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.

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. 

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. 

FAQ

1.What is a Two Wheeler Loan and how can I get one?

A two-wheeler loan is a type of personal loan that can be availed to purchase a bike of your choice. You can get a two-wheeler loan from Finnable by applying for a bike loan through their loan app. 

2. How to apply for a two-wheeler loan?

You can apply for a two-wheeler loan through Finnable. All you will need to do is download the app, create a profile, choose the type of loan, set the terms, and upload the required documents. Once the documents are verified, the loan will be disbursed and the funds will be credited into your bank account.

3. What is the minimum CIBIL score for a two-wheeler loan?

Unlike most lenders, Finnable does not compulsorily ask for a CIBIL score for a two-wheeler loan. However, if you are an existing borrower, you will need to have a CIBIL score of at least 675. 

4. What factors affect personal loan eligibility?

Lack of income, incorrect documents, age factors, and employment are some of the factors that affect personal loan eligibility.

5. What is the tenure for a two-wheeler loan?

The personal loan tenure for a two-wheeler loan starts at 6 months. You can have a maximum loan tenure of up to 5 years. 

6. How to calculate EMI using a bike loan calculator?
To use a personal loan EMI calculator online, you will have to know your two-wheeler loan amount and the tenure of the loan. You can check your two-wheeler loan rate as well on the calculator. However, it is important to know that the final personal loan interest rate will be decided by the lender. Based on these 3 factors, you can calculate your two-wheeler loan EMI.

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