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Two Wheeler Loan for Working Women
Posted on Friday, July 23rd, 2021 | By IndusInd Bank
Many banks and lenders have special schemes offering two-wheeler loans for working women and even for girl students. These loan schemes are for empowering women sustainably and inclusively. However, these loans will be financed to the borrower after fulfilling eligibility criteria and other lender conditions.
These conditions and eligibility criteria can be varying from bank to bank. The borrower can utilize this loan amount to buy a motorcycle, scooter, moped bikes, solar or electric-powered vehicles, etc.
Looking for the perfect two wheeler Loan? Click here to know how to get the best option!
Who is Eligible for Two Wheeler Loan for Working Women?
The following are eligible for applying for two-wheeler loans:
● Any working women having a minimum of 6 months of working experience.
● The self-employed woman can apply for the loan if she has a minimum business experience of one year.
● Any girl student can also apply for a two-wheeler loan, but her parents or guardian will act as co-borrower in the loan process.
● The applicant should have an age of 18 years or more. However, the maximum age limit will differ as per the guidelines and scheme launched by the lender.
Documents for Two Wheeler Loan for Working Women
The following are the required standard documents for applying for two-wheeler loans for working women.
● Address Proof
● Identity Proof
● Income Proof like Bank statements, salary slips, tax returns, etc.
● Tax Return Filing Number like PAN Card.
For more details about the document requirements, you can check here.
What are the steps of the Loan Sanction Procedure?
Following are the steps of standard procedure for approval of the two-wheeler loan.
Application submission & approval
The applicant has to fill the loan application form (online or offline) and submit it to the lender with required list of documents. The lender will verify the eligibility, credibility, and documents submitted by the borrower. If everything is as per the guidelines, then the loan will be approved by the lender.
Application process
After the loan application’s approval, the lender will inform the borrower to full-fill the terms and conditions with the paperwork in compliance with the legal provisions, post which the loan will be sanctioned.
If you are in need of a two wheeler loan, IndusInd Bank has some lucrative options for you. The vehicle loans come with attractive interest rates and flexible repayable tenures. Enquire now at IndusInd Bank to know more about the vehicle loans.
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.
