What is the process to apply for a two-wheeler loan?

To apply for a two-wheeler loan, all you need to do is follow these steps:Visit the official website of your preferred lender and navigate to the 'Two-wheeler Loan' section.Check your eligibility and click on 'Apply Now.'Fill out the online application form.Upload the required documents and click on 'Submit.'

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Documents Required for Two Wheeler Loan

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Documents Required for Two Wheeler Loan for Individual

Avail of a two-wheeler loan from Tata Capital with minimal documentation requirements. Enjoy quick loan approvals and disbursals with just your identity and address proof documents. These include your passport, driving license, Aadhar card, PAN card, voter's ID, electricity bill, or passport. Bring home your dream bike today without any financial strain.

You must submit the required documents to prove your 2-wheeler loan eligibility. Here is the bike loan documents list-

Identity Proof documents – Passport/Driving License/PAN Card/Aadhaar Card/Voter’s ID and recent passport-sized photographs
Documents for Address Proof – Electricity bill / Passport

You must produce these documents to avail of a loan. Here is the bike loan documents list-

ID Proof – Passport /Pan Card /Driver's License /Voter's ID/Aadhar Card Along with recent passport size photographs

Address Proof – Electricity Bill/ Passport

Keep these loan on bike documents ready in advance for a hassle-free process.

List of Documents Required for Bike Loan

Documents	Salaried	Self-employed
Application form	Yes	Yes
KYC
Photographs	Yes	Yes
Identity proof	Yes	Yes
Address proof	Yes	Yes
Age proof	Yes	Yes
Bank statements	Yes	Yes
Signature verification	Yes	Yes
Income proof
Latest salary slip/Form 16	Yes	No
Income tax returns (ITR) for the last year	No	Yes
Other documentation
Business stability/ownership proof	No	Yes
Employment stability proof	Yes	No

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Eligibility criteria for a bike loan

Every lender in the market has different eligibility criteria to qualify applicants, and two-wheeler loans are no different. However, another good thing about a two-wheeler loan with Tata Capital is its easy-to-meet eligibility criteria. Tata Capital especially has very minimal criteria for the borrowers, so it's easier for them to avail of a loan. These are the following eligibility criteria for different entities:

You must be between 21 to 60 years old at loan maturity.

Have at least one year of residential stability

Have at least a minimum of one year of work experience

You must be between 21 to 65 years old at loan maturity.

Have at least one year of residential stability

Have at least a minimum of one year of work experience

What is the process for approving loans?

After you first submit the application form to the lender, there's a lot that goes behind the scenes. The process varies from lender to lender, but overall, they generally engage in the following steps:

Checking your loan application

The first step in approving your loans starts with checking your loan application. Here, the lender will check for all the information you've entered or written and cross-check specific details. This can include your name, address, loan amounts, etc. Once they see everything is in order, they move on to the next step, which is collecting or reviewing your documents.

Document review

Here, lenders will once again check to see if the documents you've submitted from the bike loan documents list are in line with the loan application. Since with two-wheeler loans, there is only your ID proof and your address proof, there's not much information that the lender will check. From here, your documents and your loan application will be sent to the verification department.

Document verification process

The verification team is in charge of confirming if all the information you've submitted is true and correct. For example, they may check the residence proof you've provided by making an in-person visit. Once the verification team confirms that all the information is true, the team will prepare to sanction the loan.

It is also important to know that during the verification process, if the team finds out the information provided is incorrect, your application may get rejected.

Loan approval

You can check if everything is as per your requirements before confirming the loan to be processed. From here, the process is very fast, and you will receive your loan in a couple of hours or days.

But, even before you think about your loan being processed, there's yet another fundamental factor to consider: the eligibility criteria.

Get a Quick Two-Wheeler Loan From Tata Capital

Now that you know that the documents required for scooty are straightforward, you can easily apply for the same. Tata Capital has some of the best interest rates, loan tenures and other benefits to make your experience of buying a two-wheeler extraordinary. Simply reach out to us through our website or download the app, or you can make a visit in person to get started on your two-wheeler loan application.

FAQs on Documents Required for Two Wheeler Loan

To apply for a two-wheeler loan, all you need to do is follow these steps:

Visit the official website of your preferred lender and navigate to the 'Two-wheeler Loan' section.
Check your eligibility and click on 'Apply Now.'
Fill out the online application form.
Upload the required documents and click on 'Submit.'

Your credit report contains details of your past borrowings and repayments. It reflects who you are as a borrower. Based on the credit report, you receive a score called the CIBIL or credit score on a scale from 300 to 900. A low CIBIL score will portray you as a high-risk borrower in the eyes of a lender and vice-versa. Lenders prefer that your credit score for bike loan eligibility be at least 750 or above for loan sanctioning. If you have a very low CIBIL score, lenders may altogether reject your two wheeler loan application even if you have all the required documents for bike finance.

Yes, a salaried individual can get a two wheeler loan to purchase a vehicle for personal use. However, they must check the eligibility before submitting the required bike finance documents for verification.

Typically, it takes approximately 24 to 48 hours to approve your online loan application and disburse the amount, provided that you meet the eligibility criteria and have submitted all the bike finance documents required.

Bike loan documents consist of your ID and address proof. In addition to these, you need to submit documents that demonstrate your residential and employment stability:

1. For salaried individuals: bank statement, last 3-month salary slip or salary certificate, latest form 16

2. For self-employed individuals: bank statement, copy of latest income tax returns

3. Residence ownership proof: must be in the name of the applicant, their parents, or spouse

You can get a two-wheeler loan without income proof if you apply with a co-applicant. Since both the applicants’ incomes are taken into account, it can increase the chances of your loan getting approved.

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Documents Required for Two Wheeler Loan

Documents Required for Two Wheeler Loan for Individual

List of Documents Required for Bike Loan

Avail TATA Capital loans directly from WhatsApp

Eligibility criteria for a bike loan