Learn everything about the importance of a good CIBIL score when securing a two-wheeler loan
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A bike loan is a secured loan. You could get the loan approved even with a low CIBIL score at times. Also, some banks and NBFCs require you to have a CIBIL score of at least 650 or above when applying for such a loan. However, having a great credit score can be quite beneficial. You could be eligible to borrow the required amount at a more affordable rate and favourable terms with a higher score.
Your CIBIL score directly impacts the odds of approval of your bike loan application. The higher your CIBIL score, the more likely it is that your bike loan application will be approved. Here is how your score affects your eligibility for a bike loan.
CIBIL Score Range |
Loan Approval Probability |
750 or above |
Very likely |
700 - 750 |
Fairly likely |
650 - 700 |
Can be approved depending upon other factors. |
Less than 650 |
Quite unlikely |
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FAQs on CIBIL Score for Bike Loans
How to check the CIBIL score for bike loans?
You can check your CIBIL score for free on Bajaj Markets. Click on the ‘Check CIBIL Score’ option on the page. Provide personal details, such as your employment type, name, mobile number, PAN, birth date, and more. Read and agree to the terms and conditions, then click on ‘Proceed with OTP’. Enter the OTP generated, after which your data will be verified and your score will be displayed on the screen.
How much CIBIL score is required to get a bike loan?
Ideally, you should apply for a bike loan only when you have a CIBIL score of 750 or above so that the chances of approval are high. However, since a bike loan is a secured loan, the bank/NBFC might approve your application even if your CIBIL score is in the range of 650 to 700.
Why do banks check credit scores before approving bike loans?
Your credit score is a good indicator of your creditworthiness. Banks check your credit score before approving your bike loan application to make sure that you will be able to pay the loan EMIs in a timely manner.
How to get a two-wheeler Loan with a low CIBIL score?
If you have a good existing relationship with the bank, you can sometimes get a two-wheeler loan even with a low CIBIL score. You can further improve your chances of getting your loan approved by having a co-applicant with a better credit score. Additionally, try to reduce your debt-to-income ratio and make a larger down payment.
Does CIBIL score affect bike loan eligibility?
Yes, your CIBIL score directly influences your eligibility for a bike loan - the higher the CIBIL score, the more the likelihood of approval of your bike loan application.
How to get a bike loan without a CIBIL score?
Since a bike loan is a secured loan, some lenders might agree to offer you one even without a credit history and CIBIL score, although at a very high interest rate.
