Bike Loan options are a dream come true for many students in India. A two-wheeler offers freedom, convenience, and an efficient mode of transport, especially in bustling cities and towns. However, financing a bike may feel like a challenge if you are a student who primarily relies on allowances or part-time earnings. That’s where a Bike Loan for Students can help you purchase a bike. You can afford your desired bike with customised financial solutions while efficiently managing affordable monthly repayments.
Features of Bike Loans for Students
- Flexible repayment terms: Student Two-Wheeler Loans often come with repayment tenures of up to 36 months, ensuring affordable monthly instalments.
- Co-applicant requirements: As a student, you may not have a steady income. Hence, a co-applicant or guarantor is required. Typically, a parent or guardian with a stable source of income can become a guarantor.
- No vehicle restrictions: You can choose any bike model, from scooters to sports bikes, depending on your needs and budget.
- Quick processing: Lenders aim to process Student Bike Loan applications within 3 days, ensuring minimal delays.
- Unsecured loans: Many Student Bike Loans do not require collateral, making it easier to secure financing.
Eligibility criteria for Bike Loan for Students
1. Minimum age: You must be at least 18 years old.
2. Co-applicant requirement: A co-borrower with a regular source of income is mandatory. They must have a good credit score, preferably above 700.
3. Academic status: You must be a student enrolled in a recognised educational institution.
4. Permanent address: Proof of a permanent address is required to complete the application process.
Documents required for a Student Bike Loan
1. Identity proof: Aadhaar card, voter ID, passport, or driving licence
2. Address proof: Utility bills, passport, bank passbook, or Aadhaar card
3. Income proof of co-applicant:
- Salaried: Pay slips and bank statements for the last 6 months.
- Self-employed: Income tax returns (ITR) for the past 2 years, previous year’s bank statements, and proof of business.
How to apply for a Student Bike Loan?
1. Research and compare: Evaluate loan options from banks and NBFCs (non-banking financial corporations).
2. Prepare documents: Gather all required identity, address, and income proofs.
3. Online application: Complete the application form by visiting the lender’s website or mobile app.
4. Submit documents: Upload necessary documents through the online portal.
5. Approval and agreement: Once approved, sign the loan agreement to receive the funds.
Conclusion
A Two-Wheeler Loan for Students is a practical way to own your dream bike. You can enjoy a stress-free loan experience by meeting eligibility requirements, gathering essential documents, and choosing the right lender. You must compare various loan options and explore plans like Axis Bank's Two-Wheeler Loan to kickstart your journey on your desired two-wheeler today.
Also Read: How to get NOC for Bike Loan
FAQs
Can you get a Bike Loan as a student?
You can apply for a Bike Loan with a co-applicant with a steady income and a good credit score.
What are the advantages of applying for a Bike Loan as a student?
A Bike Loan allows you to afford a two-wheeler without upfront payment, offers manageable EMIs (equated monthly instalments), and enhances financial literacy.
Disclaimer: This article is for information purpose only. The views expressed in this article are personal and do not necessarily constitute the views of Axis Bank Ltd. and its employees. Axis Bank Ltd. and/or the author shall not be responsible for any direct / indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information. Please consult your financial advisor before making any financial decision.
