In today’s fast life mode of transport is very important to match up the speed. If you are a salaried or self employed minimum you need is a two wheeler as your day today mode of transport. Two Wheeler Loan makes it possible to purchase a two-wheeler and pay back in lower monthly instalments, thereby reducing the burden of a one-time payment. However it will be difficult for you to pick up for the perfect two wheeler loans from the options available in the market. Certain eligibility criteria are to be met whether you are salaried or self employed.

Let’s discuss the eligibility for self employed individuals

1. Age

Minimum age of the applicant should be 18 years. Many banks offer two wheeler loans to individuals who are 21 years of age. Maximum age can be up to 75 years at the time of loan maturity in case of self employed individual.

2. Nature of business

Applicant should be a self employed individual. He should any business of his own, but should not be in the negative profile list as per the bank norms.

3. Years in business

Applicant should be in business for at least 2 years .He should be in the same line of business for the past 6 months at least.

4. Total work experience

Total work experience should be of minimum 2 years. Many banks offers two wheeler loans to students also, but in such cases certain conditions are to be met as per the norms decided by the bank.

5. Minimum monthly income

Minimum net monthly income of a self employed individual should be 10 k when he is applying for a two wheeler loan.

6. Repayment capacity

This is the major factor considered while deciding the eligibility of the individual. His monthly income and outgoing are subtracted. Remaining amount is the repayment capacity of the applicant. From this the loan amount is decided

7. Number of dependents

Dependents on the individual are also taken into consideration after the repayment capacity. More number of dependents will affect the eligibility .

8. Landline Number

Many banks ask for the landline number of either residence or office.

9. Years in residence

Minimum applicant should reside in the current residence for not less than one year.

10. Past credit history

Applicant should have a good and clean past credit history. A good credit score will always help you to get the best deal across the banks. Always try to maintain a good credit history to get the best deals possible in market. Even if your credit history is not that good, you can still get a two wheeler loan as it is a secured loan , your bike being the security at this. Even the issue of bad cibil score can be overlooked as two wheeler is a secured loan.

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