How to Apply for Bike Loan | What is Bike Loan | Eligibility & Documents | Bike Loan | Loan

How to Apply for Bike Loan | What is Bike Loan | Eligibility & Documents 

What is a bike loan? How to apply for a bike loan? Qualifications and documents

Bike Loan: How to Apply for Bike Loan? Know Eligibility and Documents. What is a bike loan? What documents are required to apply for a bike loan? And how to apply for a bike loan?

 

Bikes have become a popular vehicle in our country for a long time. Many people are thinking of buying a bike to avoid traffic jams but your savings are not keeping up with the budget of the bike.

So the bike is not being bought without buying. The good news for you is the bike loan. Now not only banks but also bike suppliers are offering bike loans to customers on easy terms.

 

Let's see today what is a bike loan? What are the qualifications required to get a bike loan? What are the documents to be submitted with the bike loan application?

What is a bike loan?

Bike Loan is an unsecured or unsecured loan, through which you can buy the motorcycle or bike of your choice and pay off your motorcycle or bike loan in monthly installments. Banks in India, non-banking financial institutions and motorcycle companies also offer bike loans.

In order to get a bike loan, you have to have certain qualifications, although sometimes some banks or institutions have their own criteria for different qualifications. Let's look at some general aptitude criteria in this subject.

1. Age - 21-65 years
2. Nationality-Indian
3. Profession-employee or businessman
4. Work Experience - Minimum 6 months experience in current organization
5. Minimum Income - (Employee Rs. 50,000 / - per annum)
6. Interest Rate - 9.5% to 16.5% (Annual)
7. Time maximum - 6 years
8. Maximum loan limit - 10 lakh rupees
9. Credit score - 750

Bike insurance is one of the lenders with one condition, so we are trying to share with you the condition of giving bike loan of some companies in India.

• How to get SBI Home Loan

Sequential	Company name	Age limit	Monthly income	Work experience
01	State Bank of India	21-65 years	12,500	Minimum 1 year
02	Bank of India	21-65 years
03	HDFC Bank	21-65 years	6,000	Minimum 1 year
04	Union Bank of India	18-60 years
05	Indian Bank	Minimum 21 years		Minimum 3 years
06	Punjab National Bank	18-60 years	10,000
07	Bank of Baroda	18-60 years
08	Canara Bank	Minimum 21 years	20,833
09	UCO Bank	21-60 years	6,000

What documents are required for a loan?

1) Application signed by the person.

2) 3 passport size photos.

3) Last six months bank statement.

4) Photocopy of proof of identity and address (voter card, PAN card, passport or driving license).

5) Photocopy of Employee ID Card.

6) Photocopy of electricity bill or telephone bill.

What are the factors that play a role in getting a bike loan?

It is often seen that even if two people apply for a loan together, they do not get the same amount of loan. The reason for this depends on many things. Let's not know what the loan amount is determined on.

1) Age: If you want to get a bike loan, you must be over 21 years of age. There is no way you can apply for a bike loan before the age of 21.

 

2) Location: Where you live is very important. Because there is a big difference between the cost of living of people in urban and rural areas. In order to get a personal loan, the minimum income of urban people has to be higher than that of rural people.

 

3) Income: Your monthly income is very important in this case. If your monthly income is Rs.

4) Which organization do you work in: Which organization you work in is important in getting a bike loan. If your organization is very large and has a long standing reputation, your chances of getting a loan will increase a lot.

 

5) The amount of the current loan: If you have a current loan, the amount of the amount is a consideration when taking a bike loan.

6) Previous loan repayment history: If you have taken a loan before, the loan repayment history will be checked by the bank officer and if you have a record of repaying the previous loan well, it will be convenient for you to get a bike loan. .

 

7) Credit Score: Your credit score will prove your ability to repay the loan, the higher your credit score, the less likely you are to get a loan, so the credit score is very important.

Bike loan interest rate:

In the case of Bike Loan, different institutions set different interest rates. We are trying to inform you about the interest rate on bike loans of some banks in India.

Sequential	The name of the bank	Interest rate	Monthly installment on every ten thousand rupees loan
01	SBI Bank	12.65 %	335 for 3 years
02	HDFC Bank	14.03%	263 for 4 years
03	Panjab National Bank	10.70 %	218 for 5 years
04	Induslnd Bank	12.00 %	332 for 3 years
05	Allahabad Bank	11.80 %	282 for 4 years
06	Andhra Bank	10.35 %	214 for 5 years
07	Union Bank of India	11.55%	330 for 3 years
08	United Bank of India	11.00%	218 for 5 years
09	Corporation Bank	12.35%	334 for 3 years
10	Indian Bank	09.65%	211 for 5 years

These are the various aspects of bike loan. You may have easily understood who can get a bike loan, what documents have to be submitted to get a bike loan, as well as how many days you have to repay a bike loan.