Bike loan is a smart approach for buying a bike of your choice. It allows you to repay the loan at affordable EMIs every month. You would reduce the burden of paying a massive amount at one go. Bike loans are pocket-friendly and allow you to shop a bike at one road price.
Buddy Loan known as the biggest loan aggregator in the industry, has an 80% approval rate on personal loan requests. You could avail a bike loan through Buddy Loan app. Personal loans for a bike are popular and common today. The best way to find your competitive interest rate is to research. At Buddy Loan, the interest rates are low, starting at 11.99% p.a.
Two-wheeler loan and its eligibility criteria:
Note, salaried and self- employed are eligible for a bike loan. Below are some other factors that will help you avail a loan.
- The individual must be of minimum age 24, to be able to apply for a loan through Buddy Loan app. If the person is older than 57, they cannot apply for a personal loan.
- Must and should be a citizen of India. During the loan approval stage, the banks or NBFCs will require a proof of address in case there is a change in location in the last 6 months. Note, the policy might differ from lender to lender.
- Those who have the monthly income of INR 20,000 and above, who work in an MNC, start-up, a private company can avail a loan here. Individuals owning a business, self-employed, are eligible to apply for a personal loan.
- As a fresher to the working industry, if you have been working for a year, you qualify for the personal loan. Note, if your salary evaluations and documents meet the policy you qualify for the personal loan.
Bike loan eligibility and the documents supporting it:
Presenting your documents, the right way and on time can enhance your chances of loan approval. Every bank or NBFC will require a certain set of documents for loan approval. Therefore, here is a list of minimal standard documents you will need to increase your eligibility. Buddy Loan needs just these three documents for loan approval.
Copy of Identity proof documents: PAN card, Aadhaar card, passport, driving license, Voters registration ID.
Copy of address proof documents: Utility bill incl. Electricity bill, water bill, telephone bill, Gas connection bills, sale deed, Property agreement, ration card, rental agreement, LIC policies, driver’s license, etc.
Copy of income proof documents: tax submissions, previous 6 months’ salary slips or account statements, filing income tax returns, etc.
Build your eligibility with a two-wheeler bike loan:
The two-wheeler loan application is now digital and hence easy to apply. If you’re salaried or non-salaried the eligibility criteria differ with your financial situation and behaviour.
Choosing a lender, wherein the eligibility criteria depend on age, income and credit history helps you analyse the financial situation better. Thus, you can choose a personal loan to purchase a two-wheeler with competitive interest rates.
If you are 65 and above, it is highly not recommended to avail two-wheeler loans. However, criteria might differ for people below age 24 if they provide proof of consistent income over the previous 6 months.
For salaried employees, an income ranging between Rs. 20,000/- and above are eligible for a personal loan at Buddy Loan. Also, personal loans at Buddy Loan are strictly restricted to the Indian citizens alone.
Given, the document should also have proof of address incl. This is to verify any transfer in the location of the individual. The further details regarding the proof of address refer buddyloan.in .
Proof of income can increase the chances of your loan approval rate if it is consistent and over Rs. 20.000/-
The competitive interest rate can also benefit you if you have a good credit history and can increase your chances of a better credit score.
Purchase a two-wheeler with a personal loan:
There are many criteria as stated above, but here are a handful of benefits when you purchase a bike with a personal loan.
You can purchase the two-wheeler with full-fledged on road price and enjoy the 100% coverage for your bike. It is a great affordable option for people who have financial shortcoming with lenders who provide 80% only.
Two-wheeler purchases mostly concern the down-payments, whereas with Buddy Loan and its lenders you do not have to worry about it. With a personal loan you need not have to make a down payment as you will receive full financing for your bike.
You will not be asked to make it as Buddy Loan and lenders provide you with full finances depending on the approval rate. Individuals without a credit history have availed loan and started their credit journey with our lenders.
This double benefit of gaining your credit score and accomplishing your dream is something that you will ask for. Buddy Loan has lenders who disburse loans at competitive interest rates. But without a good credit history, it might be difficult for you to avail a personal loan. Here, you would receive a loan at higher interest rates and lower approval rate.
So, customise your EMI payouts and loan tenure such that there is no room for default. This naturally enhances your credit score and will keep you eligible for availing future loans.
The above list of documents and factors will help you increase your eligibility scale for loan approval through Buddy Loan app.