Finance

Two Wheeler Loan

Want to buy a new bike or scooter.. We are here to help you.

EMI Calculated

Principal Amt :
500000
Down Payment(DP) :
100000
Rate of Interest :
1 %
Tenure :
1 yr.
Total Interest :
2712.52
Total Amount Payable (Principal + Interest) :
502712.52

Equated Monthly Installments (EMI)

33514.16

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Steps To Apply

What is a two-wheeler loan?

Simple-interest loans are those in which the lender expects to be returned in monthly installments for the amount lent (principal) plus interest by the borrower (the cost of borrowing from the lender, shown as a percentage of the principal balance).

What is the maximum amount of loan one can borrow for a Two-wheeler loan?

There is no set limit for the two-wheeler loan but yes it depends on the exact amount of salary you get credited to your account. If you get a salary of Rs 15000 then the loan eligibility is of 7500 Rs only that means you can get a loan of up to 7.50 lacs.

What is the process of repayment of a Two-wheeler loan?

A monthly installment amount is determined based on the tenure and interest rate, which is the most popular repayment type. EMIs are paid at the start of the month or at the end of the month. The EMI amount gradually reduces from greatest to lowest in this repayment plan. You can get in touch with the experts of the My Loan route can guide you with the same.

Eligibility Criteria For Loan

Particulars

Salaried

Self-Employed

Age(Min-Max)

23 years to 58 years

28 years to 65 years

Income

Rs.25,000

Minimum turnover of Rs.40 lakhs

CIBIL Score

Above 750

Above 750

Documents for Loan Application

Salaried

Self-Employed

Application form with photograph

Application form with photograph

Identity and Residence proof

Identity and Residence proof

Last 6 months bank statements

Last 6 months bank statements

Processing fee cheque

Processing fee cheque

Latest Salary Slip

Latest Salary Slip

Form 16

Business Profile and Previous 3 years Income Tax returns (self and business)

Previous 3 years Profit/Loss and Balance Sheet