Introduction
A two-wheeler loan is an excellent way to finance a new bike. It helps individuals gather the required funds for the purchase while sustaining liquidity. The eligibility criteria for getting two-wheeler loans are simple and aimed at benefiting many individuals.
Hyderabad has witnessed a spike in the number of two-wheelers, with many students using bikes as a means of transport to get to their classes and fulfil daily needs. An increasing number of students are seen applying for a two-wheeler loan or looking for bike refinance in Hyderabad. Students, too, can seek advantage of loan services in Hyderabad to fund their two-wheeler purchases. Let us understand the process followed by students to apply for a two-wheeler loan in Hyderabad.
Eligibility Criteria For A Two-Wheeler Loan In Hyderabad
Students are required to fulfil the following eligibility criteria while applying for a two-wheeler loan in Hyderabad:
- Age
The age criteria mandate the applicants fall under 18 to 65 years. As students attain the age of 18 years, they can easily apply for a two-wheeler loan.
- Income
- Individuals must earn a minimal annual income of ₹96,000 to be eligible for a two-wheeler loan in Hyderabad. These days students have become independent and usually take part-time jobs while studying. The income requirement for two-wheeler loan eligibility is kept low to accommodate a wider range of individuals who can benefit from the loan services.
- As a business owner, you must generate a minimum annual profit of ₹1,20,000 to meet the eligibility criteria for a two-wheeler loan. Students running a business alongside their studies can benefit from a two-wheeler loan to fund their bike purchases.
How Can Students Improve Their Eligibility For A Two-Wheeler Loan In Hyderabad?
- CIBIL Score
From the beginning of credit history, individuals must monitor their credit scores and maintain them sincerely. A good credit score increases the chances of your loan application getting approved.
- Loan Tenure
Choosing a longer loan tenure requires you to pay lower EMIs, which reduces the risk for lending institutions and thereby increases the chances of loan approval.
- Income source
Presenting a higher income source increases your credibility and chances for loan approval.
Documents Required For A Two-Wheeler Loan Application In Hyderabad
A two-wheeler loan application is a straightforward process that requires very basic documentation. Students applying for a two-wheeler loan in Hyderabad must produce the following documents to qualify for the loan.
Identity Proof
Students must present valid identity proof while applying for a loan. The following will qualify as valid ID proof:
- Driving License
- Pan card
- Passport
- Voter ID
- Adhaar card
Address Proof
Numerous sources validate one’s address. Students must present valid address proof while submitting their loan application. The following list of items would qualify as valid address proof:
- Driving license
- Electricity Bill
- LIC Policy
- Ration Card
- Voters ID
- Driving License
- Adhaar Card
- Passport
- Gass connection bill
Proof of Income
Students must submit a primary income proof to showcase they meet the desired eligibility criteria. The following sources would qualify as a valid income proof
- Pay slip
- Form 16
- Salary credited to the bank account
- ITR
Asset Proof
Any absolute proof of asset is also required as a part of your loan application. The following can suffice as a valid asset proof
- House tax receipt
- Land/Building tax receipt
Besides the documents mentioned above, students must provide a recent passport-size photo while applying for a two-wheeler loan.
How Can Students Apply For A Two-Wheeler Loan In Hyderabad?
The students can follow these steps to finance their two-wheeler purchase in Hyderabad.
- Find a trusted loan provider and begin your application process
- You will be required to fill in your personal information
- Select the bike model of your choice
A customer care representative will guide you on the next steps.
Conclusion
Applying for a two-wheeler loan is a simple process. Students already earning income alongside their studies can benefit from the loan to fund their bike purchases. Some specific factors, such as the CIBIL score, contribute substantially toward loan eligibility. Students must carefully apply for the loan and maintain their CIBIL scores right from the beginning so that their creditworthiness remains intact and they carry a strong credit history.
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