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.

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