If you are seeking a bike loan, you would want to make the process seamless. You can avail of a two wheeler loan quickly if you ensure you have all the documents ready before applying for one. Both salaried and non-salaried persons can apply for the loan if they provide all the required documents beforehand. It will make it easier for the lender to process your application and reduce the chances of getting rejected.
With increasing demand in two-wheelers, many lenders have started providing bike finance at a budget-friendly interest rate to attract more customers. You can check out the two-wheeler EMI calculator to get an idea of your liabilities on loan and make the right choice by comparing the interest rates of different lenders. Before applying for the loan, make sure you have all the required documents for being eligible for a bike loan.
Documents required for two-wheeler loan:
Any person who passes the basic eligibility criteria for a bike loan can apply for the loan with documents under salaried or self-employed class. We have listed the required documents below in the table for your reference.
| Documents Required | Salaried | Self-Employed |
| Identity, Age, and Address Proof | Government-issued identity cards like Aadhar, PAN, Passport, Driving License, and Voter ID | Government-issued identity cards like Aadhar, PAN, Passport, Driving License, and Voter ID |
| Income proof of the applicant | 1. 3-month salary slips
2. Copy of latest Form 16 3. Copy of latest ITR |
1. Copy of latest ITR |
| Bank account statements | Last 3-months bank statement | Last 3-months bank statement |
| Photographs | Two passport-sized pictures | Two passport-sized pictures |
Documents are essential to verify the authenticity of the application. It allows lenders to determine the chances of the loan getting defaulted by you. The banks require you to submit genuine documents so that they can provide you a good deal. Furthermore, presenting collateral as a guarantee can increase the loan amount if your current eligibility is now allowing you to apply for the amount required for your two-wheeler purchase.
Conclusion
Getting bike finance is more accessible today due to immense competition among lenders. You can avail of a bike loan online through your lender’s website by submitting all the documents along with your loan application. You can check out the documents required for bike finance online on your lender’s website. Make sure that you are eligible for the loan by checking your bike loan eligibility online.
You can cross verify all your details before applying for the bike loan and sme loans to ensure that your lender does not reject your application. You can plan your finances by using a two-wheeler loan interest calculator to know the EMI you would have to repay. It will help you choose a tenure that does not hamper your monthly expenses, and allows you to repay on time in EMIs. Do check out if your lender provides a prepayment option if you want to pay before the loan’s tenure.
