Yes, it is possible for you to get a two-wheeler loan from a bank or a Non-Banking Financial Company (NBFC) if you are earning Rs.10,000 per month. But there are a few things to keep in mind to ensure easy approval for the same. 

1. Large down payment:

If you make a large down payment for your two-wheeler, the chances of getting your loan approved with a salary of Rs.10,000 are higher. This is because the loan amount will then be much less in comparison to getting the entire two-wheeler amount funded by the bank. If the loan amounts are high, then there is a chance of a loan rejection because banks take income as a criterion for repayment capacity. 

2. Regular income:

Banks look for stable and regular income when providing loans. So, if you can provide your lender with salary slips to prove that you have a regular income of Rs.10,000 per month, it can be very useful. Bank statements are also asked for in most cases and can be beneficial to help you get a loan. 

3. Good credit score:  

If you have a good credit score that is above 750, it is definitely an added advantage when applying for a two-wheeler loan. Most banks check one’s credit score to judge one’s creditworthiness. So, if you have a good credit score, it reduces your risk factor to the bank and they will approve your loan with ease as you are then considered a creditworthy customer. 

4. Credit history:

If you have a long credit history, the bank will be able to judge your repayment capacity based on it. This is advantageous as your credit history is used as proof of your creditworthiness in all your borrowing scenarios. So, it is essential to maintain a good record in your credit journey as this can aid in getting a loan with ease in the future. 

5. Guarantor:

You can get a two-wheeler loan with ease if you apply with a guarantor. Your guarantor must have a good, stable job and provide income proof for the same and should have a good credit score, this can help with getting a two-wheeler loan. A guarantor is a person who will need to pay for your loan if you cannot afford to repay it or if you default on payments. 

6. Relationship with the bank:

If you have a good relationship with your bank, then it is possible for you to get the loan approved. So, it is better for you to apply for a loan from a bank that you are already an existing customer of as they will be more accommodating if you have a long and good relationship with them. 

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