What is the Minimum Salary Required for a Bike Loan?
Are you eager to buy a bike but concerned that your salary might not meet the requirements for a loan? You're not alone in this problem.
This is where the convenience of a two-wheeler loan comes in. It allows you to cover the expenses of purchasing a two-wheeler and repay the amount at your pace. In this guide, we will discuss the minimum salary for bike loans and other eligibility criteria.
Key Highlights
- When it comes to buying your dream bike, your salary can impact your eligibility for a bike loan.
- Consider choosing an affordable bike and saving for a down payment. Other things that can make the process easier are to increase the credit score and consider a joint applicant.
- Factors that affect bike loans with minimum income include loan amount restrictions, credit history, employment stability and the debt-to-income ratio.
- With Shriram Finance, owning the bike of your dreams can now easily become a reality. You can apply online through an easy four-step process.
Eligibility Criteria for a Bike Loan
Apart from the minimum salary for bike loan, we can consider the following eligibility criteria.
- Age: 21 — 59 years
- Employment Proof: Stable employment for at least one year or stable business for at least two years
- Residence: Should be residing at the current address for at least one year
Factors Affecting Bike Loans with a Low Salary
- Loan Amount: The amount of loan provided depends on the salary. If the borrower has a lower salary, the loan amount provided will be lower, and vice versa.
- Credit History: It determines what kind of interest rate is charged.
- Employment Stability: Lending institutions prefer borrowers with a stable employment history and who have been in the same position for at least one year.
How to Buy Bikes with a Minimum Income
Consider these tips for buying a bike with a minimum salary.
- Choose an Affordable Bike: Consider factors such as the bike's price, maintenance costs and fuel efficiency.
- Save for Down Payment: Saving for a down payment reduces the loan amount, making it easier to repay. Generally, you might have to pay between 5% and 15% of the price as a down payment.
- Improve Credit Score: Make timely bill payments and clear outstanding debts.
- Repayment Options: Calculate your monthly payment in advance with Shriram EMI Calculator.
- Consider a Joint Applicant: Applying for a bike loan with a co-applicant who has a higher salary can increase the chances of loan approval.
To Sum Up
With the developments in banking and credit products around the country, we are no longer held back from buying our dream bike by your salary. Two-wheeler loans are helping more and more people realise their dreams with ease.
Shriram Finance offers two-wheeler loans even with minimum income . Whether you are a salaried individual or self-employed, there are tailored solutions to meet your specific financial needs. You can now get two-wheeler loans with flexible tenure and affordable interest, with a minimum salary starting from ₹10,000. Take the first step towards bike ownership with Shriram Two-Wheeler Loan today!
FAQs
1. How much minimum down payment is required to buy a bike?
This depends on the lending institution and the two-wheeler loan that you opt for. As a rule of thumb, one can assume that at least 10-20% of the price should be the down payment. Some NBFCs, like Shriram Finance, offer up to 100% financing.
2. Will I have to pay any additional charges for the two-wheeler loan application?
Yes, you will have to pay a loan processing fee, which is generally about 1-2% of the loan amount. This amount is non-refundable.
3. Is there any option for buying a two wheeler with a zero down payment?
Yes. Many lending institutions offer two-wheeler loans with zero down payment. You can check out the Shriram Two-Wheeler loan to get started.
4. Can I get a bike loan if my salary is 12000?
Yes, you can get a bike loan even if your salary is ₹12,000. The minimum salary for a bike loan in India starts from ₹10,000.
5. What is the minimum CIBIL™ score required for a two-wheeler loan?
Generally, for a two-wheeler loan, it is recommended that the CIBIL™ score be above 700 at least.
