Here’s everything to know about two-wheeler loans in Kochi

Suppose you want to buy a new or used bike you can consider taking a two-wheeler loan in Kochi. A two-wheeler loan lets you purchase your dream bike or any other two-wheeler without worrying about your finances. You will only need to pay a down payment that is usually a part of the cost of the bike or two-wheeler. Some financial institutions also offer 100% financing on the price of motorcycles.

In this article we will talk about how you can take two-wheeler loans, the eligibility required and the documents needed.

How to apply for a two-wheeler loan in Kochi?

If you are looking to bring home your dream bike you can opt for a two-wheeler loan in Kochi instantly. You can easily apply for a two-wheeler loan online from the comfort of your home. Search for a bank or lender providing you with the best offers and interest rates on your bike loan. You simply need to fill out the online application on their official site and provide the required documents. Keep in mind to check the two-wheeler loan eligibility criteria required by the lender beforehand to minimise the chances of rejection of your two-wheeler loan application.

What is the eligibility for a Two-Wheeler loan in Kochi?

Now, eligibility is an important factor in your two-wheeler loan journey. The eligibility criteria vary from one bank to another depending on their policies. You should be aware of them when applying for a two-wheeler loan. So, keep reading to find out about the eligibility required to apply for two wheeler loan in Kochi:

  • The applicant must be at least 21 years old when applying for a loan and under 65 at the end of the loan maturity.
  • The individual must be salaried or self-employed.
  • The applicant should have a Cibil Score of 750 or higher.
  • The applicant must have a minimum of one year of residence stability.
  • The applicant must have been employed in the current job for at least a year.
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Documents required for a two-wheeler loan

The following are the documents required for a two-wheeler loan in Kochi:

  • Identity proof: PAN card, Voter ID card, Aadhar card, Passport, or DL (Driving licence).
  • Address proof: Electricity bill, Telephone bill, Ration card, Driving licence, Passport, Voter ID card, or Bank statement of last 2 months.
  • Income proof: Form 16, Latest salary slips, Last 3-month bank statement reflecting salary credits, Salary Certificate, or Income tax return documents in case of self-employed individuals.
  • Age proof: PAN card, Passport, Driving license, Birth certificate, or School or college leaving certificate.

When it comes to obtaining a loan, you should always be prepared with documentation to avoid last-minute complications.

What factors affect your eligibility for a Two-Wheeler loan?

The following elements can influence your eligibility for a two-wheeler loan in Kochi:

CIBIL score – Credit score significantly impacts your eligibility to get a loan. The higher the CIBIL or credit score the greater the chances of an applicant successfully applying for a two-wheeler loan. Usually, 750 or above is considered an excellent CIBIL score.

Outstanding loan – Loan eligibility is impacted by large outstanding debts. Paying off prior debts is critical to achieving high eligibility. It showcases your availability to pay off the two-wheeler loan.

Income – The greater an applicant’s income, the greater their eligibility for a two-wheeler loan.

How improve your eligibility for a two-wheeler loan?

Here are a few tips to improve your two-wheeler loan eligibility in Kochi:

Maintain a high CIBIL or credit score

Your CIBIL or credit score plays an important part in any loan process. Maintain a high CIBIL score by paying off your loan on time, timely payments of credit card dues, and keeping a good balance between the number of unsecured and secured loans. Generally 750 or above is the recommended credit score by many lenders.

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Choosing a longer repayment tenure

A longer repayment tenure means lower EMI or monthly instalments. This increases your two-wheeler loan eligibility.

Increasing your income

Showing any additional income improves your chances of getting your loan application approved. It means you have more disposable income to repay without defaulting. This improves the lender’s confidence in your repayment capability.

There are many options available for you in the market it may be difficult to choose which two-wheeler loan is most suited to you. Various lenders including NBFCs (Non- Banking Financial institutions) and banks offer two-wheeler loans in Kochi. Choose the lender that offers the best interest rate and repayment plan. Always compare other charges applicable to your loan like processing fees, loan foreclosure penalties etc levied by various lenders to make an overall cost-effective decision. Contact your lender to know about the two-wheeler loan eligibility requirement and to help your song the process.

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