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            • Two Wheeler Loan Eligibility

            Two Wheeler Loan Eligibility

            Have you waited too long to buy your dream bike? Wait no more. With Hero FinCorp’s bare minimum eligibility requirements, get your two-wheeler financed without any hassle.
             

              Apply Now for Two-wheeler Loan

              Hero FinCorp Two-wheeler Loan Eligibility Criteria

              Ready to buy your dream bike? Hero FinCorp offers instant Two-Wheeler Loans at competitive rates with minimal eligibility requirements. Get quick approval, competitive interest rates, and flexible repayment tenures. So, no more waiting—finance your ride hassle-free with Hero FinCorp and hit the road with confidence today!


              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.
               

              Citizenship & Age

              You should be a citizen of India and 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 and have at least six months of experience with your current employer.

               

              Experience (Self-Employed Individuals)

              You should have been in your current business for at least one year

               

              Maximum Loan Tenure

              Flexible repayment tenure of 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 100% 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

              Anyone over 18 years can apply; a guarantor is needed for students.

              Income

              Higher income improves approval chances but isn’t mandatory.

              Credit History

              Poor credit history lowers loan approval chances.

              Area of Residence

              Metro city residents have better loan approval chances.

              Employer Status

               A stable job in a reputed company improves approval chances.

              Stability

              Minimum one year of employment, six months in the current job required.

              Existing Debt

              Too many debts reduce loan approval chances.

              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.

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              Improve Credit History

              Clear past debts to get better loan rates and quick  approval.

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              Long Repayment Tenure

              A longer time to pay reduces EMIs and improves loan chances.

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              Add Co-applicant

              Adding a co-applicant with a good income helps get a loan.

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              Additional Income

              Show extra income to improve loan approval chances.

              Frequently Asked Questions (FAQs)

              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
              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.
              Both salaried and self-employed individuals are eligible to apply for a two-wheeler loan.
              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.
              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.
              Depending upon the documents and the time taken to verify the same, your two-wheeler loan will be processed within 48 hours.
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              Hero Fincorp Limited follows, high data and system security standard

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