two wheeler loan

1. Overview A Two Wheeler Loan is a retail financing product designed to assist customers in purchasing motorcycles, scooters, or other eligible two-wheelers. The loan enables customers to own a vehicle by paying in affordable Equated Monthly Installments (EMIs) over a predefined tenure. 2. Objective To provide quick and convenient financing for two-wheeler purchases To enhance customer affordability and accessibility To support both salaried and self-employed individuals in vehicle ownership 3. Key Features Loan Amount: Up to 90–100% of the on-road price (subject to eligibility) Tenure: Typically ranges from 12 to 60 months Interest Rate: Fixed or floating, based on lender policy Repayment Mode: EMI via auto-debit, ECS, or post-dated cheques Processing Time: Quick approval, often within 24–48 hours Prepayment/Foreclosure: Allowed as per terms, may include charges 4. Eligibility Criteria Minimum age: 18–21 years Maximum age at loan maturity: Typically 60–65 years Applicant type: Salaried or self-employed individuals Stable income source with minimum income threshold Good credit history (as per credit bureau norms) 5. Documentation Requirements Identity Proof (Aadhaar, PAN, Passport, etc.) Address Proof Income Proof (Salary slips, bank statements, ITR for self-employed) Employment details or business proof Vehicle quotation/invoice 6. Loan Process Flow Application Submission: Customer submits loan application with required documents Verification: Lender verifies identity, income, and credit profile Approval: Loan sanctioned based on eligibility and risk assessment Disbursement: Funds disbursed directly to dealer or seller Repayment: Customer repays via EMIs over the agreed tenure