Two Wheeler Loan Documents and Other Requirements to Complete for Loan Application
Two wheelers are one of the most in-demand vehicles in India presently, with individuals opting for these vehicles to navigate through busy roads for daily commute. However, a wide prospective market for two wheelers still remains untapped. One of the primary reasons causing hindrances to such vehicle ownership is the shortage of necessary financing for bike purchase. Not many individuals still know that they can easily avail a two wheeler loan to finance the purchase of their desired bike model without having to strain their budgets.
Financial institutions today provide these advances against simple two wheeler loan document fulfilment, which makes them more accessible than ever today. The paperwork can be completed through a simple online process leading to fast approval and disbursal of the advance. Let’s take a quick look at the paperwork requirement you need to complete for successful bike loan application.
Essential Documents Needed for Two Wheeler Loan Application
Individuals across various occupations can easily avail a two wheeler loan against simple eligibility and document fulfilment. While most two wheeler loan documents are the same for all applicants, the necessary income documents may differ. Take a look.
- Filled up application form: One needs to first submit the application form duly filled up with essential personal, financial and occupational details. Make sure to re-check the details entered before submitting for accuracy.
- Proof of identity: Financial institutions require applicants to submit one or more documents that establish their identities. Some of the eligible documents that serve as the identity proof include PAN card, Aadhaar card, Voter ID card, Passport, driving license or any other photo identity proof issued by an authorised body.
- Proof of address: Similar to identity proof, one also needs to submit documents serving as proof of address issued by any authorised/recognised public, private or government body. Some necessary documents serving as address proof include Aadhaar card, Voter ID card, Passport, ration card, utility bills and the likes.
- Income proof: Documents serving as income proof differ for salaried and self-employed individuals. They include the following.
- For salaried individuals: The essential documents serving as income proof for the salaried class include salary slips for the required numbers of previous months, bank account statements for at least 6 months, and income tax returns for at least two previous years. One can also provide documents serving as proofs of secondary income, which shall increase the overall repayment capacity and eligibility for the advance.
- For self-employed individuals: Self-employed individuals like professionals and other business owners need to provide documents like bank account statements, audited financial statements of the business, income tax return filed, and other relevant two wheeler loan documents to apply.
- Photograph: One also needs to submit passport-sized photographs to complete loan paperwork.
The list of documents is, however, a standard requirement that most financial institutions require. You may also need to submit additional documents depending on your borrower profile and lending institution selected. So, make sure to confirm with your lender the document requirements for your bike loan before applying.
Standard Eligibility Criteria to Fulfil
Following is the list of essential eligibility requirements that you need to fulfil for a successful two wheeler loan application.
- Age: An applicant needs to be in between the age range specified by the lender to apply for the loan.
- Minimum monthly income: You also need to fulfil the minimum monthly income requirement as well depending on your city of residence.
- Residential status: Make sure that you need to be a residing Indian citizen for at least a year to apply.
Once you have fulfilled the two wheeler loan documents and eligibility requirements, you can proceed to apply for the advance. It is ideal to go for an online application to proceed as it streamlined the entire process and makes financing hassle-free.