Paying an EMI is for most people, especially in the urban towns and developed rural areas, much easier than shelling out a massive amount at one go. However, getting a loan sanctioned also depends on whether you are submitting the right documents. This article talks about the entire documentation process with regard to a two-wheeler loan. But let us first look at what are the main features of a two-wheeler loan.
A Guide to Two-wheeler Loan Documentation
Two-wheeler Loan Features
• Minimum age to apply for a bike loan is 21 years.
• Maximum age for salaried individuals is 60 years.
• Maximum age for self-employed people is 65 years.
• Ranges from Rs 10,000 to Rs 1 lakh.
• Maximum repayment tenure is 48 months.
• Loan is approved based on your income and documents.
Mandatory documents for a two-wheeler
• You must furnish a duly filled two-wheeler loan application
• Submit your identity and address proofs.
Proof of income
• Salaried individuals should submit salary slips or salary account
• Self-employed people should submit current account
statements or ITR.
• Provide your recent passport size photographs.
The two-wheeler loan documentation
process is very simple. Understand it
properly before applying for the same.
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Know more: All Documents You Need To Apply For A Two-Wheeler Loan