Two Wheeler Loans In India: Eligibility, Documents Needed & Benefits

Personal Loans

Two-wheelers are perfect for an easier and faster commute. However, their cost ranges between Rs.50,000 and 2-5 lakhs depending on the model. If you don’t have sufficient savings to fund your two-wheeler purchase, a loan can be of great help. This post tells you what a two-wheeler loan is, its features, benefits and other details. Read on!

What is a Two-Wheeler Loan?

A two-wheeler loan is a borrowed amount used for a bike purchase. It is a type of personal loan to buy a bike of your choice. Depending on your credit score, your loan for the bike would be approved at a certain rate of interest. To get a personal loan to buy a bike, install the Navi app on  Android or iOS now!

Two-Wheeler Loan Eligibility

Also read: How to improve your credit card score: 11 guaranteed ways

There are no specific criteria for Navi’s personal loans. Navi uses a technology-driven model to check the details and approve your loan.

Documents Required for Two Wheeler Loans

Generally, you would have to submit the following documents to apply for a two-wheeler loan:

• Identity Proof: Aadhaar Card, PAN Card, passport, Voter’s ID card, etc.
• Address Proof: Aadhaar card, utility bills, passport, Voter’s ID card, etc.
• Age Proof: Aadhaar Card, PAN Card, passport, Voter’s ID card, etc.
• Bank Statement: Last 3 or 6 months
• Your recent photographs

How to Increase the Chances of Getting a Bike Loan?

Here’s a list of key points to keep in mind to increase the chances of getting a two-wheeler loan:

• Loan Amount – The first step to getting a two-wheeler loan is to estimate the amount you need to borrow. Do your research, and check out the prices of the bike/two-wheeler models that you like to understand the minimum and maximum amount you need. 
• EMI Payment – Next, know the EMI amount you need to pay every month. Check your income, expenses and savings per month to see if you will be able to repay EMIs. Here’s how to calculate EMIs for a personal loan.
• CIBIL Score – CIBIL or credit score helps determine if a lender will approve your loan. If you have a CIBIL score above 750, your loan will get approved quickly. Monthly payment of your existing loans, not exceeding 50% of your credit limit and limiting your borrowing from multiple lenders will help improve your CIBIL score.
• Co-Applicant or Guarantor – If you do not have a credit card or your credit score is low, you can get a co-applicant or a guarantor to get loan approval. 

Also read: How to apply for a second-hand two-wheeler personal loan

Do’s & Don’ts of Two-Wheeler Loan Application

Features & Benefits of Loans for Two-Wheelers at Navi

Features

• You can avail of bike loans ranging from Rs.10,000 to Rs.5 lakhs through the Navi app.
• Generally, in order to avail of a loan, you need to be employed in a job or have your own business and a source of income to avail of the loan. However, there are no fixed criteria for loans at Navi. A technology-driven process is followed to approve your loan.
• You need an Aadhaar card and PAN card to apply for the loan – All you need to do is to enter your identification details.
• As part of the KYC verification process, you just need to click your selfie and upload it on the app as a valid identity proof
• Navi allows you flexible repayment tenures which can be up to 36 months. You can, therefore, choose a tenure depending on your convenience.

Benefits

• Generally, loans are issued simply based on your occupation, age and income. There are no complicated eligibility parameters for availing of a loan. 
• Navi offers an EMI calculator within the Navi App. You can calculate your monthly EMI or change the calculated EMIs by changing the loan details to arrive at the most suitable amount.

How to Apply for a Loan at Navi for a Two-Wheeler?

Navi is an online mobile application which allows you to apply for bike loans at the lowest interest rates. Here are the steps to get a personal loan from Navi to buy your two-wheeler:

• Download and install the Navi app on Android or iOS on your mobile phone.
• Register on the application by entering your mobile number.
• An OTP would be sent which should be entered to verify your mobile number and proceed with the loan application.
• On the home page, click on ‘Apply’.
• Provide your basic details to proceed with the application. These details include your full name (same as your PAN Card), age, marital status and the PIN Code of your residential area.
• Provide your employment and income details on the next page.
• Enter your PAN Card number on the next page.
• Your loan application would be instantly processed and Navi would check your eligibility in order to approve the loan.
• After the loan approval, add your Bank details and complete the KYC process.
• The loan amount will be credited to your bank account instantly.

Final Word

Taking a loan to buy a two-wheeler is a smart decision. It will not only help you to commute faster and cheaper but also give you a sense of freedom. Check your eligibility criteria, and credit score and keep the documents ready before applying for a loan. To apply for a loan for a two-wheeler purchase at Navi, install the app on Android or iOS now!

Also read: What are pre-approved loans: Check eligibility and process

FAQs on Two-Wheeler Loan

Before you go…

Looking for instant 🚀 personal loans 24*7 anywhere, anytime? Get personal loans up to ₹20 lakh starting at 9.9% p.a. Install the Navi app now!

Disclaimer: This article has been prepared on the basis of internal data, publicly available information and other sources believed to be reliable. The information contained in this article is for general purposes only and not a complete disclosure of every material fact. It should not be construed as investment advice to any party. The article does not warrant the completeness or accuracy of the information, and disclaims all liabilities, losses and damages arising out of the use of this information. Readers shall be fully liable/responsible for any decision taken on the basis of this article.