Card of the applicant, his/her driver’s license, Voter’s ID, Aadhaar Card or even an Identity card with a picture issued by Central/ State Government Departments or Public Sector Public.
• Two recent passport size photographs of the loan applicant are needed.
• A valid address proof that is provided licence, Aadhar card, voter’s ID, post office savings bank account or even a standard bank account. It is acceptable for the applicant to apply for a loan also if the address is in the name of his or her spouse or even. The documents have to be mandatory in a computerized form that is issued by a Public Sector Undertaking, Private sector or a Multinational Corporation bank only. Property or Municipal Tax receipt is acceptable in some cases as well. A corporation bank cannot issue the document for this person.
• The latest income tax return of the loan applicant has to be submitted.
• Last, but not least, it is mandatory to present the bank statement of the loan applicant for the last three months.

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