Two-Wheeler Loans for Students
In India, students can apply for a two-wheeler loan with a guarantor or co-applicant who has a good credit score and a stable income. Many lenders in the country offer two-wheeler loans to students.
A two-wheeler is one of the most popular modes of transport in India and has become an almost essential commodity for the average Indian's daily commute. India is one of the largest manufacturers of two wheelers in the world and is considered one of the best markets for small to medium capacity two wheelers.
Many manufacturers from around the world have started operations in the country and have designed many models to suit Indian roads. With new models entering the markets, many banks have also decided to introduce loans for two wheelers with varying eligibility criteria, so that they will be able to cater to every segment of the market.
Features
The features of a two-wheeler loan for students are mentioned below:
- The minimum repayment period for a two-wheeler loan provided to a student is 3 years.
- The income requirement for the co-applicant is not very high.
- The student will need to provide a co-applicant/guarantor to avail a loan.
- Most banks take up to 3 days to process the documents.
- Two-wheeler loans for students are unsecured.
- There is no restriction on the type of vehicle the student may purchase by availing a two-wheeler loan.
Eligibility
There are various factors taken into consideration by the bank before providing a student with a two-wheeler loan.
The eligibility criteria for student two-wheeler loans have been listed below:
- The minimum age of the applicant should be 18 years.
- The applicant will need to apply for this loan along with a co-borrower/guarantor.
- The co-borrower should have a steady source of income and should have valid proof of income.
- The applicant must be a student.
- The co-borrower should have a good CIBIL score. Most banks prefer to transact with individuals who have a CIBIL score of 700 or more.
- Banks prefer the applicant to have some form of permanent address.
Documentation for Students Two Wheeler Loan
The various documents that must be submitted are mentioned in the table below:
Basic Documents |
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Salaried Co-Borrower |
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Self-Employed Co-Borrower |
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How to Apply for a Student Two-Wheeler Loan?
The process that must be followed to apply for a student two-wheeler loan is mentioned below:
- Visit the official website of the lender and apply for the loan.
- Submit the necessary documents.
- Once the verification process is completed, the loan will be provided.
Know about Two wheeler insurance
FAQs on Two-Wheeler Loans for Students
- Can students apply for a two-wheeler loan without a guarantor or co-applicant?
No, students cannot apply for a two-wheeler loan without a guarantor or co-applicant.
- What should the minimum credit score of the co-applicant be for the student to avail a two-wheeler loan?
The minimum credit score of the co-applicant must be 700 for the student to avail a two-wheeler loan.
- Do lenders offer two-wheeler loans for students at low interest rates?
Yes, lenders offer two-wheeler loans for students at low interest rates.
- Should the student provide proof of identity to avail a two-wheeler loan?
Yes, the student must provide proof of identity to avail a two-wheeler loan.
- Should the student provide proof of address to avail a two-wheeler loan?
Yes, the student must provide proof of address to avail a two-wheeler loan.
Karishma VP has over a decade of experience in content writing which includes over five years specializing in personal finance. Her career in BankBazaar has given her the opportunity to write on a wide variety of financial products ranging from credit cards and home loans to insurance policies and government schemes. She believes that an understanding of personal finance is an important step to leading an independent, empowered life. This has led to her being passionate about learning more about the BFSI sector and writing about personal finance as clearly, concisely, and accurately as possible to make it accessible to a larger audience through BankBazaar.
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