How to get a Bike Loan as a Student
Having your own bike in college is a dream for many youngsters but it can be challenging to afford one at this stage in your life. Students are often unable to finance their own vehicle as they don’t have a steady income yet. In such cases student loans can be extremely useful for the youth to be buy their own two wheelers.
Two wheelers make up a big part of Indian road traffic and they are most popular among students who use them for their daily commute as they are convenient and easy to drive. Also, as students make up a huge customer demographic for two wheelers, banks offer special student loans for this very purpose. Thus, a two wheeler loan for students can be availed by students above the age of 18.
Two wheeler loan Eligibility criteria
Various factors are taken into consideration by the bank that must be fulfilled by the applicant.
- The applicant must be a student.
- The minimum age of the applicant must be 18 years.
- The applicant must bring along a co-borrower/guarantor to apply for this loan.
- The co-borrower must have a steady source of income and a valid proof of income.
- The co-borrower should have a good CIBIL score of 700 or more.
- The applicant should have a permanent residential address of some form.
- Identity proof of applicant (Voter ID, Passport, Aadhaar Card, Driver’s License)
- Address proof of applicant (Utility bills, Bank passbook, Voter ID, Passport, Aadhaar card)
- Co-borrower’s proof of Income:
- Pay slips for the past 6 months
- Bank statements for past 6 months
Self Employed co-borrower
- Income tax returns of past 2 years
- Bank statements for the last 1 year
- Business proof
- Online Application
Applicants can apply online for a two wheeler loan from the comfort of their own space and without any confusion or hassle. They just have to fill up the basic details in the application form and submit the application.
- Submission of Documents
The applicant must submit the required documents that include ID Proof, Address Proof, Income Proofs as well as the documents for the co-borrower to avail the bike loan.
The loan lender will have to verify the documents submitted by the applicant and check for any discrepancies. In case of any discrepancy, the loan will not be sanctioned to the applicant.
- Loan Approval and Disbursal
After the documents are verified and validated by the bank, the bike loan will be approved.
After all the steps are cleared, the applicant will receive the loan in their bank account in just a few business days.
In case the applicant requires an EMI, they can calculate their two wheeler EMI through EMI calculator tools available on many bank websites. They can also check the two wheeler loan interest rates and repayments tenure before applying for loan for bike for students.