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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 

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.


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.

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