A quick guide to two wheeler loan eligibility in Ludhiana

Do you live in Ludhiana and dream of buying your dream bike sometime soon? Do you have enough money to buy your dream bike by making full payments? Well, if you have answered the first question as a ‘yes’ and the second as ‘no’, you can still buy your favourite bike by taking a two-wheeler loan. But, in order to stand eligible to take a loan, there are certain criteria that you need to fulfil. Here are a few factors that affect two-wheeler loan eligibility:


The borrower’s income is one of the major parameters affecting two-wheeler loan eligibility. The higher the income of the borrower, the easy it becomes for the lender company to bestow their trust on the borrower. It is because if the borrower has a huge income, he/she will be able to pay back the loan without missing the instalments. A huge income indicates low risk, so if you earn a handsome salary, it becomes pretty easy for you to seek a two-wheeler loan.

Age factor

You can apply for a two-wheeler loan only if you are 21 or above 21 years of age. Also, if you wish to get the two-wheeler registered in your name, you need to have valid proof that you are an earning member and are capable of repaying the loan. For this, you are required to produce income proof, salary statements, etc. In some cases, the lender company may also allow you to apply for a two-wheeler loan if you have not attained 21 years of age, but in that case, you need to have a guarantor for taking such a loan.

Work stability

If you have just joined a company and plan to buy a two-wheeler by applying for a loan, the chances of loan approval are pretty thin in such a case. A lender company usually looks into the work stability and experience of the borrower. The lender companies expect you to have at least one year of working experience before applying for a loan. On the contrary, if you have switched your job, they expect you to work with your current employer for at least a period of six months.

Current debt situation

The existing loans that you have in your name also stand to be a determining factor in your two-wheeler loan eligibility. If you have multiple existing loans, then the lender company may feel a bit sceptical about your eligibility to pay back the loan amount. Thus there are chances that you may end up facing a loan rejection. In order to save yourself from such a situation, if possible, try to close down one or two loans before you apply for a two-wheeler loan.

The area you reside

This may sound a bit surprising, but yes, the city and area in which you live also play a deciding role in getting your loan approved or rejected. For instance, if you live in a metro city, more likely are the chances for you to get your loan approved compared to if you live in rural or other small cities. On the contrary, lender companies have their own preferences; if you live in a locality that is not well-off or has some bad records such as criminal activities, etc., the chances for you to acquire a two-wheeler loan also decrease.

The company or firm you work in

Just like the area you reside in, your workplace also plays a major role in determining your two-wheeler loan eligibility. If you work in a well-known brand or reputed company, the lender can have more trust in you, taking into account the probability of your job stability and regular income. Your employment status and the company’s reputation build a sense of trust in the eyes of the lender company that you will not default on the loan and thus hikes your chances of getting a loan approved.

Credit score

The credit score is another determining factor in getting a green flag for two-wheeler loan eligibility. This is simple math; if your credit score is high, the lender company will give you a loan with open hands. On the contrary, if your credit score is not good enough as per the requirements of the lender company, your loan application is likely to get rejected.

A lender company usually looks into the work stability and experience of the borrower. The lender companies expect you to have at least one year of working experience before applying for a loan.


These are a few parameters that affect your two-wheeler loan eligibility when you seek a two-wheeler loan. So, if you are planning to apply for two-wheeler loans in Ludhiana in the near future, keep an eye on all the factors mentioned above so that you can make the necessary changes and required improvements to hike your chances of getting the loan approved.

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