In India, the student population is hugely fond of two-wheelers. However, the majority of these young people don’t have enough money to buy anything. Therefore, several NBFCs now offer a specialist two-wheeler loan to make their purchase more affordable.
Additionally, some lenders provide these loans at very low interest rates for two-wheeler loans.
Here are some essential aspects of student bike loans if you want to buy a two-wheeler to get to college on a budget:
- Verification of documents usually takes three days or longer.
- For student applicants, the loan tenure often only lasts three years.
- No limitations exist on the kind of two-wheeler a student can purchase with a loan.
- The loan can fund any item, including electric scooters and modern superbikes.
- The majority of student loans for two-wheelers are unsecured credit loans. Therefore, no security or collateral is needed.
However, students must supply a co-applicant or guarantor with good creditworthiness and steady work as a requirement for applying for this loan. They won’t be able to obtain this loan quickly until then.
The best course of action, then? Choose a lender based on the loan terms that make the most sense for your financial obligations by using a free bike EMI calculator available online. Make sure you meet the requirements listed below, though, before proceeding.
Eligibility
- The only people who can apply for this loan are students.
- The applicant must be at least eighteen years old.
- At the time of application, the student must be a permanent resident of the country.
To receive the loan, not only students but also their co-borrowers must meet the requirements listed below:
- Their credit ratings ought to be outstanding—ideally 700 or higher. This aids the borrower in obtaining a reduced interest rate on a two-wheeler loan.
- The co-borrower is required to provide the necessary paperwork to substantiate their steady income.
Documents
A few standard documents must be submitted with your application for a student bike loan. These are listed in the following order:
- Identity proof: Any of the following.
- Aadhaar card.
- Passport.
- Driving licence.
- Voter ID.
- Address proof: Any of the following
- Aadhaar card
- Passport
- Voter ID
- Utility bills
- Bank passbook
- Proof of income:
- Co-applicants with salaries – bank statements and pay stubs from the last six months.
- Co-applicants who are self-employed – ITRs for the preceding two years, the prior year’s bank statement, and evidence of business
How Students Can Apply For Two-Wheeler Loans?
There are just three easy steps to applying for a student bike loan. However, before applying, ensure you’ve decided on a make and model from a preferred dealer.
- STEP I: While you are at the dealership, your selected lender will use the internet to determine your eligibility for a two-wheeler loan.
- STEP II: After your eligibility for the loan has been established, you must turn in a properly completed application and provide the lender with the required paperwork.
- STEP III: After your loan has been approved and your documents verified, your dealer will receive the requested loan amount, and you will be able to pick up your bike.
