Getting your vehicle brings with itself a sense of freedom, and the first vehicle one generally owns a two-wheeler. In addition to cost-effectiveness, a two-wheeler is the perfect means of transport for everyone. Youth love the new-age scooters while the middle-age groups prefer motorbikes. The experience of a two-wheeler is liberating.

This dream is usually fulfilled with the help of external financing in the form of loans. This is a guide to get a loan to buy a two-wheeler without issues.


  1. Type of loan: Understand the type of loan and brand according to your needs. One also needs to understand and know the company they are planning to avail the loan from. One should consider factors like charges, interest rates, plan benefits, coverage, customer service, and other offers while considering taking the loan. 

Earlysalary provides one of the lowest interest rates without asking for any collateral or down payments. EarlySalary’s two-wheeler loan process is quick, hassle-free, and comes with flexible plans.

2. Checking loan eligibility: Some of the standard criteria for a
bike loan application in India include:

two wheeler loan
  • If you are a working professional, your age should be a minimum of 21 years to apply and a maximum of 60 years when tenure ends.
  • If you are self-employed, you should be a minimum of 21 years old and a maximum of 65 years when the tenure ends.
  • An applicant is supposed to have a minimum earning per annum, depending on the type of city you are in.
  • A minimum residence in the same city for one year with a phone number at residence/office.

Most websites calculate your bike loan eligibility criteria on their own by taking your information, making the process a lot more straightforward. EarlySalary FAQs should provide an instant loan amount in less than 10 minutes if you fulfill all their criteria.

3. Calculating EMI: For the uninitiated – an EMI or Easy Monthly Installment is a payment fixed by the borrower to repay the lender on a particular date every month. Websites usually have an EMI calculator, which calculates an estimated EMI amount based on the details fed into it. Take EarlySalary, for example. With it, you can avoid manual calculations and even rigid EMI amounts. The app accurately determines repayment amounts and interest charges and lets you pick from flexible repayment options, allowing you to choose your two-wheeler loan EMI.

4. Application: With the right lender, The two-wheeler loan application process can be done entirely online. Most would require you to fill in your personal and bank details as required. Also, details about your two-wheeler are supposed to be refurbished like road price, name of the dealer, RTO location, etc. Ideally, though, you should pick a lender that avoids too many questions and offers you a loan straight up. The entire approval process being completely digital will also make it a very quick offer. Applying for Loan for Buying a Two Wheeler has the least hassle when you face minimum documentation and quick processing. 

two wheeler loan

5. Documentation: To have your two-wheeler loan application approved, you’ll typically need to furnish some documents. These generally include:

  • Residence proof (Voter ID, Passport, driving license, etc.)
  • Identity proof (Aadhar card applicable)
  • Income proof (salary slip or IT returns)
  • Two passport size photographs
  • PAN Card

Planning your two-wheeler loan

  • Purchase Plan: Keep an eye out for avail attractive discounts and offers around the time of festivals or anniversaries. This might include benefits like free insurance or reduced processing fees, which will reduce your cost.
  • Researching: With a wide range of two-wheeler loan choices available in the Indian market today, it becomes difficult to choose the best. Understand the benefits provided and additional eligibility criteria asked for, and then select the one which suits your needs.
two wheeler loan

  • Creating a repayment plan: 4.13% of people in 2019 risked default on the payment on their two-wheeler loan. A better financial plan would mean that the burden of repayment reduces, and the process is seamless. Plan for contingencies, factor fuel, and other maintenance costs while creating the repayment plan. EarlySalary’s plan comes with flexible repayment tenures and zero prepayment charges. It also helps in receiving up to Rs. 2,00,000 in financing for your two-wheeler.
  • Factors affecting interest rates: Getting finances for your two-wheeler comes with an interest payment. Certain factors like net income, income stability, employee reputation, credit score, loan period, and repayment history will decide the loan you might receive. Ensure that your financial standing is good in terms of repayment, and you have a stable and good net income. It will help in ensuring you get your loan at a lower rate of interest.

What’s Next After Two Wheeler Loans?

The dream often starts from a two-wheeler and expands to other future investments and financial goals. Regardless of their variety, EarlySalary personal loans are here to help. For two-wheelers though, today, anywhere in India, you can get a two-wheeler loan in a matter of minutes. The customer is spoilt for choice and with tech taking an upper-hand, its advantage customer.

Feel free to get in touch with us for any questions on credit, loans, and your instant cash needs! We’re listening all day on:
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