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Everything You Need to Know About Getting a Loan on Your Two-Wheeler

With growing incomes, more people are buying their own vehicles for local travelling. The preferred transportation mode is two-wheelers, as they are affordable and easily manageable for home-to-work commuting.

If you want to buy a motorbike or scooter, consider taking out a loan on a two-wheeler. A two-wheeler loan might make paying for your bike easier. But before you start, you need to understand the procedure, your alternatives, and how to qualify. 

This post covers the types of two-wheeler loans, qualifying requirements, application procedures, and more. Read on to learn about financing your two-wheeler.

Eligibility Criteria

Lenders have pre-set qualifying requirements for two-wheeler loans. Common qualifying conditions for two-wheeler loan eligibility include:

  • Age limit: Two-wheeler loan applicants must be 18 to apply for the loan.
  • Salary: Applicants for a two-wheeler loan must have a steady salary. Lenders normally need Rs. 8,000 per month.
  • Employment: Salaried applicants should have at least one-year work experience with six months in their current organisation. Self-employed applicants should have been in their business for at least one year.
  • Credit score: Lenders usually require a credit score of 700 or above to approve a two-wheeler loan. A higher credit score increases the chances of getting the loan approved and helps get better interest rates.
  • Documents: Applicants must have valid identity proof, address proof, income proof, and other necessary documents as per the lender’s requirements.

Meeting qualifying requirements does not always guarantee loan acceptance. Loan approval policies vary per lender. Therefore, compare lenders’ eligibility requirements and other terms before applying for a loan.

How to Apply for a Two-Wheeler Loan?

A loan may be a good alternative if you need funds to buy a two-wheeler. To get a loan, execute these steps:

  1. Check Your Eligibility

The first step in taking a loan on a two-wheeler is to check your eligibility. To do this, you can visit the lender’s website and check their eligibility section for details, such as age, income, employment status, and job continuity proof.

Before applying for a loan, meet the lender’s eligibility requirements. Checking your eligibility before applying for a two-wheeler loan will help you avoid rejections and increase your chances of approval.

  1. Select a Lender

Next, choose a reliable lender. To discover the best interest rate and costs, compare lenders. To select a trustworthy lender, study and read reviews. Also, consider loan amount, repayment term, and processing time. 

Choosing the right lender may help you get the best two-wheeler loan rates and terms.

  1. Apply online 

Next, complete the loan application on the lender’s website.

  • Go to the two-wheeler loan section on the lender’s website. 
  • Scroll down to the ‘Apply for Two-wheeler Loan’ tab.
  • Enter your details and select the ‘Two-Wheeler dealership’ from where you want to buy the vehicle. 
  • Select the checkbox to agree to the lender’s ‘terms and conditions’ and click ‘Apply Now’.

You can also apply offline.

  • Visit the nearest Two-Wheeler dealership. 
  • Talk to a representative at the dealership regarding your loan requirement.
  • Submit the KYC and income proof documents, one passport-size photograph, and the duly filled-in loan application form.

If your documentation is accurate and complete, your chances of getting your loan application approved are higher.

  1. Receive the loan amount

The lender will evaluate your loan application. Your loan application will be accepted if you meet the lender’s norms, and money will be transferred to your bank account. Use this money to buy a two-wheeler.

The loan amount disbursal is usually instant after the loan approval. Once you receive the loan amount, you can make the purchase and start repaying the loan in Equated Monthly Instalments (EMIs) over the chosen loan tenure.


A loan on a two-wheeler can be a convenient option to finance your purchase. However, it is crucial to consider the eligibility criteria, interest rates and fees, repayment options, and required documents before applying. Remember to choose the right lender to ensure a smooth loan process.


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