Regeln » However, to acquire the loan, you have t

You may often find the time taken to travel from work to your home is too long. Public transports are irregular and overcrowded. At such times http://www.cheapairmaxclearancesale.com/ , the thought of purchasing a bike or scooter crosses our mind. Over time the demand for two-wheeler鈥檚 has increased in India. Banks and other financial institutions have an ideal solution in place for meeting this ever-increasing demand called as two-wheeler loans.

What is a two-wheeler loan?


Also known as bike loans, can be secured or unsecured. If you opt for a secured bike loan, you have to pledge collateral. If you do not repay the loan amount within the specified time frame, lenders can seize your vehicle and cover the loan. In case of an unsecured bike loan, you have to make a 10-15 per cent of the value of the scooter down payment to the lender. The more the down payment Cheap Air Max 95 , the lesser the interest rates. You later have to repay the loan in equated monthly instalments (EMIs).


However, to acquire the loan, you have to fulfil conditions and need to have certain documents in place.


What is the two-wheeler loan eligibility criteria?


You should remember that lenders do not offer these loans to everyone. Only the ones who can repay the loan amount without any hiccups, get the loan. Salaried, as well as self-employed individuals Cheap Air Max 97 , can apply for the loan. Some of the basic criterions are similar for all lenders:


1) Age: Individuals only above the age of 18 can apply for a two-wheeler loan. The maximum age limit is 65 years.


2) Income: This condition is very crucial as it determines the repayment capability of the individual. You should be earning a minimum salary of INR 15,000 to INR 20,000. It is the same for salaried as well as the independent professionals.


3) Employment: Stability in a job is a must. The applicant should be employed with their firmorganisationrunning a business for at least 2-3 years.


4) Credit score: It is one of the essential aspects of any loan. The CIBIL agent arrives at your credit score based on your past transactions like bill payments, existing loan payments, etc. If the score is anywhere between 700-750 Cheap Air Max 270 , lenders will approve of your loan. However, if it is at borderline, which is 300, you have to improve your score and re-apply for the loan


What are the documentation requirements for a bike loan?


If you meet the above conditions, you are eligible to get the loan. Apart from meeting the criterions Cheap Air Max 90 , you also need to have your documents in place. These differ from borrower to borrower, i.e. if you are a salaried or self-employed professional:


1) Any of the ID proofs (passport, driving license, PAN card, Aadhaar Cheap Nike Air Max Shoes , voter鈥檚 ID)


2) Any of the address proofs (utility bills, insurance papers, Aadhaar, ration card)


3) Any of the age proofs (birth certificate, school certificate Cheap Air Max Shoes , driving license, passport)


4) Employment proofs include 3 months鈥?pay slips, 6 months bank statement and offer letter copy for salaried professionals


5) Employment proofs for independent professionals are Income Tax Returns of the past 2 years, 6 months bank statement


6) 2-3 of your recent photographs


If you have the necessary documents handy and fulfil the eligibility criteria, be sure of getting the two-wheeler loan quickly. Today lenders also have the provisions for online application on their portal along with bike loan EMI calculator tool that can assist you with your monthly budget.

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