Frequently asked questions about two-wheeler loan

What is the maximum amount offered by the Bajaj Finserv Two-wheeler Loan?

Bajaj Finserv offers a two-wheeler loan amount of up to Rs. 21 lakh for both salaried and self-employed individuals.

How to apply for a two-wheeler loan from Bajaj Finance?

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
Can I get 100% funding for buying a two-wheeler?

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 funding up to 90%.

What is the minimum credit score required to get 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.

What is the minimum and maximum repayment tenure of a two-wheeler loan?

Bajaj Finance offers flexible repayment tenures ranging from 12 months to 72 months.

What are the key benefits of a two-wheeler loan from Bajaj Finance?
  • 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.
What is the interest rate on a two-wheeler loan?
The two-wheeler loan interest rate is based on the applicant's profile and is at the discretion of Bajaj Finance Limited which may vary upto 35% per annum.
How to lower your two-wheeler loan interest rate?

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.
What are the penalty charges if I miss my EMI?

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.

Which is the best two-wheeler loan available?

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.

Can I use a two-wheeler loan for personal use?

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.

What is the right time to avail of a two-wheeler loan?

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.

Can I transfer my two-wheeler loan?

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.

What are the documents required for a two-wheeler loan?

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.

Learn how to get a two-wheeler loan

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