- ID Proof documents such as Passport/Voter’s ID/Aadhaar Card/Driver’s License along with recent passport size photographs.
- Address Proof documents such as Electricity Bill/Ration Card/Passport.
- Income Proof documents (if required) such as latest Income Tax Returns (ITR)
- Previous three months’ Bank Statements.
Herein, can I get 100% bike loan?
You can get up to 100% of the bike’s value as a loan, making it easier to own a bike if you can not afford to make the initial down payment. The two-wheeler loan interest rates start from as low as 7.25%. You can choose an interest rate based on your needs. However, you must have a higher repayment capacity.
Also to know is, how is EMI calculated on bike?
Bike Loan EMI Calculation Formula
EMI = [P x R x (1+R)^N]/[(1+R)^N-1], P stands for the loan amount or principal, R is the interest rate per month and N is the number of monthly installments.
Is cibil score required for bike loan?
A: Yes, a CIBIL score is necessary for a bike loan; CIBIL stands for Credit Information Bureau of India Limited, which is a credit bureau. … The required CIBIL score for bike loan is 750 – it enables you to avail a bike loan at a low-interest rate.
Is it good to buy bike on EMI?
Advantages of Taking a Bike Loan on EMI
A small portion of the loan can be paid in the form of initial down payment thus reducing the financial burden of the borrower. Repayment tenure can extend up to five years which results in lower EMIs every month.
What are the bike documents?
Documents To Carry While Riding a Bike:
- Registration Certificate. Commonly referred to as RC, it is the most important bike document that you need to carry at all times. …
- Driving Licence. …
- Bike Insurance Policy. …
- Pollution Under Control Certificate (PUCC) …
- Fitness Certificate. …
- Medical Certificate.
What documents are needed for finance?
Proof of income (if you’re self-employed you’ll need tax returns and bank statements) Address history (usually three years) Proof of identity (e.g. driving license or passport)
What is required for bike loan?
Required Documents For Two Wheeler Loan:
Two recent passport size photographs. Address Proof: Passport/Driver’s License /Voter’s ID/Utility Bill/Aadhaar card/Bank account or Post Office savings bank account statement. … Last 3 month’s bank statement is mandatory.
What is the minimum salary for bike loan?
Two Wheeler Loan Eligibility
| Criteria | Salaried | Self Employed |
|---|---|---|
| Age | 21 to 58 years | 21 to 65 years |
| Minimum Income | Rs. 1.44 Lakhs per year | Rs. 2.5 Lakhs per year |
| Employment Status | Minimum 1 year of experience | Minimum 1 year in the same line of business. |
| Bank Statement | 3 months bank statement | 3 months bank statement |
What is the process of bike loan?
Apply for a Two Wheeler Loan in Four Easy Steps:
- Just fill the online application form for two wheeler loan and you will get the loan status instantly.
- Visit the dealership showroom where the friendly staff will assist you in completing loan formalities.
- Submit the required documents for processing of your loan.
Which bank is best for 2 wheeler loan?
Two wheeler Loan Interest Rates 2021
| Bank | Lowest Interest Rate | Processing fee |
|---|---|---|
| L&T Finance | 7.99% p.a. – 15.00% p.a. | At L&T discretion |
| State Bank of India (SBI) | 16.25% p.a. To 18.00% p.a. | 2% of the loan amount + GST |
| Axis Bank | 7.35% – 28.30% | Up to 2.5% of the loan amount |
| HDFC Bank | 20.90% p.a. | Up to 2.5% of the loan amount |
Which is best loan for bike?
Two-Wheeler Loan Interest Rates for All Banks
| TWL Banks | Interest Rate | Loan Amount |
|---|---|---|
| HDFC Bank | 20.90 % | Rs.20,000 to Rs.2 lakh |
| Punjab National Bank | 9.3% (RLLR + 2.75%) | Up to Rs.1.50 lakh |
| Union Bank of India | 8.40% to 9.90% | Up to Rs.10 lakh |
| Axis Bank | 10.80% – 28.30% | Rs.25,001 onwards |