For many people, buying a two-wheeler is a necessity. However, with the rising prices of bikes and scooters, not everyone can afford to pay in full. Financing options allow you to purchase a two-wheeler on easy and flexible two wheeler EMI.

Different lenders may offer varying interest rates, processing fees, and EMI bounce charges, so comparing options is best before selecting a particular EMI facility provider. Banks and private financing firms offer two-wheeler loans, and two-wheeler dealerships also have tie-ups with various lending firms.

What is the loan tenure of a two-wheeler loan?

These loans’ tenure can range from six to sixty months, depending on the lender. Certain documents are required to buy a two-wheeler on EMI, and the documents may vary depending on whether you are salaried or self-employed.

Documents required to avail two-wheeler loan

For salaried individuals, the documents required to buy a bike on EMI include proof of identity (Aadhaar Card/PAN Card/Passport/Driving License/Voter ID), proof of address (Driving License/Passport/Voter ID/Aadhaar Card/Utility Bill/Bank statement), and income proof (bank statements of last three months, salary slips of last three months/salary certificate/Form 16).

For self-employed individuals, the documents required to buy a bike on EMI include the following:

● Proof of identity (Aadhaar Card/PAN Card/Passport/Driving License/Voter ID).

● Proof of address (Driving License/Passport/Voter ID/Aadhaar Card/Utility Bill/Bank statement).

● Income proof (Income Tax Return (ITR), last three months’ bank statements).

By ensuring that you have all the required documents in order, you can make buying a two-wheeler on EMI as smooth and hassle-free as possible. With financing options available, owning a two-wheeler has become more accessible and affordable for many people.