Two Wheeler Loan Eligibility
It is very important to check your eligibility criteria before making any decision. The eligibility criteria usually differs from one bank to another and one loan type to another.
Your eligibility criteria mainly differs according to:-
- Secured loan:- If you're looking to purchase a two wheeler loan as a secured loan then you'll have to make sure to check the eligibility criteria required Like age, nationality, income and employment status.
- Unsecured loan:- If you're looking to purchase a two wheeler loan as an unsecured loan then you'll have to check all the eligibility criteria required like income, credit card, employment status, credit history and age.
Components that are included in eligibility criteria. It is very important to check all the factors that affect the eligibility criteria. So the first thing you should do is have a clear understanding of the factors and the effect of those factors on your eligibility criteria.
We've listed some of the basic factors below:-
- Age:- Checking your age is the most basic factor that determines whether or not your application should be approved. This factor usually differs from one bank to another, so it's important to compare all the banks and then choose the one which has an eligibility criteria according to you. A lot of banks like Oriental Bank of Commerce two wheeler loan or Axis Bank offers loans to individuals who are of age 21 or above. But there are banks that allow you to apply for a loan even if you're 18 above. So your age plays an important role in determining your eligibility.
- Credit Score:- It is a number between 300 to 900 that determines your creditworthiness. The higher your credit score is, the more creditworthy you are. So it's important to maintain a decent credit score in order to be eligible for a two wheeler loan. Your credit score is calculated using some factors like credit history, current credit, credit mix and the total loans you've taken. So you'll have to keep a track on all these factors and make sure that you're not overdoing it, because that will negatively affect your credit score. And a bad credit score will make it really hard for you to get a loan in future.
- Employment Status:- This factor usually depends from bank to bank and your loan type. Generally you can get a two wheeler secured loan even if you are unemployed. But a lot of banks now check your employment status to even approve a secured loan. So it's important to be employed in order to get a loan approved. And if you're applying for an unsecured loan then it'll be important for you to be employed with an experience of 2-3 years in your profession. Banks don't give unsecured loans to individuals who are fresher.
- Income:- Your income plays an important role in determining your loan amount. If you're someone who has a low income then you won't be able to apply for a high loan amount. It's important to check your income and your repayment capacity before making any decision regarding loan amount. There are online tools like a two wheeler loan EMI calculator that can be used to check your repayment capacity according to your income.
Two wheeler loan eligibility. The eligibility criteria for a two wheeler loan usually differs from one bank to another.
But we've listed some basic eligibility criteria below:
- Minimum Age: You have to be 21 or above to be eligible for a two wheeler loan.
- Maximum Age: 58-64 years, or you can be of a retirement age.
- Employment status: You have to be either a salaried or a self employed individual.
- Work experience: You should have a minimum of 1 years of experience in your profession.
- Income:- The minimum income required is INR 10,000.
Conclusion:-
There are a lot of banks and NBFCs that provide the facility of two wheeler loan, the eligibility criteria for each bank is different. So it's important to choose a bank where you fit into the eligibility criteria perfectly.
Also read this: Things To Follow Not To Become Defaulter of Two Wheeler Loan
