2 Wheeler Loan for Low Income (Rs.4000-15000) Earners: Income Reqd. by 18+ Lenders
Listed below is the minimum monthly income required by two wheeler loan providers in India:Since two wheelers are not very expensive (assuming you are not buying a very high end bike). The income eligibility criteria is not very high compared to car, home and personal loan.
|Name of the bank||Minimum Monthly Income Required|
|HDFC Bank||Rs. 7, 000 – Rs. 8, 000|
|Tata Capital||Income not mandatory|
|Mahindra Finance||No income proof required|
|IndusInd Bank||Rs. 10, 000|
|State Bank of India||Rs. 5, 000 – Rs. 6, 500|
|Tamilnad Mercantile Bank||Rs. 6, 250|
|Hero Fincorp||No income proof required|
|United Bank of India||Rs. 15, 000|
|Muthoot Capital||Rs. 8, 000 (salaried) – Rs. 10, 000 (self employed)|
|Central Bank of India||Rs. 10, 000|
|Karnataka Bank||Rs. 4, 000 – Rs. 5, 500|
|Punjab National Bank||Rs. 10, 000|
|Bank of Maharashtra||Rs. 25, 000|
|Dena Bank||Rs. 8, 250|
|Oriental Bank of Commerce||Rs. 10, 000|
|Allahabad Bank||Rs. 15, 000|
|Indian Overseas Bank||Rs. 5, 000|
|Syndicate Bank||Rs. 4, 500|
- ICICI Bank
- Canara Bank
- Bank of Baroda
- Bajaj Finserv
- IndusInd Bank
- Fullerton India
- Bajaj Finance
- L&T Finance & others
Other features in 2 wheeler loan:Loan amount: Not all banks offer 100% finance for the two wheeler. Typically 85% – 95% of the invoice price of the vehicle is provided. Pre-closure: Since the loan amount is small, it is recommended to close the loan as early as possible before the standard tenure. Although financiers will charge a small fee for pre-closure, it is worth doing it. This has two important benefits – credit score will be positive and money is saved as burden of EMI reduces. Start building credit score: If you are taking loan for the first time for 2 wheeler, then it is an excellent opportunity to start building your credit score. Since loan amount is small, regularly paying-off EMI will put you in good book of lender and credit bureau. Apart from regular EMI payment before last date, you need to follow very simple rules to improve credit score –
- Never pay minimum balance and always pay in full
- Never show hunger for too much of credit. And do not apply for too many credit applications in a short span of time.
- Never do card settlement
- Stay away from balance transfer
- Do not spend over the credit limit
This article has been written by Chandra Mehta.
Chandra is a seasoned banker with 35+ years of experience in banking and financial services industry. He’s a retired banker and has served as Chief Manager and Assistant Vice President in State Bank of India/or its subsidiaries.
He has authored many articles on this site (allonmoney.com).