Are you considering buying a two-wheeler but your funds fail you? Worry not, you are not alone. Among millions of people in your situation, some prefer to exhaust their savings while others go for a 2-wheeler loan. Loaning proves to be the safe bet for three primary reasons. One, it helps you put up funds up to 100% of the vehicle’s on-road price without eating into your savings. Two, the interest rates are competitive and the loan amount is repayable in easy monthly installments. Three, getting the two-wheeler loan is simple, easy and quick.

Types of Two-Wheeler Loans

The loaning process depends on the type of two-wheeler loan you prefer. There’re two options:

  1. Secured Loans: When you pledge an asset (house, land or bonds) in return of a loan, it’s called a secured loan. Since the loan is taken against collateral, the interest rates are comparatively lower while the tenure and terms are easy. However, the risk of losing your pledged asset runs deep in case of non-payment of the loaned amount.
  2. Unsecured Loans: When the lender sanctions a loan without asking for collateral, it’s an unsecured loan. This type of two-wheeler finance typically involves high-interest rates, harsh terms, and unfavourable tenures because the loaner is uncertain about recovery.

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You need to fulfil certain eligibility criteria set forth by financial institutions for a bike loan. Though the criteria may vary from one loaner to the other, some common elements are there.

  • You should be either self-employed or salaried
  • You should be at least 18 years of age when filling the application
  • You shouldn’t be more than 65 years old when the loan tenure expires
  • Your annual net income should be INR 96,000 and above


You have to furnish a set of documents for bike loan approval. Here’s what you require.

  • ID proof
  • Income proof
  • Asset proof
  • Passport size photo

How to Apply?

The financial institutions are increasingly using technology for loan processing, approval, and disbursal, making the entire loaning process fast, hassle-free and streamlined. You need not visit the bank or NBFC in person, as the entire process is accomplishable online. Populated below is a typical two wheeler loan apply online procedure to help your cause.

  • Visit the lender’s website or simply install its app readily available on App Store or Play Store for free. Usually, apps are user-friendly. So, you won’t be having any difficulty in navigating through them.
  • Once installed, open the app and feed in your phone number, personal information and loan details.
  • The app will then ask for your identity and address proofs.
  • A customer care representative will get in touch to help you understand the terms and conditions.
  • Eventually, the loan will be processed and the amount disbursed to your account.

The Bottom Line: Choose the lender judiciously for the best two-wheeler loan. Thought the interest rates, and tenure may vary as per the loan type, your relationship with the lender will go a long way to make the experience worthwhile.

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