Check Two Wheeler Loan Eligibility Criteria

Hero FinCorp Two-wheeler Loan Eligibility Criteria

Why compromise on what you want when you have access to funds at your fingertips? At Hero FinCorp, we don’t ask you to go through stringent qualifying conditions. To check your two-wheeler loan eligibility, just go through the table below:

Parameters	Description
Citizenship & Age	You should be a citizen of India You must be over 18 years of age
Employment Status	Both salaried and self-employed individuals can apply for this loan
Experience	Salaried Individuals: You should have been employed for at least one year with at least six months of experience with your current employer. Self-Employed Individuals: You should have been in your current business for at least one year
Maximum Loan Tenure	Flexible repayment tenure up to 60 months
Minimum Loan Amount	You can apply for an amount as low as Rs 10,000
Maximum Loan Amount	Up to a maximum of Rs 3,50,000 or 95% of the bike's market value (conditions apply)
Monthly Income	Minimum income Rs. 10,000 Per month

Factors that Affect Two-wheeler Loan Eligibility

Before applying for a bike loan, be aware of the factors that influence your two-wheeler loan eligibility.

Age:

Your age helps the lender in determining your earning potential. Even students who can provide a guarantor for the loan can apply for it. Since there are no strict requirements for a two-wheeler loan, anyone over the age of 18 years can apply.

Income:

The eligibility criteria for a two-wheeler loan do not mandate you to have a high income. However, having a high income does assure lenders of your repaying capability. A high income not only lowers the risk associated with your profile but also increases your loan approval chances.

Credit History:

As part of two-wheeler loan eligibility, your credit history plays a critical role in determining if your two-wheeler loan will be approved or not. If you have a poor credit history that includes skipped EMIs for previous loans, we will not accept your two-wheeler loan application.

Area of Residence:

Your city of residence plays an important role in determining your two-wheeler loan eligibility. People who live in metro cities have a higher chance of loan approval than those who live in remote villages.

Employer Status:

Your bike loan eligibility is also influenced by the reputation of your employer. Working for a well-known organisation ensures that you have stable employment and a steady stream of income, making your profile less risky. This enhances your chances of getting instant two-wheeler loan approval.

Stability:

Your employment stability determines if you should be granted a two-wheeler loan or not. If you are applying for a loan with us, you must have been employed for at least a year and have spent at least six months in your current job.

Existing Debt:

Your current debt, or debt-to-income ratio, has an impact on your two-wheeler loan eligibility. If you already have too many debts and spend the majority of your income on debt payments, your prospects of getting a two-wheeler loan are minimal.

How to Improve Your Eligibility for Two-wheeler Loan?

Do not be disheartened if you find that you are not eligible for a loan when you check bike loan eligibility online. Here are some tips to boost your two-wheeler loan eligibility.

Improve Credit History:

If you have a bad credit history, improve it by paying off outstanding debts and previous default loans. This will not only increase your loan approval chances but will also help you in bagging a better deal on your bike loan.

Long Repayment Tenure:

Opting for a long repayment tenure makes loan repayment easier on your wallet as you get more time to pay off your two-wheeler loan instalments. This will not only enhance your eligibility for a two-wheeler loan but will also reduce your monthly instalment obligations.

Add Co-applicant:

Opting for a joint loan by adding a co-applicant can improve your eligibility for a two-wheeler loan. This is because, in addition to your income, we will also consider your co-applicant(s) income. However, do check to see if the co-applicant you are adding has a high income and a good credit history.

Additional Income:

If you have other sources of income in addition to your primary source of income, you must disclose them when applying for a two-wheeler loan. Having a secondary source of income such as rental income, income from mutual funds, or fixed deposits increases your loan approval chances.

Frequently Asked Questions

What is the eligibility for a two-wheeler loan?

Irrespective of being a salaried or self-employed individual, you must meet the following two-wheeler loan eligibility requirements:

You must be over the age of 18 years
You must have a steady flow of income
You should have been employed for at least a year

How to check eligibility for a two-wheeler loan?

To check bike loan eligibility, go to Hero FinCorp's website and read our eligibility section. You may also use a two-wheeler loan eligibility calculator.

Who can apply for a two-wheeler loan?

Both salaried and self-employed individuals are eligible to apply for a two-wheeler loan.

How does your monthly income influence your bike loan eligibility?

Since you will be paying off your two-wheeler loan in monthly instalments (EMI), you must have enough earnings to fulfil your monthly expenses as well as your EMI commitments. Thus, having a higher income boosts your eligibility for a two-wheeler loan. In addition, if your monthly income is high, you will be able to obtain a higher two-wheeler loan amount and vice versa.

How does your credit report influence your two-wheeler loan approval?

Your credit history is a record of your previous borrowings and repayment patterns. It helps the lender in determining the soundness of your profile. If you have defaulted on any of your previous loans or skipped EMIs on a previous or existing loan, your lender will learn about it through your credit report. If you are looking to apply for a two-wheeler loan, make sure your credit report is in good shape.