Two-wheeler Loan Interest Rates and Charges
Bajaj Finserv offers a two-wheeler loan at an affordable rate of interest.
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Bajaj Finance offers two-wheeler loan interest rates (scooter/bike loan interest rates) of up to 31% per annum. A two wheeler loan can help you to finance the purchase of a new scooter or bike easily. Check the table below to understand the different types of fees and the applicable charges when you choose a two-wheeler loan from Bajaj Finance.
Type of fee |
Applicable charges |
Rate of interest |
Up to 31% per annum |
Processing fee |
Up to 5% of the loan amount (inclusive of applicable taxes) |
Documentation and hypothecation charges |
Up to Rs. 5,200 (inclusive of applicable taxes) collected upfront |
Stamp duty (as per respective state) |
Payable as per state laws and deducted upfront from loan amount |
Prepayment charges |
Full/ Part prepayment allowed Post clearance of 1st monthly instalment. 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 |
Bounce charge |
Rs. 531/- per bounce. “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. |
Penal charge |
Delay in payment of instalment(s) shall attract penal charge at the rate of 36% per annum per instalment from the respective due date until the date of receipt of the full instalment(s) amount. |
Legal, repossession and incidental charges |
Rs. 5,000 (inclusive of applicable taxes) Fees charged to customer for legal processes and repossession cost incurred by the company |
Stockyard charges |
Rs. 118 (inclusive of applicable taxes) per day up to 60 days |
| 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 |
| DCC charge | Up to Rs. 1,500 (inclusive of applicable taxes) Charges collected from customer for providing the option of collecting EMI in cash |
| Cancellation charge | Rs. 2,360 (inclusive of applicable taxes) |
Note: In the event of loan cancellation, customer shall also bear the interest accrued on the loan till the date of cancellation and stamp duty charges levied on loan at the time of loan origination.
Factors affecting bike loan interest rates
Several key factors influence the two-wheeler loan interest rate offered to you. Understanding these can help you plan better and secure the best deal.
- Credit score: A high credit score, usually above 700, shows that you repay loans on time. Lenders see you as low-risk and may offer you a lower bike loan interest rate.
- Income level: Your monthly income affects your loan eligibility and the interest rate. A higher and stable income gives lenders more confidence in your repayment ability.
- Employment type and employer: Salaried individuals working in reputed companies may get better rates than self-employed applicants. Stable jobs show that you are financially secure.
- Existing relationship with the lender: If you already use the lender’s services, such as a previous loan, you may get exclusive offers or the lowest bike loan interest rate.
- Loan tenure: Choosing a shorter loan tenure may lower your interest rate. Although your EMI will be higher, you will pay less interest overall.
Pro-tip: Lenders prefer applicants with strong financial discipline. Keep your credit history clean and avoid late payments to get better loan terms.
Planning to buy a new bike and need funds? With the Bajaj Finserv Two-wheeler Loan, get up to 100% funding* of the on-road price of your dream vehicle. Check your loan amount eligibility now and find out how much you can borrow.
Tips to lower your two-wheeler loan interest rate
You can reduce the total interest you pay on your bike loan by making a few smart choices. These tips can help you secure the lowest two-wheeler loan interest rate possible:
- Improve your credit score: A credit score above 700, improves your chances of getting a lower bike loan interest rate. Always pay bills and EMIs on time to maintain a good score.
- Choose a shorter tenure: A shorter loan term means you pay off your loan faster. It also reduces the total interest paid, even if the EMI is slightly higher.
- Make a higher down payment: The more you pay upfront, the smaller your loan amount. This lowers the interest cost over the loan period.
- Limit multiple loan applications: Applying with many lenders at once can hurt your credit score. It may also signal financial stress to lenders.
- Apply with a co-borrower: A co-borrower with a strong credit history can improve your loan eligibility. This may help you get better interest rates.
Pro-tip: Even a small difference in interest rate can save you thousands over the loan term. Always compare offers before making a decision.
Want to skip the waiting time? Bajaj Finance offers high-value two-wheeler loans that come with simple eligibility criteria and minimal paperwork. You might also have a pre-approved ready for you. Check if you are eligible for a pre-approved two-wheeler loan offer —you could fast-track your bike purchase and get on the road sooner.
Frequently asked questions about two-wheeler loan interest rate and charges
A two-wheeler loan from Bajaj Finance comes at interest rates of up to 31% per annum. Several factors can help you get a lower bike loan interest rate. A high credit score shows you are a reliable borrower. A stable income and working for a reputed employer can improve your chances. Making a higher down payment and choosing a shorter loan tenure also help. Having an existing relationship with the lender or applying with a co-borrower may further reduce your interest rate and improve loan terms.
You can login to our customer portal on the web or using our app to check the status of your two-wheeler loan application.
The minimum down payment for a bike depends on the bike’s price and the loan terms offered by the lender. Planning to buy a new bike and need funds? With the Bajaj Finserv Two-wheeler Loan, get up to 100% funding* of the on-road price of your dream vehicle. Check your two-wheeler loan eligibility now and find out how much you can borrow with ease.
The ex-showroom price of a bike is the cost set by the manufacturer, excluding taxes, insurance, and registration fees. The on-road price includes all these additional costs. It reflects the actual amount you pay to ride your bike home. Planning to buy a new bike and want to skip the waiting time? Check if you are eligible for a pre-approved two-wheeler loan—you could fast-track your bike purchase and manage the on-road price more easily.
Bajaj Finance offers two-wheeler loans to help you with purchasing a new bike or a new scooter. You can visit Bajaj Mall to choose a bike of your choice. Then, select a suitable EMI plan and confirm the booking of the bike. Our representative will reach out to close a few details of your two-wheeler loan from Bajaj Finance. You will need to meet the basic eligibility criteria to qualify for a two-wheeler loan.
Generally, the factors affecting two-wheeler loan interest rates include the loan amount, loan tenure, and two-wheeler loan policy of the lender.
Two-wheeler loan interest rates are typically calculated based on factors such as the principal amount, loan tenure, and the lender's interest rate policy. You can get an estimate EMI by using our two wheeler loan calculator.
The EMI for a two-wheeler loan of Rs. 1 lakh depends on the interest rate and loan tenure. You can check out two-wheeler loan calculator to check EMIs for a new two-wheeler.
To calculate the EMI for a two-wheeler loan over 12 months, use the formula: EMI = [P × r × (1 + r)^n] / [(1 + r)^n - 1], where P is the loan amount, r is the monthly interest rate, and n is the number of months. Alternatively, you can use our two-wheeler loan calculator to estimate EMIs as per varying loan parameters such as tenure, down payment, and interest.
A two-wheeler loan from Bajaj Finance comes at interest rates of up to 31% per annum. The rate depends on factors like your credit score, income, job type, and loan tenure.
A two-wheeler loan from Bajaj Finance comes at interest rates of up to 31% per annum. Your exact rate depends on your credit score, income, age, and employment profile. Choosing a shorter tenure or making a higher down payment may help you get the lowest two-wheeler loan interest rate.
To get a low bike loan interest rate, improve your credit score, choose a shorter loan tenure, and pay a higher down payment. Applying with a co-borrower or having a good relationship with the lender may also help. Comparing offers online and using tools like loan calculators can guide you to the best rate.
Your credit score credit score directly affects the two wheeler loan interest rate. A higher score, usually above700, shows good financial behaviour and helps you get a lower rate. A poor score may result in higher interest or even loan rejection. Regular repayments and responsible credit use help maintain a healthy credit score.
