In today’s world, the need for a two-wheeler has increased. Not because of the status symbol, but a two-wheeler is a requirement of our lives. Imagine you want to go to the office, and you need to leave your house before two hours of the office timings because you need to catch a bus or an auto. You will get tired before reaching your destination. Hence, having your vehicle can save time. And, in that case, a loan for a two-wheeler can help!

People prefer to drive their vehicles rather than take public transportation because of the rising number of cases of coronavirus infection. It is not necessary to save for years to purchase a two-wheeler. You can buy your dream bike or scooter with a two-wheeler loan. 


Reasons to take the loan for a two-wheeler:

●    Lower Interest Rate

We always assume that buying a vehicle on your own takes a large sum of money. We generally postpone our dream of a two-wheeler. But, the bike loan often comes with low-interest rates, and it does not require a high wage. You can apply for a two-wheeler loan whether you are a salaried employee or self-employed. Also, banks have decreased lending rates in recent years due to rising demand for two-wheelers. 

●    Reduce financial pressure

By opting for a bike loan with a low two-wheeler loan interest rate, you do not need to break your fixed deposits or cut down your expenses. You can choose an easy monthly installment at your convenience. Many people believe that taking out a loan is a financial burden. But the fact is loans are here for reducing the financial pressure.

●    Tax benefits

According to the Income-tax law, if you are a small business owner who uses a two-wheeler for professional purposes. In this condition, your tax can be deductible.

●    Fast approvals

For buying a two-wheeler, you can easily apply for a loan online or can also contact the bank or a financial institution. In a short period, the loan will be granted. And you will get the amount directly in your bank account without waiting months to apply for a loan.

●    Get a vehicle with the best specifications

With the help of a two-wheeler loan, you can buy your dream bike whenever you want. You can get the best bike with the best specification; there is no need to compromise your dream. To afford a two-wheeler, you do not need to empty your pockets. And of course, we all can not compromise quality and specification to buy a vehicle – safety is also critical for everyone.

●    Improve Credit Score

When you apply for a loan like a home loan, personal loan, or car loan – you need a good credit score. A credit score is a numerical representation of an individual’s creditworthiness. A higher credit score means the chances of loan approval are high. A two-wheeler loan can help you to maintain a good credit score.

●    Extra Benefit

According to the Indian Motor Act, loans are granted with vehicle insurance and personal accident insurance. However, during the purchase process, the loan may be used to cover additional costs such as accessories for your two-wheeler. 

Eligibility criteria for a loan for Two Wheeler:

  1. The minimum age limit should be 21 and the maximum is 75.
  2. A credit score of at least 750 is required.
  3. You can be either a salaried professional or self-employed.
  4. There should be residential stability of a minimum of one year; the applicant needs to show residential proof.
  5. There should not be any check bounces in the last 12 months.
  6. At least a year of work experience is required.
  7. Applicant should have a permanent phone number.


Documents you require to obtain a low two-wheeler loan interest rate:

If you are a salaried person-

● Id Proof : Passport / PAN Card / Driving License / Voter ID card 

● Current two passport size photo

● Salary slip of last three months

● Employment offer letter

● Bank statement of last three months

● Address Proof : Electricity bill / Bank account statement / Aadhar Card / Property tax receipt.

● Correctly filled application form

If you are Self Employed:

● ID Proof: Passport / Pan Card / Driving License / Voter ID

● Two passport size photos recently clicked

● Last Income Tax Return ( ITR)

● Bank statement of last three months

● Company details / Business proof

● Last TDS

● Correctly filled application form


We all understand the requirement of a two-wheeler in our household. Today buying a two-wheeler is very easy. You can apply for a loan for a two-wheeler in a few steps and with minimal documentation. Banks and financial institutions are here to help in obtaining two-wheeler loans. So, we can lower our financial stress and get the best vehicle possible.