764 people have applied in the last 24 hours

Two Wheeler Loan Eligibility

Most of the metros and cities in India are well-connected by public transport. However, there comes a time when you may need to run an errand and fail to get a mode of transport. This is especially frustrating when the destination is close enough by a vehicle but cannot be covered on foot.

During times like this, a two-wheeler is something that comes in handy. If you are planning to buy a two-wheeler and need funds, applying for a two-wheeler loan can be a good idea. 

To avail of an instant loan, you need to meet and check the bike loan eligibility as set by the lender. 

The two-wheeler loan eligibility criteria as set by Finnable includes: 

  • Age: At the time of applying for an instant personal loan to buy a bike, you need to be between the age of 21-45 years.
  • Citizenship: Only Indian citizens can apply and avail of a two-wheeler loan from Finnable. 
  • Employment: You should hold a full-time position in either a government organization or a private company. 
  • Tenure: You should have held this position for more than 3 months.
  • Work experience: You need to have more than 6 months of total work experience. 
  • Income: If you are buying a two-wheeler in a Tier-I city, your monthly income should be more than Rs. 20,000/-. At the same time, if you live and work in a Tier-II city, this income should be more than Rs 15,000/- per month.
  • Income receipt: This income should be received in your bank account.
Two Wheeler Loan Eligibility

Documents Required for Two Wheeler Loan

If you meet all the eligibility, you will need to provide certain documents while applying for a two-wheeler loan online. These would include: 

  • PAN card: Your PAN card acts as proof of identity.
  • Aadhar card: Your Aadhar card is extremely important when it comes to availing a two-wheeler loan.
  • Salary Slip: You will need to provide your salary slip for 3 months to prove the constant flow of income from your current employer. 
  • Bank statement: You can also upload your bank statement for 3 months in case you are unable to get the salary slip on time. 

Avail of an instant two-wheeler loan from Finnable

Finnable not only provides a bike loan, but also a car loan or vehicle loan. Before applying for an instant loan, you will have to check the personal loan eligibility to ensure you meet all the criteria set by them. 

You can apply for a bike loan through their app. It’s a simple 3-step process: 

  • First download the  instant personal loan app. Set up your profile, add your personal and professional details.
  • Choose a bike loan as the type of loan, enter the loan amount and the tenure. 
  • Upload the mentioned documents. 


Personal Loan for Two Wheeler

Finnable will verify the documents and if there is any discrepancy, you will be notified. Once your application and documents are verified, the loan amount will be disbursed within 6 hours. 

Finnable aims to disburse easy to avail loans with personal loan tenure starting at 6 months up to 5 years, with an interest rate starting at 16%. You can use their EMI calculator online to find out how much EMI you will need to pay.


To calculate your bike loan EMI, you will need to know the principal loan amount, the duration of the loan, and the tentative interest rate on the vehicle loan. The formula to calculate the bike loan EMI is:

EMI= Px Rx [(1+R)^N]/ [(1+R)^N-1]


P=Principal amount

R=Rate of interest

N= Tenure of the loan 

The best way to calculate the EMI is to use the bike loan EMI calculator.

The rate of interest on a bike loan is similar to the personal loan interest rate. At Finnable, the bike loan interest rate starts at 16% up to 26%.

A bike loan availed through Finnable is a personal loan and does not require any collateral or security against the loan amount.

The documents required to apply for a bike loan are:

  • PAN card
  • Aadhar card
  • Salary slip for 3 months
  • Bank statement for 3 months

Rs. 50,000 is the minimum amount you can apply for as a loan for a two-wheeler.

You will now have to sign an e-mandate at the time of availing the two-wheeler loan. An e-mandate is an electronic standing instruction that will be issued to your bank stating that a certain amount (in this case, the EMI amount) is to be debited from your bank account every month. This will be valid until the end of the loan term. 

Yes, you can avail of a two- wheeler loan with a low CIBIL score through Finnable.

The eligibility for a bike loan includes: 

  • Citizenship: You can only apply for an instant loan for a bike if you are an Indian citizen.
  • Age: You have to be between the age group of 21-45 years of age.
  • Employment: You need to be employed full-time either in a private company or a government organisation.
  • Tenure: This tenure of current employment has to be more than 3 months
  • Work experience: You should have a minimum of 6 months of work experience.
  • Income: The income received should be more than Rs. 20,000/- if you live and work in a Tier-I city. For a Tier-II borrower, it has to be Rs. 15,000/- every month.
  • Receipt: This income should not be received in cash and should be credited into your bank account

You can apply for a two-wheeler loan through Finnable’s online loan app:

  • Download the personal loan app from the Play Store.
  • Create a profile that includes your personal and professional details.
  • Select vehicle loan, enter the amount and the duration of the loan.
  • Upload all the mentioned documents. 

The loan amount will be credited within 24 hours of all the paperwork being in order.

The maximum tenure for a bike loan is 5 years or 60 months.

Upgrade your life!

Apply for a loan at Finnable and live limitlessly