Getting a two-wheeler loan is not a hard task to crack. You can have the lowest interest rated two-wheeler loans at the hand reach. The main thing is the eligible to get the loan. Here is some general eligibility criteria which help to make your own calculate regarding the possibility of getting a two wheeler loan.
The first eligible criteria which every loan provider seek for is the source of income. The source should be a permanent one which guarantees a monthly income until the continuation of the EMI period. The income source may vary but, the self-employed, as well as the salaried person, are getting first chance to have a two wheeler loan in Udaipur.
Calculation of Monthly EMI:
The calculation for eligibility to get a two-wheeler loan highly depends upon the EMI amount. The EMI amount must be under 50 % of your monthly income. There are different types of online software available to calculate the EMI with a monthly salary, on road price of the bike and other information for two wheeler loan in Udaipur.
Most loan providers are fixed a minimum annual income of Rs.84, 000.00 for the job holder who earned a salary and Rs. 72,000.00 annual profit by a self- employed person. The age factor is also an important aspect of getting two wheeler loan in Udaipur which must be in between 21 to 65 years of age.
The residential proof is other criteria for getting a loan to purchase a two-wheeler. You must stay in the current location for more than 1 year. The two wheeler loan in Udaipur will easily available for those who have an electricity, telephone or landline connection in that locality.
After scoring well in the calculation for two wheeler loan criteria, the next step is followed by the arrangement of documents for deposit application to the loan provider. The ID proof, Address proof, passport size photographs, salary slip or income proof along with Form 16 of IT return documents.