You might opt to take out a loan on your favourite bike and begin the application procedure but your Hero Fincorp Bike Loan eligibility is a crucial factor to consider during this process. If they reject your application, all your preparation will be useless. They consider a number of factors, including your ability to repay the loan, as well as your credit history. Also, you have to provide information about your background, source of income, and so on, in order to avoid the danger of non-payment. Read on to know more about the qualifying criteria.

There are various factors that go into establishing your bike loan eligibility. In order to qualify for a bike loan, you must meet the following criteria:

·         Your age

You should be at least 18 years during the time of applying for the loan. There is no specification regarding the upper age limit and it may vary.

·         Your current address, contact number, and KYC documents

You have to reside at a specific address for a certain period of time from where you are applying for the bike loan. Lenders require this as proof of residential stability. You should have a permanent contact number and documents related to KYC, ID proof, and address proof.

·         Income

For availing a Hero Fincorp Bike Loan , whether you are a salaried or a self-employed individual, you need to have a stable income. For salaried applicants, you should have a stable job for at least one year and a minimum period of 6 months in the current job. If self-employed, you need to be in the current business for the last one year.

·         Cibil Score

They may check your CIBIL (Credit Information Bureau of India Limited) score. The score can vary within a certain range. The higher the score, the greater is your chance of bike loan eligibility at a low-interest rate. A low CIBIL score will increase the rate of interest on the loan.

 Arrange for both original and photocopies of the documents for submission as proof of your declaration on the application form. There are certain standard requirements for documents. If you are a salaried or self-employed individual, submit the following documents that are standard requirements:

·         KYC documents like Passport, Pan Card, Aadhaar Card, etc

·         Address proof consisting of Passport/Driving License/Voter ID card /Utility Bill / Aadhaar card/ Bank account or Post Office savings bank account statement. You may submit computerised documents issued by the government

·         Lenders would accept address proof in the name of your spouse or parents if the residence is not in your name

·         Copies of passport size photographs
·         PAN card
·         Salary slips
·         Salary statement
·         Proof of verified signature
·         Bike registration certificate
·         Income tax return as income proof
·         Income statement
·         TDS certificate and your business details

Check your bike loan eligibility in terms of both criteria and documentation required before applying for Hero Fincorp Bike Loan to ensure smooth loan processing. This will result in faster approval and you can purchase the bike as soon as possible.

Contact Us & Send Query-

Hero FinCorp Limited
09, Basant Lok, Vasant Vihar, New Delhi - 110057

Tel. 18001024145
Email Id: [email protected]

Website - https://www.herofincorp.com/
URL- https://www.herofincorp.com/two-wheeler-loan-eligibility

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