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We grew up watching our elder brothers ride their bikes. Most of us began to acquire a desire to purchase our own two-wheeler. As more banks and NBFCs began to lend on motorcycles, the dream began to take shape.
In general, the minimum age for obtaining a two-wheeler loan is 21 years. People often finish high school at the age of 21 and begin working. Because banks want a steady revenue source before giving a two-wheeler loan, the minimum age is established at 21 years.
However, some banks and non-banking financial institutions make bike loans to those under the age of 21. The minimal age for granting a Bike Loan to a College Student is 18 years old. Bike loans for students have grown in popularity. It is becoming increasingly popular among students.
Because of the increased demand for student bike loans, it is important for all of us to grasp their characteristics and eligibility.
Every bike is an emotion, and a bike loan for students is the way to attain it. There are several bike manufacturing businesses, and they are always developing new bike types. As a result, a bike loan is essential for assisting individuals in becoming proud owners of their fresh new two-wheeler.
Several banks and non-banking financial institutions provide rapid approval for a bike loan and finance 100% of the bike’s on-road cost. Rates might be set or variable, depending on the borrower’s preference.
Take out a Bike Loan and start living your dream – Bike Loan Benefits.
Bike loans provide a number of perks. Here are a few examples:
Because most banks and financial institutions offer 100% financing, there is no need to organize an initial down payment. The first down payment may be difficult to arrange, which may cause the purchase of a bike to be delayed.
The majority of the bike’s insurance and registration fees are included in the loan amount. Instead of paying for registration and insurance up front, the borrower can reimburse them in monthly installments.
Banks have relationships with the majority of bike dealerships. As a result, it is simple for a consumer to apply for a bike loan.
What exactly is a Student Bike Loan?
To apply for a bike loan, you must be at least 21 years old. If a bike loan is given to someone under the age of 21, it is referred to as a Bike Loan for Students. Students often finish high school by the age of 18 and begin preparing for graduation.
Individuals between the ages of 18 and 21 are eligible for a loan for students on motorcycles. Bike loans for students are common, and various banks and non-banking financial institutions may assist students in obtaining a bike loan.
Benefits of a Student Bike Loan
The following are the characteristics of a student bank loan:
The minimum payback time for college students’ bike loans is three years. So, if a student takes out a bike loan, they must pick a three-year payback plan.
A co-applicant with a high salary is not required for a bike loan for college students. Even if the co-applicant has a moderate salary, the student bike loan will be authorized.
A co-applicant or guarantor is required to obtain the student bike loan. Students’ income is often not consistent or reliable, as the majority of students work part-time. As a result, in order to grant a bike loan to a college student, banks and other financial institutions demand a guarantor or a co-applicant.
Most banks and non-banking financial providers require up to three days to approve a bike loan for students. As a result, applying for a student bike loan will take no more than three days.
The student bike loan is unsecured, which means the applicant does not need to provide any security or collateral.
Students can use the loan to purchase whatever bike they like. As a result, there are no limits on the sort of vehicle that may be acquired with a bike loan for students.
Qualification for a Student Bike Loan
Banks and other financial organizations have established various qualifying criteria for obtaining a student bike loan.
The borrower’s minimum age cannot be less than 18 years. If a student wishes to apply for a student bike loan, he or she must be at least 18 years old.
A co-borrower or guarantor is required for an applicant to obtain a student bike loan. Because students typically do not have a consistent and reliable source of income, having a co-borrower or guarantee mitigates the lender’s default risk.
Because students do not have a consistent source of income, the co-borrower or guarantor should. The co-borrower or guarantor should be able to provide verifiable proof of income.
The borrower must be a student in order to apply for the loan. The complete student bike loan plan is meant to allow students to obtain a bike of their choice.
A loan cannot be obtained without a credit score. A decent credit score is required for the co-borrower or guarantor. Most banks in the US want a credit score of 700 or above.
A college student bike loan application must have a permanent address.
Documentation is required to get a Student Bike Loan.
The documentation needed to obtain a loan for a student riding a bike are listed below days:
- Proof of identification is required. Valid papers include a voter ID card, passport, driver’s license, and so on. The bike lending will be denied if you do not provide correct identification.
- Address verification documents are also required. A permanent address must be provided by the applicant. The documents include a bank passbook, a passport, and so forth.
- The co-borrower or guarantor must provide legitimate proof of income:
- If the co-borrower or guarantor is employed, they must provide proof of income.
The Guarantor’s latest six months’ pay stubs are required. Paystubs demonstrate the guarantor’s capacity to generate revenue. If the paystubs show inconsistent income, the student bike loan application may be denied.
A bank statement from the guarantor or co-past borrower’s six months is also necessary. The bank statements will assist the lender in understanding the guarantor’s costs. If the guarantor’s costs exceed his income, the student loan application may be denied.
If one of the co-borrowers or guarantors is self-employed
The guarantor must furnish a minimum of two years of income tax returns. Filing a tax return is critical, and a minimum of a two-year return is required to qualify for a student bike loan.
The most recent one-year bank statement is required. The statement will assist lenders in analyzing the guarantor’s income and spending.
If a guarantor is self-employed, he or she must present confirmation of the business. Lenders attempt to confirm the source of revenue, whether it is real or not.
Conclusion
Student Bike Loans are quite common. The bike is the most efficient mode of transportation. Having a personal car is essential in the present epidemic situation. Bikes are particularly cost effective since they get excellent mileage and may avoid traffic bottlenecks. Student Bike Loans are available from a number of banks and financial institutions.
So investigate their offer or conduct more study before making a choice on whether or not to accept the loan. You’re only a few steps away from your ideal ride!