Two Wheeler Finance: Everything You Should Know

There are plenty of ways to get your two-wheeler finance in order. One of the easiest ways is to purchase your two-wheeler on loan. Then, you can pay your scooter or bike EMI comfortably as per your financial credibility. 

Before proceeding to the purchase, you might want to know whether you are eligible for a loan or not. The following is the list of a few points you should make sure are in order before applying for a loan: 

●     Age: Your age should be 21 years and above to be eligible for a two-wheeler loan. If your age is between 18 and 21, then you need a co-applicant. At the time of the end of the tenure of your two-wheeler loan, or at the time of retirement, whichever comes earlier, your maximum age should be 65. 

●     Employment status and income: You must have a fixed income source. The loan lenders check your minimum annual income and your organization to confirm whether you are eligible for a bike. However, your income does not guarantee a loan. 

●     Financial background: Lenders thoroughly check financial records, like past loans applied, whether you can repay the scooter/bike EMI, your credit card bills status, and present income sources, before approving your loan application. They will also go through your work experiences, whether you are an entrepreneur, a businessman, or an employee.

●     Credit score: If you use a credit card, the credit score will help you get any loan quickly. A good credit score ensures low-interest rate loans. 

Must Read: Know the Key Benefits of Availing Two Wheeler Loan