Two-wheelers are among the most popular and functional modes of transportation for the everyday commute as they come with a low-maintenance cost, comfort, and good resale value. However, arranging one-time funds to get your dream two-wheeler can be daunting and discouraging; here's where a loan can assist in funding the bike with planned EMIs. While some perceive loans as a burden instead of a solution, many utilise them to make purchases without hampering the set monthly expenditure.
A two-wheeler loan is a resolution to your financial limitation that assists you in purchasing a vehicle of your choice without burning a hole in your pocket. It enables you to pay off the two-wheeler cost in easy monthly installments that fit your allocation. With Bajaj Finserv, it is viable for both existing and new customers to avail of loan amounts up to Rs. 21 lakh. If you are unconvinced about taking a bike loan, here is a list of the benefits of two-wheeler loans instead of making a one-time transaction from your savings.
Get quick approvals on funding
Gone are the days when borrowers had to wait in long queues to apply for a two-wheeler loan without uncertainty about the approval time. Now it is possible to get your two-wheeler loan approved within minutes with some quick steps on the Bajaj Finserv website. Moreover, our portal allows checking two wheeler loan eligibility with a few simple steps; once through, it also lets you apply for the loan online. Your two-wheeler loan application is faster than you imagine, with an option to complete the process offline as well.
Less financial pressure
Buying a two-wheeler can hamper your overall budget and financial plans if you have to pay it one time out of your pocket. A bike loan is a wise choice to handle the financial commitment in a planned manner with our two-wheeler loan. It helps you fund your bike with a hassle-free and easy loan process and offers repayment tenors of up to 60 months, so your monthly expenses are not affected. For instance, if you buy a bike which is priced at Rs. 50,000, paying it off in a year to five years with a nominal EMI will be efficient. So, even if you wish to buy an expensive premium bike, the EMIs could help fit the expense into your monthly budget. Thus, with a two-wheeler loan, financing your favourite bike is better to avoid any financial burden. Since you have to pay monthly EMIs, it inculcates financial discipline and will help you plan your expenditure and savings better for a financially stable future.
High-value financing and flexible repayment tenors
You can finance up to 100% of the on-road value of your two-wheeler with the loan. Thus, it is possible to purchase your new vehicle at a nominal down payment without paying a lump sum with a loan. Nowadays, the repayment schedules for bike loans are incredibly flexible. With Bajaj Finserv, you can choose a repayment tenor of up to 60 months. Once you have received the loan amount, you can pay it off in installments for the next 60 months. It reduces your monthly EMI, reducing the immediate burden to spend. Before even applying for a two-wheeler loan, you can calculate the suitable bike loan on the EMI calculator to estimate the monthly EMIs. Make sure to choose the tenor wisely, considering your earnings and budget.
Attractive rate of interest
Loan borrowers can get an alluring rate of interest on purchasing a new bike, lowering your monthly installment value. Bajaj Finserv offers a rate of interest between 35%. However, this two-wheeler loan interest rate is determined based on the applicant's profile, employment, income, etc. and is at the discretion of Bajaj Finserv Limited. If you are looking to get a loan for a bike of your choice, you can apply online through the website and relieve yourself of the financial burden.
Eligibility across income range
Borrowers don't need to have an annual income salary within the taxable income range to purchase the latest bikes on loan by Bajaj Finserv. Since the cost of the vehicle is relatively lower, it offers eligibility across any income range, unlike other primary loans. For instance, if your annual salary is Rs. 1,00,000, you can get a two-wheeler loan without any issues.
Tax and depreciation benefits
Two-wheelers registered in the name of business owners and used for business purposes are eligible for tax exemption. Further, you can claim tax deductions on maintenance and fuel expenses incurred for business purposes. Besides this, you can claim the expenses used for maintaining the bike as a deduction under depreciation cost.
Improves your credit score
Credit score or CIBIL Score determines the summary of your loan credits and repayment history. Loans involving hefty amounts like home loans, car loans, or personal loans require a good credit score. Since a two-wheeler loan is the easiest to pay off, it generates excellent opportunities for people to start with a good CIBIL score or improve it before applying for another loan.
Bajaj Finserv allows borrowers with different profiles, income ranges, employment, and age to take a loan for bikes with an excellent interest rate. There are no hidden charges as everything is mentioned clearly for a secure and seamless process.
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