Two Wheeler Loan Eligibility

Given the condition of traffic in most major Indian cities these days and the trouble of public transport, owning a two-wheeler can be very empowering and practical. Hence the reason why two-wheeler loans have been mushrooming across the country, giving access to borrowers the comfort of affordable monthly EMIs.

SMFG India Credit is a reputed Non-Banking Financial Institution in India that has been offering two-wheeler loans to Indian citizens in the last few years. We firmly believe that owning your transportation gives you a sense of freedom to travel, anywhere, anytime.

But before you go ahead with your loan request, you first need to check your two-wheeler loan eligibility. This step is important as you need to ensure that basic parameters are met which establish that you have the repayment capacity as a credible borrower and the chances of rejection of the loan are minimized.

Two Wheeler Loan Eligibility Criteria

• You must be at least 18 years of age at the time of loan application and a maximum of 60 years before the loan matures.
• You must be a resident of India, residing at the same address for a minimum period of 1 year.
• You must be an employee at a private limited company, an MNC, or a public sector enterprise for a minimum of 1 year.
• For self-employed professionals, IT Returns for 1 consecutive year have to be produced.
• You must have a good CIBIL score.
• You must have a permanent telephone number.
• You must have all the relevant KYC documents.

Once you are confirmed on meeting all the required criteria for eligibility, make sure that you check your EMI range using our free online two-wheeler loan EMI calculator.

At SMFG India Credit, we are committed to enabling every Indian citizen to achieve their dreams and aspirations. However, due to technical issues, at the moment, we only offer two-wheeler loans in select locations. Please call our customer care team (1800 103 6001) to know more.

Documents Required for Two Wheeler Loan

When applying for your two-wheeler loan with SMFG India Credit, you will have to submit a few documents. For your convenience, we have reduced the number to a compact set which is pretty straightforward and can help with instant processing.

Here are the documents required for a two-wheeler loan to be processed:

• Two-wheeler loan application form duly filled and signed.
• All KYC documents to verify the following:
  • Proof of identity – PAN card, voter’s ID, passport, driving license.
  • Proof of address – Utility bills, passport, rental agreement.
  • Proof of age.
  • Passport size photographs.

Additional Documents For Salaried Persons:

• The latest salary slips for 3 months for Government Employees. In the absence of Salary Slips, only a salary certificate will be acceptable with deductions.
• For Partnerships / Proprietary Firms / Pvt. Ltd. Companies - Salary Certificates will be accepted clearly outlining deductions, Name, and Designation of the Authorized Signatory.
• Latest Form 16.

Additional Documents For Self-Employed:

• Copy of the latest income tax returns.

SMFG India Credit will review all submitted documents as the loan processing starts. Remember to have photocopies handy for collection and the originals for verification. We will sanction your loan after complete verification of details provided in your two-wheeler loan application.

Factors Affecting Two Wheeler Loan Eligibility

Two-wheeler loan eligibility, and consequently the interest rate, is affected by several factors such as your age, CIBIL score, stable monthly income, and existing relationship with SMFG India Credit.

• Age: Your age should be at least 18 while applying for the two-wheeler loan and should not be close to 60 at the time of loan maturity.
• CIBIL score and monthly income: A good CIBIL score and a stable source of monthly income will increase your creditworthiness. You will be considered at a lower risk of loan default.
• Existing debt: An existing debt can influence your eligibility as having multiple loans may put a strain on your repayment capability.
• Existing relationship with SMFG India Credit: If you are an existing customer with a good repayment history, you may get preferential interest rates if you meet all the eligibility requirements.

How To Apply for Two Wheeler Loan

Applying for your two-wheeler loan at SMFG India Credit is a convenient, quick, and hassle-free process. You can get the bulk of the work done online.

Follow these easy steps:

1. Visit the SMFG India Credit website and navigate to the two-wheeler loan page.
2. Click on either the ‘Other Loans’ button located on the top right-hand corner of the page or click on the ‘Apply Now’ button located in the center of the page.
3. You will be directed to a page which asks you to select from a range of loan products.
4. Choose "Two Wheeler Loan".
5. Select ‘Salaried’ or ‘Self-Employed’ as applicable.
6. Fill in the required details and click "Submit".
7. Our representative will get in touch with you to take the process ahead.

If you have any questions or queries, you can reach out to us by emailing us at [email protected]

Alternatively, you can call our toll free number 1800 103 6001 or visit your nearest SMFG India Credit branch.

* Please note that loans are disbursed at the sole discretion of SMFG India Credit. Final approval, loan terms and disbursal process will be subject to SMFG India Credit's policy at the time of loan application. If you are an existing customer and wish to foreclose your loan, please note that foreclosure terms and charges will be applicable as per our policy at the time of loan foreclosure.

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