Frequently asked questions
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 at Bajaj Finserv 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
If you are an existing Bajaj Finserv customer, you can avail of up to 100% funding of the vehicle’s on-road price when applying for a two-wheeler loan. If you are a new Bajaj Finserv customer, you can avail of a funding of up to 95%.
Bajaj Finserv 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.
The rate of interest charged by Bajaj Finserv is up to 35% per annum, depending on the applicant’s profile and the tenure chosen.
- Flexible repayment tenure - You can select a repayment tenure of 12 months to 60 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 interest and bounce charges. Delay in payment of monthly instalment shall attract penal interest at the rate of 42% per annum applicable on the monthly instalment outstanding, from the respective due date until the date of receipt of monthly instalment. Also, in case of default of repayment instrument, Rs. 531/- per bounce will be levied.
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.