How to get a two-wheeler loan with a good CIBIL Score?

How to get a two-wheeler loan with a good CIBIL Score?
2 min read

Banks these days are about the CIBIL score of an applicant before providing them with a two-wheeler loan. However, this need not deter you from getting the vehicle you need. 

Ways to get a two-wheeler loan:

Getting a two-wheeler loan with an excellent CIBIL score is not difficult. Many banks and financial institutions offer two-wheeler loans at attractive interest rates. However, you should compare the interest rates and terms and conditions of different lenders before availing of the loan. 

You can also use the online facility to compare the offers of different lenders. You should also check your CIBIL score before applying for the loan to improve your chances of getting the loan approved.

It would help if you also kept in mind that you will have to make timely repayments of the loan to maintain a good CIBIL score. You can do an online credit score check. If you default on the loan, it will adversely affect your CIBIL score and make it difficult for you to get loans in the future. 

Therefore, you should always try to repay the loan on time. You can also avail the facility of pre-payment of the loan to reduce the interest burden.

Documents required for Two-Wheeler Loan:

  1. Proof of identity (any one of the following):
  • Passport
  • PAN Card
  • Voter ID Card
  • Aadhar Card
  1. Proof of Residence (any one of the following):
  • Passport
  • Utility Bills - Electricity, Telephone, Post-paid mobile bills
  • Rent Agreement
  1. Proof of Income:
  • Last 3 months' salary slips
  • Form 16/IT return filed for the last 2 financial years
  1. Passport size photograph
  2. Loan Application form duly filled and signed
  3. Cheque leaf for Equated Monthly Instalment (EMI)
  4. Cheque for Processing Fee
  5. Any other documents required by the bank/financial institution

Other than the above-mentioned general documents, some banks may have additional requirements based on their internal policies. Therefore, it is advisable to check with the bank/financial institution beforehand to avoid any inconvenience at a later stage.

Read More:- How to rebuild your CIBIL score quickly?






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Rajdeep singh 2
Rajdeep is a well-known financial advisor with the ability to keep track and predict market trends with the utmost accuracy. He has been managing portfolios for...
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