What is The Ideal Credit Score Required To Apply For Bike Loans?

Is a shortage of funds standing in your way of buying a two-wheeler? With the rising inflation, the cost of a bike is gradually increasing. You cannot afford to rely on your savings alone.

Don't worry. A bike loan will help you realise your dreams. You can apply for one at any NBFC. However, the lender will check your credit score before approving your loan.

What Is A Credit Score / CIBIL Score?

It is a measure of your creditworthiness. Your credit score depends on the history of your previous transactions. CIBIL is the organisation that calculates your score. The higher your score, the greater are your chances of getting the bike loan.

CIBIL Score Required For Bike Loan

Your CIBIL score is the most vital factor your lender will consider while granting your loan. A score of 700 and above will place you in a better bargaining position. Does that mean a lower credit score will ruin your dreams of getting a bike? Not at all.

Your lender can consider giving you a loan even with a low credit score. They might look at your income or business revenue to understand your repayment capacity. A regular income source can also help you to get a lower bike loan interest rate.

Final Word

Fullerton India offers two-wheeler loans at affordable rates. You can stay assured of minimum processing time. So, why wait? Purchase your dream bike now with a two-wheeler loan from Fullerton India.

Must Read: How to Get a Two Wheeler Loan Within Minutes – Here’s the Complete Guide