Documents required for Bike Loan application

What if we tell you your wait for your dream bike is over? The demand for two wheelers is ever-rising. Some buy them because of cost-effectiveness, some buy them to dodge traffic, and some buy them purely for the thrill of riding. Two-Wheeler Loans have been helping people seamlessly make their two-wheeler purchases and fulfil their dreams.

But, to avail of Two-Wheeler Loans, you need to submit certain bike finance documents. Let’s understand this in detail.

General bike finance document

There are certain Two-Wheeler Loan documents that are similar across different types of Two-Wheeler Loans. These include Know Your Customer (KYC) proofs, address details and occupation details. However, the details may vary depending on your employment type as the income proofs change. Therefore, you need to know the specific documents applicable as per your occupation.

Two-Wheeler Loan documents required for salaried persons

Following are the documents required for availing Two-Wheeler Loans in India if you are a salaried person:

• ID proofs: This includes any government-issued ID proof like a PAN card, Aadhaar card, voter ID card, driving license, etc.
• Address proofs: Government-issued ID proofs bearing address serves as address proofs. This includes Aadhaar card, voter ID card, driving license, passport, etc.

Other mandatory documents required for 2-Wheeler Loans include the following:

• Age proof: Your government-issued identity cards serve as valid age proof.
• Loan application form: You need to fill in and submit the Two-Wheeler Loan application form to the lender to begin the process of loan.

Two-Wheeler Loan documents required for self-employed individuals

If you are a self-employed person, then the following are the important documents required for purchasing a bike on EMI:

• ID proofs: This includes any government-issued ID proof like PAN card, Aadhaar card, voter ID card, driving license, etc.
• Address proofs: Government-issued ID proofs bearing address serve as address proofs. This includes Aadhaar card, voter ID card, driving license, passport, etc.

Other mandatory documents required for Bike Loans include the following:

• Office address proof: You need to submit a valid office address proof for your Two-Wheeler Loan application.

Eligibility criteria for Two-Wheeler Loans

The eligibility criteria for Two-Wheeler Loans vary across different lenders. Axis Bank has been a pioneering financial institution for financing the two-wheeler purchase. Here are the Axis Bank Two-Wheeler Loan Two-Wheeler Loan eligibility criteria:

1) For salaried applicants

• Age: Between 21 and 58 years
• Work experience: At least 1 year of work experience2) For self-employed applicants
• Age: Between 21 and 65 years
• Work experience: At least 1 year of experience in the current line of business

Also Read: Two-Wheeler Loans: a smart tool for vehicle purchase

In a nutshell

Two-Wheeler Loans ensure that buying a two-wheeler doesn’t strain your finances. To ensure quick financing of your two-wheeler, it is important to select the right lender.

Axis Bank has been one of the leading choices in the two-wheeler lending segment. You can avail of up to 100% on-road funding for your two-wheeler purchase. In the case of Super Bike Loans, you can avail of funding up to 85% on-road funding. You can select the tenure of your choice ranging between 12 and 60 months. It’s time to bring your dream bike home with Axis Bank Bike Loans

Disclaimer: This article is for information purpose only. The views expressed in this article are personal and do not necessarily constitute the views of Axis Bank Ltd. and its employees. Axis Bank Ltd. and/or the author shall not be responsible for any direct / indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information. Please consult your financial advisor before making any financial decision.