two wheeler loan

The best vehicles for navigating crowded Indian highways are two-wheelers. They are perfect for commuters due to their affordability, low fuel consumption, and capacity to travel reasonably long distances. Your financial circumstances, however, frequently prevent you from realizing your desire of purchasing your favorite two-wheeler. A two-wheeler will then come to your aid. A Two-wheeler loan is available from banks, captive financiers, and NBFCs at varied interest rates.

You can select from a variety of two-wheelers, both inexpensive and expensive, thanks to two-wheeler loans. Additionally, you can select a loan term that suits your needs. In this way, you can enjoy the advantages of owning a two-wheeler without having to spend more than you can afford on the monthly EMI.

Your credit score, debt-to-equity ratio, and credit history are just a few of the two-wheeler vehicle loan eligibility requirements that must be met in order to be approved. A number of documents must also be submitted as part of the KYC procedure. Your loan application could be turned down if you provide erroneous or inadequate documentation. When applying for a two-wheeler loan, have the following materials on hand to avoid rejection.

Documents required for a bike loan application

Valid proof of identity

One of the first things you must present when applying for a vehicle loan is legitimate identification. It is crucial to note that only official IDs that bear your name, photo, and date of issue are accepted. Any of the aforementioned records are acceptable as identification with a photo.

  • Aadhaar card / e-Aadhaar letter
  • Passport
  • vs. Voter card issued by the Electoral Commission
  • PAN card
  • Driver’s license
  • Ration card
  • Birth certificate issued by the Registry of Births and Deaths or by a municipality
  • Transfer certificate/registration certificate
  • Photo ID card issued by your institution (valid only for students)

Two recent photographs

Additionally, you must submit two passport-size pictures of yourself showing your present appearance. Instead of sending in black and white photos, you can send in color ones.

Valid proof of address

You must present a document that attests to the validity of your current and permanent address. If your present residence is also your permanent address, only one valid proof is required. The following items are acceptable forms of evidence of address.

  • Aadhaar card / e-Aadhaar letter
  • Passport
  • vs. Voter card issued by the Electoral Commission
  • Driver’s license
  • Ration card
  • A certificate confirming your address issued by a government-registered educational institution. In addition, the certificate must contain your photo.
  • Utility bills such as water, telephone, and electricity bills are no more than three months old.
  • Vehicle registration certificate

These are a few of the most typical forms of address proof that applicants submit. If you don’t have access to any of the aforementioned documents, there are still other documents that you can use.

Bank statements for the last three months

Lenders are going to want to know about your financial status before they approve your application for a two-wheeler. As a result, you must provide your three most recent bank statements. It provides lenders with a reliable estimate of the proportion of your total revenue that you really spend. This will provide them with a general understanding of your debts. A rapid e-statement can be obtained from the website or app of your bank.

Proof of income

An important factor that lenders consider when determining your loan eligibility is proof of income. Employees and self-employed people require different forms of proof of income.

The following documents must be submitted by job seekers.

  • A letter of employment is a must.

You can submit one of three:

  • Monthly salary slips for the last three months (you can indicate the salary credit on the bank statement)
  • vs. Form 16 or 16A, which is a withholding tax certificate (TDS)
  • Most recent income tax return (ITR) document
  • Independent candidates must submit the following documents.
  • TDS certificate
  • ITR of the most recent fiscal year

Company details

Self-employed people who run their own firms must submit enough information about it. This could contain documentation of the business’s gross profit, a PAN card, and business registration certificates.


Your application for a two-wheeler loan must be properly completed in order to be authorized. Before applying, make sure you have all the required documentation, including confirmation of identification and income. You can visit banks or NBFCs to obtain financing for two-wheelers. The loan application procedure is easy to do online and entails no difficulty.