Two-wheeler on EMIs
A two-wheeler loan is a financing option that lets you buy a scooter or a motorcycle and repay the borrowed amount in EMIs. Bajaj Finance offers a two-wheeler loan of up to Rs. 21 lakh.
Benefits of buying a two-wheeler on EMI
Purchasing a two-wheeler through an EMI plan can offer several advantages that make owning a bike or a scooter more accessible. Here are some key benefits to consider:
- Affordable payments: EMIs break down the total cost into smaller, manageable monthly payments, making it easier to fit into your budget.
- No large upfront cost: Instead of paying the full amount upfront, you can own your two-wheeler with a minimal down payment.
- Flexibility in tenure: Get flexible loan tenure options, allowing you to choose a repayment period that suits your financial situation.
- Access to better two-wheeler models: EMI options enable you to consider higher-end models that may have been out of reach if paying in full.
- Building credit history: Timely EMI payments can improve your credit score that benefits you when you seek credit in the future.
Existing customers can get up to 100% financing of the on-road price while new customers can get instant approvals.
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Frequently asked questions
A two-wheeler loan is a financing option that lets you buy a scooter or a motorcycle and repay the borrowed amount in EMIs. Bajaj Finance offers a loan of up to Rs. 21 lakh.
You need a credit score of 700 to be eligible for a two-wheeler loan.
Bajaj Finance offers flexible repayment tenures ranging from 12 months to 72 months.
Visit the Bajaj Mall website or the Bajaj Mall section on the Bajaj Finserv app.
1. Browse the available vehicle models on Bajaj Mall and choose your preferred bike or scooter.
2. Select a convenient EMI plan.
3. Check applicable offers, review the vehicle details, and book your new bike or scooter online on Bajaj Mall.
After the online booking confirmation, a Bajaj Finance representative will help you with the two-wheeler loan process. Once the paperwork is in order, you will get the delivery of your vehicle in the nearest partner showroom.
The rate of interest charged by Bajaj Finance ranges up to 30% per annum depending on the applicant’s profile and the tenure chosen.
The minimum age is 18 years and the maximum age is 70 years for Individual applicant/ co-applicant.
Below are the fees and charges that apply to two-wheeler loans:
1. Rate of interest: Up to 30% per annum
2. Processing fee: Up to 12.95% of the loan amount (inclusive of applicable taxes)
3. Documentation and hypothecation charges: Up to Rs. 2,500/- (inclusive of applicable taxes) collected upfront
4. Stamp duty (as per respective state): Payable as per state laws and collected upfront
5. Prepayment charges: Full prepayment - Up to 4.72% (inclusive of applicable taxes) on the outstanding loan amount as on the date of full prepayment
Part-prepayment - Up to 4.72% (inclusive of applicable taxes) of the principal amount of loan prepaid on the date of such part-prepayment
*Full/part-prepayment will be processed post clearance of the first EMI
6. 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.
7. Penal charge: 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.
8. Instalment default charge: 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
9. Legal, repossession and incidental charges: Rs. 3,540/- (inclusive of applicable taxes)
10. Stockyard charges: Rs. 59/- per day up to 60 days (inclusive of applicable taxes)
11. 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
Scenario 1 – More than 30 days from the date of loan disbursal till the first EMI is charged:
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.
12. NOC KIT: NA
13. 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.
14. DCC charges: Up to Rs. 1,500
15. Cancellation charge: %$$tw-cancellation charge$$%
16. PG facility charges: Rs. 11 (inclusive of applicable taxes) will be charged for utilising the payment gateway to make part or full payments towards the loan through digital properties.
17. DCC charges: Up to Rs. 1,500
18. Cancellation charge: Rs. 2,360
More about two-wheelers on EMIs
Bikes on EMIs
Bikes seamlessly blend convenience, adventure, and efficiency in your daily life. Their agile design allows riders to effortlessly navigate through congested streets, providing a convenient and time-saving solution for daily commutes. Beyond practicality, bikes introduce an adventurous element to travel, enabling riders to explore scenic routes and discover new horizons. Whether you are looking to buy a sleek sports bike or a rugged cruiser, you can choose Bajaj Finserv Two-wheeler Loan of up to Rs. 21 lakh to finance your purchase. Benefit from our easy repayment plans and bring home your desired bike.
Electric vehicles on EMIs
Embracing electric scooters for your daily commute not only enhances comfort but also presents advantages for the environment and your finances. Opting for an electric scooter is a clear step towards reducing your carbon footprint, as these vehicles operate emission-free, relying on 100% clean energy. Beyond environmental benefits, electric scooters offer a practical solution to circumvent traffic congestion, providing a distinct advantage for urban travel. Choose Bajaj Finserv Two-wheeler Loan and fund the purchase of your electric scooters with ease. Our long tenure helps you to convert the cost of your two-wheeler into easy EMIs.
Factors to consider before choosing a two-wheeler EMI plan
When selecting an EMI plan for your two-wheeler, it is essential to make an informed choice. Several factors can affect your monthly payments and overall financial comfort. Here are key considerations to keep in mind:
- Budget: Determine how much you can comfortably spend on monthly payments without straining your finances.
- Loan tenure: Consider the duration of the loan. A longer tenure means lower EMIs but may result in higher interest payments overall.
- Down payment: The amount you pay upfront will affect your EMI. A higher down payment reduces the loan amount and the resulting EMIs.
- Prepayment charges: Check the prepayment charges if you decide to pay off the loan early.
Disclaimer
Bajaj Finance Limited has the sole and absolute discretion, without assigning any reason to accept or reject any application.
Terms and conditions apply*.