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What is the CIBIL Score Required for a Bike Loan?
Posted on Thursday, November 30th, 2023 | By IndusInd Bank
A 750+ CIBIL score can help you secure a two-wheeler loan with greater ease. You are likely to enjoy a lower bike loan interest rate and more favourable terms. IndusInd Bank two-wheeler loans are marked by attractive interest rates, flexible repayment tenures, wide-ranging loan amounts with up to 95% on-road finance, and quick & hassle-free loan processing.
At once a symbol of youthful exuberance and independence, the two-wheeler remains the vehicle of choice for millions in India. Even today, the humble scooter or bike is deservedly popular, not least on account of its easy affordability and mobility – it is easy to park and manoeuvre one through narrow streets and wide roads alike. If you are looking to take out a two-wheeler loan and wish to learn about the eligibility – particularly the CIBIL score factor – for applying for this loan type, here is everything you need to know on the subject.
The Importance of CIBIL Score
Your CIBIL score is simply a three-digit summary – typically ranging between 300-900 – of your credit payment history across loan types and banks over a period of time. The CIBIL score plays a key role in any loan application process. A low CIBIL Score may well lead to rejection of your loan application by the lender. On the other hand, if you have a high CIBIL score, your application is almost certain to warrant serious consideration.
CIBIL Score & Two-Wheeler Loan
As with any other loan, a high CIBIL score indicates you are a responsible borrower. Consequently, a score beyond 750 is considered reasonable when applying for a two-wheeler loan.
A higher CIBIL score can greatly increase the odds of a lower bike loan interest rate, making your loan more affordable. However, if you have a low credit score, you may have to adopt other strategies to secure the loan, such as making a larger down payment or arranging a co-signer.
IndusInd Bank Two-Wheeler Loans
A far cry from the complication and convolution of bank loan procedures, an IndusInd Bank bike loan promises to be simple and transparent. The table below presents a brief encapsulation of the features and procedure of a two-wheeler loan from IndusInd Bank:
| Key Features | Procedure | |
| Rate of Interest | Enjoy the best, most competitive bike loan interest rates | Hassle-free and swift bike loan processing within as little as 4 hours with convenient doorstep documentation facility. |
| Loan Amount | Get up to an amazing 95% on-road finance with loan amounts ranging between INR 15,000-25 Lakh | |
| Repayment Tenure | Choose from a wide range of flexible repayment tenure options, from 12-36 months for regular two-wheelers, and up to 60 months for high-end bikes. | |
| Eligibility Criteria | Straightforward & simple eligibility criteria including a satisfactory CIBIL score, stable employment, and minimum age of 21 years. |
Whether you are a student, a working individual, or a young family, a two-wheeler is sure to be a veritable asset, bringing in – as it will – a generous measure of convenience and comfort. If you have a good CIBIL score already and wish to take out a two-wheeler loan marked by all the pros and none of the cons, wait no further.
Apply for a two-wheeler loan with IndusInd Bank today!
Disclaimer: The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information.
