October 26, 2018

Time is money. Thus, all of us are always looking to utilize our time to the maximum.
However, while managing our busy schedule and trying to squeeze out a few minutes
from it- we often overlook the biggest cause of time-wastage. It is none other than
the daily commute that we perform. Yes, you heard it correct! Most of us forget the
fact that we spend hours of our days’ time, just to reach our destination. We often
waste hours on a daily basis because of traveling from office to work and vice versa.
However, now you can not only cut down on the time wastage but also travel with comfort.
The only thing that you need is a motorbike but if you purchase it at one go, it
might leave a huge hole in your pockets. But now you can avail a two-wheeler loan
and purchase a new motorbike without exhausting your funds. However, the financial
institutions have set certain criteria for you to become eligible for the loan amount.

The eligibility criteria that you need to meet, so as to avail a two-wheeler loan
is as follows:

  • Your age: The eligibility criterion for a two-wheeler loan is similar to most of the other type of loans. Your age plays
    a pivotal role in determining your loan worthiness. Most of the FINTECH companies
    will sanction your loan amount if you are in the age group of 21 years to
    65 years. The reason being, financial institutions want to make sure that
    you will be able to repay the loan amount- and not default on any repayments.
  • Credit score and history: Your credit history is the complete report of your
    previous and current loan repayments. Your credit score is given out by CIBIL
    and has a range of 300-900. The reason why your financial institutions scrutinize
    your credit history is that it reflects your repayment attitude. Thus, you
    need a good credit history and a great credit score (mostly above 700) to
    become eligible for a two-wheeler loan.
  • Your income: The reason why financial institutions offer two-wheeler loan is
    to make a profit. Thus, they have to make sure that you will be able to repay
    the loan amount. And what’s better than your income. Thus, the FINTECH companies
    thoroughly inspect your income and its source before giving out loans. It’s
    better to have a stable source of income before you apply for a two-wheeler
    loan. They also check your employment stability; therefore, you need to make
    sure that you have at least completed 6 months in your current job.
  • Your residence: The financial institutions even ask for documents such as proof
    of residence. This is because your residential stability is as important
    as your financial one. Also, remember that you need to be an Indian citizen
    to avail two-wheeler insurance from a FINTECH company in India.
  • Hope this article will help you understand the eligibility criteria required
    to avail a motorbike loan. Wish you all the best.

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