Best Tips to Get Your Two-Wheeler Loan Application Accepted in One Go

muthut finance

Two-wheeler vehicles consist of bikes, scooters, and mopeds. A two-wheeler can last for up to 1 lakh kilometres, and it can get you one step closer to public transportation. You can easily navigate the heavy traffic in metropolitan cities and be on time for work or use it to deliver your door-to-door services.

With the financial instability induced by the unprecedented COVID-19 pandemic, not everyone can afford a two-wheeler. However, opting for two-wheeler finance can help you get your dream bike without putting any burden on your finances.

There is no need to put your dream of owning a bike on hold due to a lack of funds when you can apply for a two-wheeler loan. The best part about a  two-wheeler loan is that you can opt for almost 100% of the vehicle’s on-road price as a loan. You can avail yourself of the best interest rate with flexible repayment tenure.

Understanding the common phrases

If you are applying for the first, then you must understand the nomenclature or phrases used by the lenders.

  • Principal loan amount

The principal amount is referred to the amount you take as a loan. The loan amount is decided based on the cost of the two-wheeler and your repayment capacity. You can get up to 100% of the bike’s on-road price if you have a good credit score.

  • Interest rate

It is a certain percentage of the principal amount that the borrower is expected to pay on a monthly, quarterly, or yearly basis. Some lenders’ offers start from as low as 0.99%.

  • Equated Monthly Installment

It is the amount that the borrower is supposed to pay every month. It contains a part of the principal amount and interest accrued on the bike loan.

  • Loan tenure

It is the term within which the borrower is expected to repay the loan amount. The loan tenure generally ranges from 12 to 48 months.

  • Repayment Capacity

It is your ability to repay the loan amount along with interest. Repayment capacity is judged based on your current income and expenses along with other loans you have. You can determine your EMI using an online bike loan EMI calculator.

  • Processing Fees

It is a one-time, nominal fee charged by the lender to process your loan application.

How to get a two-wheeler loan application accepted in one go?

  • Eligibility criteria

Before applying for a two-wheeler loan, you should start with a quick eligibility check. You must meet the lender’s eligibility criteria to apply for a two-wheeler loan.

The common eligibility requirements are:

  • You must be a citizen of India for a minimum period of 12 months. You must also reside at the address during the said period.
  • You must be 18 years old at the time of the two-wheeler loan application and 65 years during maturity.
  • You must a salaried person working at a public or private undertaking, or you must be a self-employed person with a minimum income as per the lender’s policy.
  • You must maintain a good CIBIL credit score.
  • You must furnish relevant KYC documents such as PAN, Aadhar Card, etc.
  • Calculate your EMI

After meeting the eligibility requirements, you must find out the exact amount that you need to repay. Every lender has an online two wheeler loan EMI calculator that you can use to determine your monthly EMI.

The bike loan EMI calculator is a simple tool that is available for free. Simply put in your preferred loan amount along with interest and choose a repayment period to check the approximate EMI amount you may need to pay.

  • Documents

Another factor you have to consider before applying for a two-wheeler loan is the documents required. Documents are needed by lenders to verify your eligibility status.

Here are the documents required by most lenders:

  • A duly signed application form.
  • KYC documents such as PAN Card, Aadhaar Card, Driving License, etc.
  • Passport size photographs.

Additional documents required in case of a salaried person

  • 3 months salary slip
  • Bank statements (last six months)

Additional documents required in case of a salaried person

  • Income Tax returns (last three months)
  • Bank statements (last six months)

Depending on your profile and loan application, lenders may request a few additional documents after a thorough review.


A two-wheeler loan is the best way to buy your dream bike without compromising your finances. However, you must ensure to meet the eligibility criteria, know your EMI payable, and check relevant documents to get your two-wheeler loan application accepted in one go.

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