Riding a two-wheeler is the most freeing feeling. It is
perhaps the only motorized vehicle, which you can use to navigate through
rush-hour traffic. Whether it is a geared bike or a gearless one; two-wheeler
are especially popular in cities where the means of public transportation are sub-standard.
Today, you can apply for online two wheeler
loans and bring home your dream bike. But before you do, you need to check
if you are eligible for the loan. You can do this with the help of a bike loan
eligibility calculator. Here’s what it is and how it works
What is a loan eligibility calculator?
A loan eligibility calculator is an online tool that you can
find on the website of all lenders, offering various kinds of loans. These
calculators are designed considering the type of loan you need. So, if you wish
to buy a two-wheeler by taking out a loan, you need to use a two-wheeler loan
eligibility calculator. As the name suggests, this calculator can helps you
understand the exact loan amount you are eligible for, to purchase a
two-wheeler. The calculator factors in your age and income among other things
to determine the maximum loan amount you can get.
How to use a loan eligibility calculator
Using the bike loan eligibility calculator is rather simple.
You need to follow the below mentioned 5 steps to check the maximum loan amount
you are eligible.
Chose a lender for your loan and visit their website
The first thing you need to do is decide the lender you
would be approaching to get your loan sanctioned. This decision should be based
on factors such as interest rate charged against two-wheeler loans by different
lenders and flexible loan repayment tenures among other things. Upon finalising
a lender, you need to visit their website and find the bike loan section.
Find the loan eligibility calculator
Once you’re in the loan section, you need to find the tab
that says ‘check your bike loan eligibility’. This tab is generally the first
tab you will find on all lender websites. You should not apply for a loan
before checking whether or not you are eligible for it.
Enter your date of birth
Once the calculator appears on your screen, you need to
first enter your date of birth. This tab is important because lenders generally
check eligibility for two wheeler loans on the basis of your age. You need to
be older than 21 years and up-to 65 years of age to be eligible for the loan.
Enter the details of the city you live in
In the next tab of the calculator, you must fill in the
details of the city and state you live in. This tab is essential because the
road-taxes applicable for riding a two-wheeler are different in every city.
Enter your monthly income
Your monthly income also helps lenders calculate your 2
wheeler loan eligibility. To be eligible for a loan, you need to be able to
show an annual income of ₹72,000 and ₹84,000 if you are a self-employed
professional or a salaried individual respectively
Click on Enter
Once you have entered the above mentioned details, you can
click on the enter button to check the exact loan amount you are eligible for.
