Personal Loan

Can Students Apply for Bike Loans in India


You may find two-wheelers in nearly every middle-class family’s house in India. Bikes are a major mode of travel for students in both urban and rural India. You must be aware that the majority of kids do not have the financial means to get a new bike and must rely on their parents’ income to do so. However, banks take a wide range of things into account before granting a two-wheeler loan to students.

Can Students Get a Bike Loan?

If you’re a student who can buy a two-wheeler, you may now get a two-wheeler loan by meeting certain criteria. Banks have found an ideal way for students with enough finances to complete the buy. A bike loan will allow you to quickly gather cash to buy a two-wheeler. Having a two-wheeler is seen as a viable form of travel, notably among the youth.

Students’ Qualifications For A Two-Wheeler Loan

  • Age

You must be an Indian citizen. Most banks require a minimum age of 21 years to get a bike loan, although other banks and NBFCs require a minimum age of 18. So, if you are above 18, you may apply for a two-wheeler loan to get a bike.

  • Part-Time Work

If you’re a student with a part-time job, you may use your payslips as evidence of money to get a lender to accept a two-wheeler loan. Most lenders want income proof to assess your repayment capacity, and consistent income might serve as proof of payback capacity.

  • Guarantor

A guarantor is a user who agrees to pay for your debt if you cannot return it. If you apply with a guarantor, you may easily acquire a two-wheeler loan. Your guarantor should have solid, steady work and give proof of salary and a good credit rating. This may make it easier to get a bike loan. A co-applicant or guarantor with a strong credit score and a steady job must apply for a bike loan. A decent credit score is usually 700 or above. Having a guarantor will protect you in the event of non-payment. The guarantor must be either self-employed or employed.

  • Payment in Advance

If you put a big down payment on your bike, your loan sum will be cheaper for the rest of the cost. As a result, lenders will be ready to offer a student a relatively small sum as a two-wheeler loan. As a result, the bigger your down payment on your bike, the more likely your loan will be accepted.

Documents Required for a Student Bike Loan

You must offer a few basic papers when asking for a student bike loan. The papers needed for a two-wheeler loan are noted below:

  • Identity Verification

You may give your Aadhaar Card, driver’s licence, passport, or Voter ID as identity proof.

  • Address Verification

You must also show address evidence, which you may do using your Aadhaar Card, Voter ID, passport, utility bills, or bank passbook.

  • Proof of Income

The co-applicant or guarantor must give proof of income.

  1. Salaried People

If they are salaried, students may supply pay stubs for the last six months and bank records for the same period.

  1. Self-Employed People

If the co-applicant or guarantor is self-employed, you must provide the ITR for the past two years. They must also produce their bank statement from the preceding year. Finally, they need to provide evidence of business.

Features of a Bike Loan for Students

Two-wheeler loans for students aren’t the same as those for working persons. As a result, their features differ and make it very simple for students to file for bike credit.

  • Period of Repayment

Unlike regular bike debt, which has a one-year minimum payback duration, bike debts for students have a three-year minimum repayment period. As a result, you won’t have to worry about high EMIs disrupting your monthly spending while asking for a student bike loan.

  • Guarantor or Co-Applicant

You will need a guarantor when applying for a bike loan as a student. Since students are unable to work or have a stable source of income, it is necessary to apply with a co-applicant or with a guarantor.

  • No Need For a Minimum Monthly Income

Unlike typical two-wheeler loans, the co-applicant has no minimum income criterion. The loan request will be handled even if the co-applicant generates a consistent, modest income.

  • Short Processing Times

Lenders typically handle loan applications within three days. Thus, whether you contact a bank or an NBFC for a student two-wheeler loan, it will require around 72 hours to review and approve your loan application.

  • Loans With Collateral

These loans are secured. This means that the lender will need security or collateral before authorising student bike loans.

  • Increased Liberty

Whether you want to buy a scooter, an entry-level motorbike, or a high-end sports bike, you may choose the bike you need. Banks and NBFCs have no limits on the sort of bike you may buy. So, you may take your pick from the variety of bikes available.

Student Advantages of a Two-Wheeler Loan

Young students in India are increasingly requesting bike loans to purchase superbikes and cruiser bikes. You may buy the bike you want by taking out a bike loan and paying manageable monthly payments.

  • A loan designed specifically for students to make their lives easier.
  • The loan process will need little paperwork, as well as rapid and paperless approvals.
  • Loan amounts may be adapted to your unique needs.
  • Loan repayment plans that are adaptable. 
  • Payment is straightforward.
  • Expert tips on how to expedite and simplify the loan application process.
  • A two-wheeler loan provides the handiest choice for students due to the accessibility of cheap monthly instalments. 


In India, student bike loans are quite prevalent. The bike represents the most efficient mode of transportation. Bikes are particularly cost-effective since they get excellent mileage and may avoid traffic bottlenecks. Student two-wheeler loans are available from a number of banks and financial institutions. 

If you want to learn more about bike loans, visit Piramal Finance for related blogs and explore their products and services.