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List of documents required for a bike loan application

A bike is extremely essential for an individual who wishes to avoid getting stuck in traffic jams. Since the modes of transportation for travelling short distances are usually depending on public transportation and hailing a cab. Public transportation is extremely stressful and hailing a cab for short distances can become expensive. Going for a bike is one of the most efficient solutions to travel short distances. A customer who wishes to purchase a bike can opt for a bike loan. A bike loan is one of the most efficient ways of generating funds for the purchase of a bike. Through a bike loan the customer can buy a new bike or a secondhand bike. Through a bike loan, the customer is provided the financial assistance for the purchase of the loan, this makes the process of buying the bike simple as the customer will not be forced to dip into their savings account for the purchase of a bike and hold their savings account for a rainy day. Some financial institutions have tie-ups with the lenders so if a customer visits the lender, they can easily opt for the loan and leave with a bike on the same day. This saves a lot of time and effort of the customer.

In a bike loan the financial institution provides the loan amount to the customer at a certain interest rate. Usually, the interest rates on a bike loan are usually low. The loan amount provided to the customers can be used for handling the finances of a bike loan. The repayment on a bike loan is done through equated monthly instalments. Repayment done through monthly instalments will help the customer pay off the loan gradually without any financial pressure. A bike loan is provided at a fixed interest rate, which means the customer will have to pay a fixed amount every month for the tenure period.

List of documents required for a bike loan application:

It is important to remember that with all the eligibility criteria’s that the customer covers, the customer availing the two wheeler loan needs to prove their eligibility to the financial institution with specific documentation. Listed below are the basic documents that are required while availing a bike loan.

1. Photo identity proof:
- Passport-size photographs (at least 4 to 6 are recommended to be kept for the loan application)

2. Identity proof:
- Passport
- Electoral voter identity card
- Driving license
- PAN card
- Aadhar card

3. Permanent address proof:
- PAN card
- Driving license
- Utility bills

4. Employment proof:
For salaried individuals –
- Employment or offer letter
- Bank statements
- Salary slips
For self-employed individuals –
- Application form
- Bank statements
- Proof of source of income