Used Bike Loan

Ride Your Dream — Get a Used Bike Loan Today

Finance your second-hand bike easily with low interest rates, flexible repayment options, and quick approval — making it simple to hit the road without financial stress.

Used Bike Loan

A Used Bike Loan is a financial product offered by banks, non-banking financial companies (NBFCs), or other lenders to help individuals purchase a second-hand motorcycle or scooter. Instead of paying the full amount upfront, borrowers can finance the bike through a loan and repay it in installments over a period of time.

Features and Benefits of our Used Bike Loan

High Loan Amount with Low Down Payment
Used bike loans typically cover 70%–90% of the bike’s on-road price. This means you only need to pay a small portion upfront, making it affordable to purchase a bike even if you don’t have the full amount available at once.
Flexible Tenure and Affordable Interest Rates
You can choose repayment periods from 12 months up to 36 months or more, depending on what suits your financial situation. Along with this, lenders offer competitive interest rates so that you can repay the loan in easy installments without straining your monthly budget.
Quick Approval with Minimal Documentation
The process is straightforward and hassle-free. You only need to submit essential documents like identity proof, address proof, income proof, and details of the bike. This allows for faster loan approval and helps you get your bike without unnecessary delays.
Optional Insurance and Top-Up Facilities
Many lenders offer insurance as an add-on, providing extra safety and peace of mind in case of accidents or damage. Additionally, if you face unexpected expenses, some lenders allow you to apply for a top-up loan, giving you access to additional funds without applying for a new loan.

Used Bike Loan Eligibility

Age: Generally between 21 and 65 years.

Income: A minimum monthly or yearly income as specified by the lender.

Employment: Stable employment with at least 1–2 years of work experience, or a steady business for self-employed individuals.

Credit Score: A good credit score, typically 700 or above, is preferred.

Down Payment: A certain percentage of the bike’s price is required as a down payment.

Documentation: Valid identity proof, address proof, income verification documents, and bike registration papers.

Loan Amount: The loan amount depends on your income and repayment capability.

Debt-to-Income Ratio: Lenders assess existing debts in relation to your income before approving the loan.

Bike Age: The bike should generally be within 10 years of age at the time of loan maturity.

For Salaried Individuals

Must be at least 21 years old at the time of application and not older than 60 at the end of the loan tenure.
Should have a minimum of two years of work experience, with at least one year at the current employer.
Must earn at least ₹1,00,000 annually, including the income of a spouse or co-applicant.

For Self-Employed Individuals

Must be at least 21 years old at the time of application and not older than 65 at the loan’s completion.
Should have been running the business for at least three years.
Should earn at least ₹1,00,000 per year.

Factors Affecting Used Bike Loan Eligibility

Credit Score: Reflects past loan repayment behavior.
Income Level: Ensures your ability to pay EMIs.
Employment Stability: Indicates consistent earnings.
Debt-to-Income Ratio: Helps assess financial health.
Age of Bike: Determines eligibility and loan terms.

List of Documents Needed

KYC Documents: Valid photo ID proofs such as Aadhaar Card, Passport, Voter ID, etc.
PAN Card: As proof of identity and income.
Income Proof: Last 2 years’ ITR statements.
Salary Slip: Latest 3 months’ salary slips (for salaried applicants).
Bank Statements: Latest 6 months’ salary or business account statement.
Cheques
Bike Registration Certificate (RC): Proof of ownership and vehicle details.
Bike Insurance: A valid insurance certificate for the bike.