Two-wheeler loan eligibility criteria
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Nationality
Indian
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Age
18 years to 70 years*
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Customer profile
Salaried individuals, self-employed individuals, pensioners, students, homemakers, and farmers
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Documents required
(1) 3-month bank statements. For salaried customers, banking should reflect salary credits.
(2) Latest month salary slips for salaried professionals and ITR as per norms mentioned in policy.
(3) Residence and Employment Stability proof / Business Proof -
CIBIL score
600 and above*
*T&C apply
Two-wheeler loans eligibility criteria for salaried individuals
- The minimum age required for a salaried individual is 21 years. If you are applying with a co-applicant, the minimum age requirement is 18 years.
- The maximum age mandated for a salaried individual is 60 years.
Two-wheeler loans eligibility criteria for self-employed
- For self-employed individuals, the minimum age mandated is 21 years, but applicants between 18-21 years require a co-applicant.
- The maximum age mandated for existing customers holding a Bajaj Finserv EMI Network Card is 70 years, whereas, for new applicants, it is 70 years.
Documents required for the two-wheeler loan application
Before starting the application process, you must know about the required documents, ensuring hassle-free approval. The document list will help you fill out the loan application form easily.
- KYC documents: KYC documents required may include an Aadhaar card, passport, driving licence, PAN card, and voters’ ID card.
- NACH mandate/ Form 60 is one of the important documents required for a two-wheeler loan application.
- You need to provide a recent photograph along with the mentioned documents.
Frequently asked questions on two-wheeler loan eligibility
The age limit for two-wheeler loan should be 18 years to 70 years for all employment types at the time of two-wheeler loan application.
A minimum CIBIL Score of 600 or above* is required to be eligible for a two-wheeler loan from Bajaj Finance.
*T&C apply
The down payment for a two-wheeler loan depends on the cost of the bike, your repayment capacity, and your credit score.
Yes, you can foreclose your two-wheeler loan but only after paying one EMI instalment.
Below are the fees and charges that apply to two-wheeler loans:
1. Rate of interest: Up to 24% per annum
2. Processing fee: Up to 5% of the loan amount (inclusive of applicable taxes)
3. Documentation and hypothecation charges: Up to Rs. 1,500 (inclusive of applicable taxes) collected upfront
4. Stamp duty: Payable as per state laws and collected upfront
5. Valuation charge: Up to Rs. 2,000 (Inclusive of applicable taxes)
For New: Not Applicable
For EV Battery: Not Applicable
For Used: Up to Rs. 2,000
For Refinance: Up to Rs. 2,000
6. Prepayment charges:
Full Pre-payment
Up to 4.72% (inclusive of applicable taxes) on the outstanding loan amount as on the date of full pre-payment
Part Pre-payment
Up to 4.72% (inclusive of applicable taxes) of the principal amount of loan prepaid on the date of such part pre-payment
7. Bounce charge: Rs. 531/- per bounce
"Bounce Charges” shall mean charges levied on each instance in the event of: (i) dishonour of any payment instrument irrespective of whether the customer subsequently makes the payment through an alternate mode or channel on the same day; and/or (ii) non-payment of instalment(s) on their respective due dates where any payment instrument is not registered/furnished; and/or (iii) rejection or failure of mandate registration by the customer’s bank.
8. Penal charge: Delay in payment of instalment(s) shall attract penal charge of 36% per day per instalment from the respective due date until the date of receipt of the full instalment(s) amount.
9. Repossession / Surrender charges: Capping of up to Rs. 5,000 or At actual
Fees charged to the customer for repossession/surrender cost incurred by the Company.
To be eligible for a two-wheeler loan from Bajaj Finance, you should be an Indian citizen who and your age should be between 18 years to 70 years*. You may require basic documents such as a KYC documents to avail a two-wheeler loan.
A CIBIL Score of 600 and above* is required for a two-wheeler loan.
*T&C apply
You can use our two-wheeler loan calculator to estimate EMIs towards the loan. It takes into account the loan amount, interest rate, and tenure of the loan to calculate the EMI. This online calculator tool can help you to plan your budget and choose a suitable loan amount.
