Citizenship & Age
You should be a citizen of India
You must be over 18 years of age
Two Wheeler Loan Eligibility Criteria
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.
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:
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.
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 (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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