Bike Loan for Students

Whether you want to purchase a scooter, an entry-level motorcycle, or a high-end sports bike, you can choose the ideal bike for yourself. You can purchase any type of bike with the help of loans, if you have a steady source of income.

However, due to the lack of stable income, students face difficulty when looking to buy a two-wheeler on a loan. To solve this problem, various banks and NBFCs now offer customised bike loans to students. Here’s everything you need to know about bike loans for students and how to apply for them.

Some of the common two-wheeler loan eligibility criteria for students are as follows:

• You must be over 18 years old

• You must have a co-applicant or a guarantor with a stable job and source of income

• Your co-applicant or guarantor must have a CIBIL score of at least 700 or more

• You must have a permanent address and are required to submit proof of the same at the time of application

While applying for a bike loan for students you need to provide a few basic documents. These are as follows:

• Identity proof: Anyone of the following

  • Aadhaar card

  • Passport

  • Driving licence 

  • Voter ID
    

• Address proof: Anyone of the following

  • Aadhaar card

  • Passport

  • Voter ID

  • Utility bills

  • Bank passbook
    

• Income proof:

  • Salaried co-applicants: Pay slips and bank statements of the last 6 months

  • Self-employed co-applicants: ITR for the previous 2 years, bank statement of the previous year, and proof of business