Two-Wheeler Loans for Students
A two-wheeler is one of the most popular modes of transport in India and has become an almost essential commodity for the average Indian's daily commute. India is one of the largest manufacturers of two wheelers in the world and is considered one of the best markets for small to medium capacity two wheelers.
Many manufacturers from around the world have started operations in the country and have designed many models to suit Indian roads.
With new models entering the markets, many banks have also decided to introduce loans for two wheelers with varying eligibility criteria, so that they will be able to cater to every segment of the market.
A demographic among which two wheelers are quite popular are students, but most students do not have the finances to purchase a new two-wheeler, for this very purpose, some banks have decided to provide two-wheeler loans to students under certain special conditions, as they are not yet earning members of society.
In the following paragraphs the various criteria a student will need to fulfill to be eligible for a two wheeler loan have been discussed, along with the applicable interest rate and other charges.
Features
- The minimum repayment period for a two-wheeler loan provided to a student is 3 years.
- The income requirement for the co-applicant is not very high.
- The student will need to provide a co-applicant/guarantor to avail a loan.
- Most banks take up to 3 days to process the documents.
- Two-wheeler loans for students are unsecured.
- There is no restriction on the type of vehicle the student may purchase by availing a two-wheeler loan.
Eligibility
There are various factors taken into consideration by the bank before providing a student with a two-wheeler loan.
The eligibility criteria for student two-wheeler loans have been listed below:
- The minimum age of the applicant should be 18 years.
- The applicant will need to apply for this loan along with a co-borrower/guarantor.
- The co-borrower should have a steady source of income and should have valid proof of income.
- The applicant must be a student.
- The co-borrower should have a good CIBIL score. Most banks prefer to transact with individuals who have a CIBIL score of 700 or more.
- Banks prefer the applicant to have some form of permanent address.
Documentation
- Proof of identity (Voter ID, Passport, Aadhaar Card, Driver's License)
- Proof of address (Utility bills, Bank passbook, Voter ID, Passport, Aadhaar)
- Co-borrower's proof of Income:
Salaried Co-Borrower
- Last 6 months' pay slips.
- 6 months' bank statements.
Self-Employed Co-Borrower
- 2 year's income tax returns.
- Bank statements for the last 1 year.
- Proof of business
Check for - Two wheeler insurance
FAQs on Two-Wheeler Loans for Students
- Can students apply for a two-wheeler loan without a guarantor or co-applicant?
No, students cannot apply for a two-wheeler loan without a guarantor or co-applicant.
- What should the minimum credit score of the co-applicant be for the student to avail a two-wheeler loan?
The minimum credit score of the co-applicant must be 700 for the student to avail a two-wheeler loan.
- Do lenders offer two-wheeler loans for students at low interest rates?
Yes, lenders offer two-wheeler loans for students at low interest rates.
- Should the student provide proof of identity to avail a two-wheeler loan?
Yes, the student must provide proof of identity to avail a two-wheeler loan.
- Should the student provide proof of address to avail a two-wheeler loan?
Yes, the student must provide proof of address to avail a two-wheeler loan.
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