What is the eligibility criteria for a Two Wheeler loan at Buddy Loan? Bike loan is a smart approach for buying a bike of your choice. It allows you to repay the loan at affordable EMIs every month. You would thereby reduce the burden of paying a massive amount at one go. Bike loans are pocket-friendly and allow you to shop a bike at on road price. Buddy Loan known as the biggest loan aggregator in the industry, has an 80% approval rate on personal loan requests. You could avail a bike loan through Buddy Loan app. Personal loans for a bike are popular and common today. The best way to find your competitive interest rate is to research. At Buddy Loan, the interest rates are low, starting at 11.99%p.a.
Eligibility criteria for two-wheeler loan: Note, salaried and self- employed are eligible for a bike loan. Below are some of the other factors that will help you avail a loan.
The individual must be of minimum age 24, to be able to apply for a loan through Buddy Loan app. If the person is older than 57, they cannot apply for a personal loan. Must and should be a citizen of India. During the loan approval stage, the banks or NBFCs will require a proof of address in case there is a change in location in the last 6 months. Note, the policy might differ from lender to lender. Those who have monthly income of INR 20,000 and above, who work in an MNC, start-up, private company can avail a loan here. Individuals owning a business, self-employed are eligible to apply for a personal loan. As a fresher to the working industry, if you have been working for a year, you qualify for the personal loan. Note, if your salary evaluations and documents meet the policy you qualify for the personal loan.
Documents supporting bike loan eligibility: Presenting your documents, the right way and on time can enhance your chances of loan approval. Every bank or NBFC will require a certain set of documents for loan approval. Therefore, here is a list of minimal standard documents you will need, to increase your eligibility. Buddy Loan needs just these three documents for loan approval. Copy of Identity proof documents: PAN card, Aadhaar card, passport, driving license, Voters registration ID. Copy of address proof documents: Utility bill incl. Electricity bill, water bill, telephone bill, Gas connection bills, sale deed, Property agreement, ration card, rental agreement, LIC policies, driver’s license, etc. Copy of income proof documents: tax submissions, previous 6 months’ salary slips or account statements, filing income tax returns, etc.
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