Frequently asked questions about two-wheeler loan
Bajaj Finserv offers a two-wheeler loan amount of up to Rs. 21 lakh for both salaried and self-employed individuals.
You can easily apply for a two-wheeler loan from Bajaj Finance by following these steps:
- Click on ‘APPLY NOW’ to open the two-wheeler loan form page
- Enter your basic details, 10-digit mobile number, and OTP
- Once you have verified with the OTP, our representative will call you within 24 hours and guide you on the next steps
You can avail of up to 100% funding of the vehicle's on-road price when applying for a two wheeler loan.
Bajaj Finance has not specified a minimum credit score for sanctioning a two-wheeler loan. However, a lower credit score will also lower the two-wheeler loan amount, so we recommend maintaining a credit score of 720 or above.
Bajaj Finance offers flexible repayment tenures ranging from 12 months to 72 months.
- Flexible repayment tenure - You can select a repayment tenure of 12 months to 72 months to better suit your financial obligation.
- Eligibility - Whether you are a salaried employee, self-employed, pensioner, student, or housewife, you can apply for a two-wheeler loan.
The interest rate on your two-wheeler loan can depend on multiple factors, some of them are as follows:
- Creditworthiness: Credit score plays a vital role in determining the interest rate, so cleaning your credit history or improving your credit score can increase your credibility as a borrower and reduce the interest rate you must pay.
- Improve debt-to-income ratio: It shows how much of your current salary is used to pay loans. If the ratio is lower, there are better chances of getting a lower interest rate.
If you miss an EMI, it shall attract penal charge and bounce charges. Delay in payment of instalment(s) shall attract penal charge of Rs. 6 per day per instalment from the respective due date until the date of receipt of the full instalment(s) amount. Also, in case of default of repayment instrument, Rs. 531/- per bounce will be levied.
“Bounce charges” shall mean charges for (i) dishonour of any payment instrument; or (ii) non-payment of instalment (s) on their respective due dates due to dishonour of payment mandate or non-registration of the payment mandate or any other reason.
A two-wheeler loan depends on various factors, such as the bike model, CIBIL score, income, age, residence and repayment tenor. The Bajaj Finserv Two-wheeler Loan offers a credit of up to Rs. 21 lakh. If you are an existing Bajaj customer, you can also avail up to 100% funding of the vehicle's on-road price.
No, you cannot use a two-wheeler loan for personal use. However, using a two-wheeler loan, you can buy a bike or scooter for personal use.
Before availing of a two-wheeler loan, you must select the two-wheeler you wish to buy. You also have to check if you fulfil the loan eligibility criteria. Lastly, you need to check the interest rate charged and the monthly EMI amount by visiting the lender's website.
Yes, you can transfer your two-wheeler loan when you assign the vehicle ownership to another person. The transfer process depends entirely on the bank or NBFC you availed a loan from.
During the two-wheeler loan application process, you may need to provide a few documents. You will have to submit bank statements of last %$$tw-eligibility-bank-statement-months$$%. For salaried customers, banking details should reflect salary credits. You will have to submit the latest month salary slips (for salaried professionals) and (Income Tax Return) ITR as per norms mentioned in policy. Additional documents will be required for residence and employment stability proof / business proof. Having these documents ready would speed up and simplify your loan approval process.
