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 instalments that fit your allocation. With Bajaj Finance, 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 two-wheeler loan for a new bike or scooter, here is a list of the benefits of two-wheeler loans.
Get quick approvals on funding
Gone are the days when borrowers had to wait in long queues to get 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 or app. 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 well. For loan approval, you need to meet the basic two-wheeler loan eligibility requirements.
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 two-wheeler loan is a wise choice to handle the financial commitment in a planned manner with our two-wheeler loan. It helps you fund your new bike with a hassle-free and easy loan process and offers repayment tenors of up to 72 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 6 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 the two-wheeler 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 two-wheeler loans are incredibly flexible. With Bajaj Finance, you can choose a repayment tenure of up to 72 months. Once you have received the two-wheeler loan amount, you can pay it off in instalments in a maximum of 72 months. It reduces your monthly EMI, reducing the immediate burden to spend. Also, you can use the two-wheeler loan EMI calculator to estimate the monthly EMIs. Make sure to choose the tenure 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 instalment value. Bajaj Finance offers a rate of interest up to 30% per annum. 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 Finance Limited. If you are looking to get a two-wheeler loan for a bike of your choice, you just need to book your bike online on EMIs on Bajaj Mall or on the Bajaj Finserv app.
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 a two-wheeler loan by Bajaj Finance. 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 Finance enables borrowers with different profiles, income ranges, employment, and age to take a two-wheeler loan for booking a bike or a scooter. To avail the Bajaj Finserv Two-wheeler Loan, you need to check the vehicle’s availability on Bajaj Mall and make an online booking to get the two-wheeler loan process started. There are no hidden charges as everything is mentioned clearly for a secure and seamless process.
