Two-wheeler Loan Interest Rates and Charges
Bajaj Finserv offers a two-wheeler loan at an affordable rate of interest.
Done
Type of fee |
Applicable charges |
Rate of interest |
Up to 35% per annum |
Processing fee |
Up to 12.95% of the loan amount (inclusive of applicable taxes) |
Documentation and hypothecation charges |
Up to Rs. 2,500/- (inclusive of applicable taxes) collected upfront |
Stamp duty (as per respective state) |
Payable as per state laws and collected upfront |
Prepayment charges |
Full prepayment *Full/part-prepayment will be processed post clearance of the first EMI |
Bounce charge |
In case of default of repayment instrument, Rs. 531/- per bounce will be levied |
Penal interest |
Delay in payment of monthly instalment shall attract penal interest at the rate of 3.5% annually that is applicable on the monthly instalment outstanding, from the respective due date until the date of receipt of monthly instalment. |
Mandate rejection charge |
Rs. 450/- per month from the first month of due date for mandate rejected by customer’s bank until the new mandate is registered. |
Loan enhancement fee |
Rs. 117/- (inclusive of applicable taxes) for temporary increase in EMI card limit for the loan transaction. Same will be charged only for increase in limit in excess of Rs. 999/- to be collected along with first instalment |
Legal, repossession and incidental charges |
Rs. 3,540/- (inclusive of applicable taxes) |
Stockyard charges |
Rs. 59/- per day up to 60 days (Inclusive of applicable Taxes) |
Broken period interest/ pre-EMI interest |
Broken period interest/ pre-EMI interest shall mean the amount of interest on loan for the number of day(s) which is(are) charged in two scenarios: In this scenario, broken period interest is recovered by adding to the first instalment amount Scenario 2 – Less than 30 days from the date of loan disbursal till the first EMI is charged: In this scenario, interest is charged only for the actual number of days since the loan was disbursed |
NOC KIT |
NA |
Fees for delay in RC hypothecation | Rs. 1500/- (inclusive of applicable charges) *This is a one-time charge levied if there is delay in receiving the RC beyond 120 days post disbursement |