Which Documents Required for Bike Loan
The applicant must submit the following documents to prove eligibility for the two-wheeler loan: Proof of Income Documents (if required) – Last Self-Employed Income Tax Returns (ITRs) and payslips for the last three months / Form 16 / Bank statements for the last three months reflecting salary credits / Salary declaration for employees Use two-wheeled loans with easy documentation options. An indicative list of documents required by the profile is given below: Proof of identity documents – passport / driver`s license / PAN card / Aadhaar card / voter`s card and current passport photos A two-wheeler loan for the self-employed can be claimed by presenting the following documents – Proof of address – Electricity bill / food card / passport Maintaining a high CIBIL score – Timely payment of credit card fees, Closing outstanding debt, maintaining a balance between secured and unsecured loans, and checking gaps in credit reports are critical to a high CIBIL score of 750 and above, which lenders prefer. Have you dreamed of owning a bike to make long car trips and navigate urban traffic easily? Income – The higher an applicant`s income, the more they are entitled to a two-wheeler loan and vice versa. Below are the documents required for a two-wheeled loan – Proof of income documents (if required) such as the most recent tax returns (ITRs) Choose a longer repayment period – As a longer term offers more time to repay the standard and superbike loan EMI, it increases credit eligibility. In addition, a longer term also reduces the monthly MIL score. Opt for a joint loan – A co-applicant improves eligibility for bicycle loans by taking into account the income of both applicants. Make sure you choose a co-applicant with a good credit rating and a stable source of income. Get instant two-wheeled loans at competitive interest rates and processing fees from HDFC Bank. If you are a customer of HDFC Bank, you benefit from reduced interest rates of 2% and 50% discount on processing fees.
Eligibility for two-wheeler loans can be improved in the following ways – Income – The higher the income, the more you can borrow a higher amount, and your eligibility for the two-wheeler loan decreases steadily with a decrease in income. The monthly calculation of electromagnetic interference with a bike EMI calculator is fast, easy, secure and provides accurate results every time. To use the calculator, only three entries are needed – principal amount, interest rate and loan term – and the calculator automatically displays the results in seconds. The two-wheeler loan interest rate is the interest rate at which interest is charged on a standard or superbike loan over a specified period of time. The interest rate on bicycle loans is usually expressed as a percentage. Outstanding loan – Large outstanding debts have a negative impact on creditworthiness. Repaying past debts is the key to high eligibility. You can take out a two-wheeler loan to buy superbikes or high-end bikes.
The eligibility criteria for a Superbike loan are as follows – CIBIL or Credit Score – A high CIBIL score, preferably 750 or higher, will portray you as a low-risk borrower and increase your eligibility for the bike loan, while lenders may charge high interest rates for two-wheeled loans or reject your loan application altogether if your CIBIL score is poor. To get a standard two-wheeler loan as an employee or self-employed, you must meet the following eligibility criteria for a two-wheeler loan – Age – minimum – 21 years and maximum – 60 years old at the end of the loan The factors that affect eligibility for your two-wheeler loan are as follows: – Your credit report with details of your past loans and repayments is a reflection of who you are as a borrower. Based on the credit report, you will be assigned a score known as a CIBIL or credit score on a scale of 300 to 900. A low CIBIL score will portray you as a high-risk borrower in the eyes of a lender, and vice versa. Lenders prefer that your bike loan score be at least 750 or more for the credit penalty. A very low CIBIL score can result in the rejection of your two-wheeler loan application. You will find below the eligibility criteria for the two-wheeler loan for employees and self-employed – Yes, an employee can get a two-wheeler loan to buy a vehicle for personal use. However, such a person must meet the eligibility criteria for two-wheeler loans and present the necessary documents for verification. See other sources of income – Additional sources of income such as mutual fund dividends, rental income from another property, etc. can also improve eligibility for the credit.
Workforce stability – Stable employment or business status improves your credibility in the eyes of the lender. Therefore, it is necessary to have a stable source of income for solvency. Supporting identity documents such as passport/voter card/Aadhaar card/driver`s license as well as recent passport photos Since you are repaying your two-wheeler loan in the form of equivalent monthly payments or a flexi-EMI option, it is important to have a decent monthly income that can cover EMEs as well as your other financial obligations for the month. The higher your monthly income, the higher your right to the loan of two-wheelers and vice versa. That is, with a high monthly income, you can borrow a higher loan amount and in the opposite direction. CIBIL Score – The higher the CIBIL score or credit score (750 and above), the higher an applicant`s eligibility for a bicycle loan.