Two-wheeler loans help people purchase the bike or scooter of their dreams. Additionally, they stop you from spending your savings on a single purchase; instead they enable you to repay the amount over a period of time. However, due to the popularity of two-wheeler loans, lenders compete amongst each other to ensure that they offer the borrowers the most attractive two-wheeler loan interest rate. However, despite the lenders wanting to provide loans to as many people as they possibly can, they still have an eligibility criteria to weed out people whom they deem to unpredictable or risky.
Eligibility Criteria For Two-Wheeler Loan
The eligibility criteria are a set of guidelines that mandate the bare minimum a person has to meet to be considered for a two-wheeler loan. However, you should also remember that being eligible does not guarantee that you will get the loan. The eligibility criterion for two-wheeler loan depends on a variety of factors, such as:
- The age of the applicant
- The income of the applicant or co-loanee
- Nature of the applicant’s employment
- Type of vehicle
- New or used bike
Additionally, the applicant of the two-wheeler loan has to provide numerous documents depending on the lender. Furthermore, the final approval rests with the lender who at any time can choose to withdraw the bike loan offer before the contracts are signed. You can check out our comprehensive list of banks that offer the lowest two-wheeler interest rate.
Two-Wheeler Loan Eligibility at PaySense
The eligibility criterion at PaySense for bike loan is:
- The minimum age of the applicant should be at least 21 years
- The maximum age of the applicant can be 60 years
- The minimum monthly salary of applicant should be INR 15,000 or INR 12,000. The figure is not definitive; it is based on a variety of factors such as your current city.
- The documents that need to be produced by the applicant include PAN card, Bank e-statement, and address proof.
However, you should not that the minimum interest that can be levied on you is 16.8% per annum. Also, the maximum two-wheeler interest rate that can be levied on you is 28% per annum. While your credit score is one of the biggest deciding factors, other aspects of the tenure of your loan and your credit score also matter. Rest assured, there are no hidden charges, and the processing fee is nominal. So, do not wait, hurry and download the PaySense app now!
Apply for Loans of upto ₹5 Lakhs easily using your phone or laptop, and pay back on low EMIs