New Bike Loan

Your heart is set on a dream bike, and you think this is the right time to buy it. Considering your finances, you decide to go for a two-wheeler loan after putting together some money as a down payment.

However, there are a few things you need to consider before you apply for a two-wheeler loan online.

Credit Score

Your CIBIL or credit score plays one of the most critical roles in getting you a two wheeler loan. It decides how capable you are of paying back the loan. Lenders tend to trust people with good credit scores and sometimes offer longer tenures or lesser interest rates. Even if your credit score is low, you can get a loan for your dream bike, but you may have to face the brunt of a higher interest rate.


The eligibility criteria for a two-wheeler loan differs from lender to lender. However, some standard rules are followed across all lending platforms.

These include a minimum age of 21 years, repayment to be done before 60 years of age and a stable job for at least a year before your loan application. You also need to be residing at your declared residential address for at least a year.

Loan Tenure

Loan tenure is another thing you need to keep in mind while buying a bike on EMI. Your interest payments will decrease if you choose a shorter tenure, but your monthly EMI will shoot up. With a longer tenure, you tend to pay lower EMI amounts with a little more interest.

Short tenures also attract higher interest rates compared to longer tenures. So choose a tenure that keeps your EMI in the budget, and the repayment doesn’t cause a financial burden on you.

Interest Rates

The loans market is so saturated that a single online search will get you hundreds of results for a two-wheeler loan. However, not every loan will be suitable for you. The interest rate you choose for your bike loan will decide the final amount you have to repay after taking the loan. So, shop around for the best deal on 2 wheeler loan interest rate. Consult with lenders and negotiate the rates to get what is suitable for you. 


Looking through cupboards to get your documents in order can be tiresome and tiring, but it is crucial for quick loan disbursement. Every lender has a list of documents required from you with the loan application. Some of these documents include proof of identity, income, address and photographs. This list can be longer or shorter depending on the lender you choose. 

Loan Amount

Just because there are many loan options available in the market doesn’t mean you need a lot of money. Over-borrowing can often lead to financial burdens and higher interest rates which can shoot up your monthly payment instalments. That can significantly derail your overall budget and finances. The worst thing that can happen is you default on the loan, negatively affecting your credit score. 

There are many two-wheeler loans available that can enable you to get your dream bike. However, before you sign on any documents, please review them carefully, inquire for discounts and offers and set realistic targets for your EMIs.