The number of women driving a scooty or a bike has increased over the last years. Most working ladies prefer a two-wheeler to commute to their workplace or run daily errands. If you are a woman looking to finance a new two-wheeler, a bike loan can provide the funds without hassle. Top leading financial institutions like Hero FinCorp are empowering women with their bike loans in India.
What is a Two-Wheeler Loan?
A Two-Wheeler Loan is a secured loan to help buy a motorcycle or scooter. When you purchase a bike or scooter using bike finance, it remains collateral with the lender till you repay the loan. The loan amount you can borrow depends on the lender’s policy. For example, Hero FinCorp can provide a Two-Wheeler Loan of up to 3.5 Lakh with repayment tenure of up to 60 months.
Before finalising a loan deal, use a Bike Loan Calculator to calculate your EMIs. The online tool calculates the instalments based on the loan amount, interest rate, and repayment term. Make an informed decision according to your finances and repayment capacity.
Why Should a Woman Finance a Two-Wheeler with a Loan?
A woman should finance a bike with a loan for various reasons. These include the following:
- High LTV Ratio: With a high loan-to-value ratio of up to 95%, you can bring your two-wheeler home by paying only 5% of its cost.
- Ample Loan Amount: You can get ample loan amounts of up to Rs 3.5 Lakh, which is enough to purchase the model of your choice.
- Competitive Interest Rates: With attractive interest rates, the bike’s cost does not increase significantly. You can distribute its cost into EMIs with just a little extra cost.
- Flexible Repayment: You don’t need to repay the borrowed amount within a short period. You can conveniently choose a tenure of up to 60 months to repay the loan.
- Quick Approval: Obtaining a loan to finance a two wheeler for ladies is quick and easy. You can apply for a loan in a few simple steps. The loan gets approved quickly after online verification. The minimal paperwork speeds up the loan process. It makes the funds available in no time.
- Freedom to Buy a Better Model: A loan of up to Rs 3.5 Lakh lets you choose a model suitable to your requirements. With an increased budget, you can afford a better two-wheeler model than you originally planned.
Who is Eligible for a Bike Loan for Ladies?
If you seek a bike loan for ladies, fulfil the following eligibility criteria to qualify:
- Citizenship: Indian citizenship
- Age: At least 18 years of age
- Employment Status: Salaried and self-employed applicants
- Experience: Salaried applicants should have at least one year of work experience, including six months in the current organisation. Self-employed individuals should be operating the current business for at least one year.
- Minimum Income: At least Rs 10,000 per month
Documentation Requirements for a Two-Wheeler Loan
Women who qualify for a bike loan must prepare the following documents to apply:
| Documents | Salaried Applicants | Self-Employed Applicants |
| Mandatory Documents | ● Duly filled loan application form ● Passport-size coloured photograph | ● Duly filled loan application form ● Passport-size coloured photograph |
| Identity Proof | Driving Licence, Aadhaar card, Passport, PAN Card, ID Card issued by Central Government/ State Government/ PSUs | Driving Licence, Passport, PAN Card, Aadhaar card |
| Residence Proof | Driving Licence, Aadhaar Card, Passport, Property or Municipal Tax Receipt, Ration Card, Utility Bill | Driving Licence, Aadhaar Card, Passport, Ration Card, Utility Bill |
| Income Proof | Last six months’ salary slips, last six month’s bank account statement of salary account, salary certificate with name, designation, and authorised signatory, Form 16 | Last six months’ bank statement, Recent Income Tax Return (ITR) |
| Job Continuity or Business Existence Proof | ● Current employer’s job offer letter ● Previous employer’s experience certificate | Copy of Tax Registration, Shop Establishment Proof, Company’s Registration Certificate |
| Others | Age Proof: Birth Certificate, Passport, PAN Card, Driving Licence | Office Address Proof: Maintenance Bill, Utility Bill, Property Documents, Rent Agreement, SSI or MSME Registration Certificate |
Steps to Apply for a Two-Wheeler Loan
Follow these steps to apply for a Two-Wheeler Loan for ladies:
- Visit the lender’s website.
- Go to the Two Wheeler Loan
- Click ‘Apply Now’.
- Enter the necessary details.
- Select the dealership from where you want to buy the two-wheeler.
- Accept the ‘terms and conditions’.
- Submit the application.
Tips and Tricks to Boost Your Two-Wheeler Loan Eligibility
Let’s see how you can boost your loan eligibility:
- Maintain a Decent Credit Score: Lending institutions check credit scores before sanctioning loans. Maintain a decent credit score to get a loan to finance a two-wheeler for ladies.
- Choose a Loan Company with Tie-Ups: Choose a loan provider with tie-ups with your preferred auto company. For instance, if you wish to purchase a Hero MotoCorp bike or scooter, approach Hero FinCorp to obtain a Two-Wheeler Loan.
- Use a Bike Loan Calculator: An online Bike Loan Calculator computes EMIs based on your loan amount, interest rate and repayment tenure. Using the tool, you can choose a loan plan with easily affordable EMIs. Efficient EMI management encourages the loan provider to approve your loan application with the best terms and conditions.
A Two-Wheeler Loan is a convenient way for ladies to finance a two-wheeler. However, improve your eligibility to get the best loan deal. Moreover, use a Bike Loan Calculator to pick a repayment term with the most affordable EMIs. Hero FinCorp can finance up to 95% of the two-wheeler’s cost at competitive interest rates. You can borrow up to Rs 3.5 Lakh to purchase the model of your choice.
