It is very difficult to own a bike or two-wheeler for the middle class. This is because of high-interest rates on two-wheelers as no one is offering zero interest rates. There are few financial institutes that give you a certain amount of loan on very nominal interest rates only if your cibil score crosses the mark of 750, as this gives a security to the lender that his money is secured.
In our country, it is very difficult to find a financer that can give you a zero-interest two-wheeler loan. But there is one solution to this problem that can be credit cards. This can be explained, suppose you are having a credit card which is having a limit of Rs. 1,00,000 and you have never used it or your limit is free to use, then in that case you can buy the vehicle on a credit card and pay later.
This will easily fulfill your immediate requirement of money and if you are back on time then you don’t need to pay heavy interest as lenders charge. This is one alternative option that can be used if you are in urgent need of a two-wheeler. You can use a bike EMI calculator if you are worried about the EMI’s per month and interest you need to pay back to the lender.
Benefits of getting bike financed:
- You can easily live your dream.
- Your liquidity is never disturbed.
- You can repay in very easy EMI options.
- Enjoy lower interest if you are having a great credit history.
- Easy process
Eligibility for Two-Wheeler loans on lower interest rates:
The eligibility is very different as per your income and work status. Woking class has different eligibility and business class is having different eligibility.
You can refer to the below-mentioned table for a clear understanding.
| Criteria | For salaried person | For Businessmen’s/Self-employed |
| Age required | 21 to 60 years | 21-65 years |
| Minimum earnings required | 2.5L PA | 2.5L PA |
| Employment tenure | Current job for at least 1 year or 1 year of experience at least in prior employer. | 1 year of minimum experience is required in the business or industry. |
| Cibil Score | More than 650 | More than 650 |
| Past history | You should have a good credit history to get a loan at lower interest rates | You should have a good credit history to get the loan at lower interest rates |
The above was the basic eligibility criteria and the next step is documentation.
Documentation should be complete and completely verified to avoid any kind of disparity. Below is the short table that can easily give you crystal clear idea about the documentation.
| Salaried | Businessmen’s / self-employed |
| Aadhar card, PAN, Passport, or voter id card anything for KYC | Aadhar card, PAN card, Passport or voter id card, anything for KYC. |
| Utility bills like electricity or gas bills for address proof | Utility bills like electricity or gas bills for address proof |
| Salary slips for the last 6 months, which is one of the major requirements for salaried person | Previous 3 years ITR returns copies. |
| Passport size photos | Passport size photos |
| GST no or VAT no or MSME registration, etc | |
| Bank statement for last 6 months | Bank statement for last 6 months |
| ID card issued by the company. | Firm/ company details |
The above are the requirements of documents that are needed for different classes of persons.
Conclusion:
It can be concluded that you can easily get a bike loan at lower interest rates if you are having a good cibil score, clear history of repayments, etc. The simple rule for phenomena for interest rate is the more is the cibil score, the less is the interest and vice versa. So, finance your bike and calculate EMI’s through bike EMI calculator. It is very difficult to get zero interest two-wheeler loans but you can get lower interest rates if your repayment history and credit score are excellent.
