Two Wheeler Loan Eligibility Criteria

Buying a two-wheeler is now a cakewalk with the help of Shriram City Union Finance Limited. Get readily available and full cost loans from India’s leading Non-Banking Financial Company. Shriram City carries a legacy of more than four and a half decades, empowering society with financial strength for personal prosperity and business growth. When your dream is to buy a bike of your choice, but you lack financial stability, then Shriram City commits to stand by you. Their well structured and customer friendly loan policies help millions of average households. Keep reading to know if you match the Two Wheeler Loan Eligibility criteria set by them.

What is a Two-Wheeler Loan?

A two wheeler loan allows you to purchase a motorcycle or a scooter of your choice and pay for it in equated monthly installments (EMIs). Two-wheeler loans apply to both salaried and self-employed individuals. Once the authority has approved your loan application, you can ride out a two-wheeler of your choice without further ado.

Eligibility criteria for the Two-Wheeler Loan

Once you decide to go with our Two Wheeler loan, the next step is to match the eligibility criteria. Along with our client-friendly loan policies, we decided to set the requirement to match the maximum pool of our consumers. The eligibility for a two-wheeler loan mostly depends on the age of an applicant, Income Status, Experience, CIBIL Score. Go through the detailed list of criteria below.

  • The age of applicants during application should be at least 21 years and during maturation no more than 59 years.
  • Both Salaried and Self-employed people are eligible for this loan.
  • Minimum Experience for a salaried applicant is one year of work with a minimum INR 12000/month salary. While for a self-employed applicant, it is two years of continuous involvement in the same business.
  • The applicant must be living in the same address for at least one year.
  • The applicant must declare all the pre-existing loan commitments.
  • There should not be any check bounces in the last one month.
  • The applicant appreciates a good CIBIL Score and Credit Bureaus.

Documents Required to Avail a Two-Wheeler Loan:

With Shriram City’s two-wheeler loan, customers are enabled to get a loan with minimal documentation. It requires the following.

  • Aadhar Card
  • Identity Proof (Passport/ Driving License/ Voter ID Card/ PAN Card)
  • Address Proof (Passport/ Driving License/ Gas Bill with Gas Book)
  • Any of the following
      o Recent Passport size colour photograph
      o Income Proof Documents (Bank Statement for the last six months)
      o One canceled Cheque and ACH form for Electronic Clearing Mandate
      o Duly endorsed Vehicle Registration Certificate on receipt for New Vehicles.

Why Should You Avail Two-Wheeler Loan?

Shriram City Union Finance is a part of Shriram Group, which has a noble tradition of 46 years. Starting its journey from 1986, Shriram City has established a strong presence in the retail industry and continued its glory. Through the two-wheeler loan, Shriram City intends to provide millions of households a dream-come-true moment of a two-wheeler. This loan includes many exciting features.

  • Shriram City loan provides up to 100%* financing on the on-road price of the bike of your choice.
  • Get your application done with a single form.
  • Shriram City offers the fastest Two-Wheeler loan in India with the disbursal of the loan amount in just 24 hours after your loan gets approved.
  • Shriram City Union Finance is available in more than 900+ branches nationwide.
  • It involves a quick, easy, and minimum documentation process.
  • With interest starting from 12% p.a., Shriram City offers competitive interest rates in the Two-Wheeler financing market.

Interest rates for the two-wheeler loan

The interest rates depend upon many factors, including loan amount, credit score, CIBIL score, nature of employment, repayment history. Therefore, it is informed to the applicant in the loan agreement released after the sanction of the loan.

Tenure of Shriram City’s Two-Wheeler loan

Shriram City’s two-wheeler loan is accompanied by a flexible duration of 12 months to 36 months.

What is the maximum loan amount offered by Shriram City Union Finance for two-wheelers?

The Shriram City Two-Wheeler loan being designed in a sound customer-friendly policy offers a wide range of loan amounts depending upon eligibility of applicants with a maximum of 100% loan amount.

What is the loan foreclosure?

It is a process through which the customer tries to repay the amount owed in one go instead of multiple installments. The customers of two-wheeler loans are allowed to foreclose the loans after 6 EMI’s. There are foreclosure charges allotted depending upon the opted scheme, starting from 4%.

Know the EMI of your loan

After the approval of the loan amount begins, the EMI is communicated with the customer and is mentioned in the agreement. Calculate EMI using an online EMI calculator for bike loans available on the website.

What are the requirements of collaterals or security?

The vehicle bought by a two-wheeler loan is hypothecated to Shriram City, and it serves as the security during the tenure of the loan. There is no need for any additional protection.

Wrapping Up

Before applying for the two-wheeler loan, please make sure that you have read all the eligibility requirements carefully and are accompanied by all the necessary documents. Shriram City intends to serve the community with the best possible loan policies to let people fulfill their dream.

In this article, the details of the two-wheeler loan are described fruitfully. What are you waiting for? Apply for Bike loan and buy your dream two-wheeler if you match the eligibility criteria right away.