Purchasing a bike in India is not only a necessity but also a passion. But, not everyone can afford to pay the full price of a bike in one go. Therefore, banks and other financial institutions provide bike loans to individuals who want to purchase their dream bike. But, not everyone is eligible for a bike loan.

In this blog, we will discuss bike loan eligibility in India

  • Age: The minimum age required to apply for a bike loan is 18 years. The maximum age limit for a bike loan is generally 65 years. However, this may vary from bank to bank.
  • Employment: To apply for a bike loan, the applicant must be employed. Banks require the applicant to have a stable source of income. This ensures that the applicant can repay the loan amount. The applicant should be working for at least 1 year to be eligible for a bike loan. However, some banks require the applicant to have a minimum of 2-3 years of work experience.
  • Income: The minimum income required to be eligible for a bike loan is Rs. 15000 per month. However, some banks require a higher minimum income. The income requirement varies depending on the bike model and the lender providing the loan. Generally, the higher the income, the higher the loan amount.
  • Credit Score: Banks check the credit score of the applicant before approving the bike loan. A credit score is a numerical representation of an individual’s creditworthiness. A good credit score increases the chances of loan approval. A credit score of 750 and above is considered good. However, some banks have a lower credit score requirement.
  • Residence: The applicant should be a resident of India to be eligible for a bike loan. The applicant should have permanent address proof, such as a voter ID card, Aadhaar card, or passport. The address proof should match the address mentioned in the loan application.

Documents Required

The applicant should submit the following documents to fulfill bike loan eligibility requirements:

  1. Identity Proof: Aadhaar card, Voter ID card, Passport, or PAN card.
  2. Address Proof: Aadhaar card, Voter ID card, Passport, or utility bill.
  3. Income Proof: Salary slips for the last 3 months or bank statements for the last 6 months.
  4. Employment Proof: Appointment letter or employment certificate.
  5. Photographs: Passport-size photographs of the applicant.

How to be eligible for a bike loan without making a down payment?

If you are interested in buying a bike but do not have the funds to make a down payment, you may be wondering if it is possible to get a bike loan without a down payment. The good news is that many lenders offer financing options that allow you to purchase a bike without putting any money down.

Here are some tips for finding a bike loan without a down payment:

  1. Shop around: Start by looking for lenders who offer bike loans without a down payment. You can compare interest rates, loan terms, and other features to find the best option for you.
  2. Check your credit score: Your credit score will play a significant role in whether you qualify for a loan and what interest rate you will be offered. Make sure your credit score is in good standing before applying for a loan.
  3. Consider a co-signer: If your credit score is not strong enough to qualify for a loan on your own, you may want to consider getting a co-signer. This can be a family member or friend who has good credit and is willing to vouch for you.
  4. Show proof of income: Lenders want to know that you can afford to make your loan payments. Be prepared to show proof of income, such as pay stubs or tax returns.

Getting a bike loan without a down payment may be a great option for those who are not able to put money down but still want to enjoy the thrill of riding a motorcycle. By doing your research and being prepared, you can find a lender like Hero FinCorp that will help you get the bike you want.


To sum up, bike loan eligibility is age, employment, income, credit score, and residence. The applicant should fulfill these criteria to be eligible for a bike loan. Moreover, the applicant should submit the necessary documents to the bank or financial institution to apply for a bike loan. It is advisable to compare the interest rates and loan amounts provided by different banks before applying for a bike loan.

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