Here’s how you can apply for a 2-wheeler loan if you are self-employed

Transportation is the necessity of every individual in modern times, and more often than not, the need for a two-wheeler or four-wheeler loan arises. Loan products are designed to make your purchases easier and your financial situations better. However, there are specific criteria when it comes to applying for loan and documentation that is mandatory for a loan to get processed.

While it may not be difficult for salaried employees to opt for a bike loan, self-employed individuals often wonder how to apply for one, and what are the documents required for bike loan.

Before knowing the documents required for motorcycle loan, it is essential to know the eligibility criteria for the same. Following are the basic ones for an individual who wants to apply for the credit –

• Applicant should be around 21 years old. If the applicant is 18 years or above, then a co-applicant is needed for a loan signing.
  OR
• The applicant can be less than or equal to 65 years at the time of loan maturity
• Applicant should have been a resident of the city (where the loan is being applied from) for a minimum of a year
• Self-employed applicant should be able to show a minimum a year of employment/earning stability, whichever possible.
• Applicant must have a postpaid connection for their mobile phone

Once you know you are fulfilling the eligibility criteria, you can proceed to compile your documents for bike loan. Self-employed individuals, just like a salaried individual, can get a 2-wheeler loan in a jiffy.

Following are the documents that are required for two-wheeler loan if you are a self-employed individual:

1. ID proofs: PAN Card, Aadhaar Card, Voter’s ID, Passport, or any other document that is issued by Central/State Government and PSU.
2. Photographs: Keep two passport-size photos handy for the loan process. You can also consult your loan provider and get specific details about the kind of picture or click they require (background colour, size of the photograph, photograph finishing, etc.)
3. Address proofs: Any PSU or MNC bank-issued document that has your address, like your Passport, Utility bill, driving license, ration card, Aadhaar card, etc. is permissible as address proof.
4. Employment proofs: Your latest ITR (Income Tax Return) and the bank statement of last three months would be required for loan application.

Self-employed individuals may not have the salary slips that they can show as proof of earning, but in their case, it is not mentioned in the mandatory list of documents required for bike loan. With online banking having eased the applicant processes, you need to go online and fill out a 2-wheeler loan application. Loan providers get in touch with you, offer their quote, and provide you pick-up of documents once you have selected the loan provider and narrowed in on the details.

The loan application is a seamless and hassle-free approach once you know exactly how, where and what to apply with. Once you have that figured out, you realise that getting the credit is merely a cakewalk!