- Two-Wheeler Loans - Overview
Given the traffic conditions in the country, having a two-wheeler is a blessing! With your heart set on that high-end cruiser or the latest sports bike, finance is no longer a worry. Apply for a two wheeler loan on Finserv MARKETS and take home the bike you always wanted! With the entire application process online and minimal documentation required, apply now!
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Features and Benefits of Two Wheeler Loans
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Transparency Guaranteed
Get all information about your loan amount, EMI’s and due dates, and contact details within 10 days of getting your two-wheeler loan.
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Easy Cash Payment Options
If you are a customer from a small town and don’t want to open a bank account, make use of our cash repayment of loan option.
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Early Foreclosure
Reduce the tenure of your bike loan or lower the amount payable on the remaining two-wheeler loan EMIs with the early foreclosure options.
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Nominal Foreclosure Charges
Deciding to foreclose your two-wheeler loan? Just pay a nominal foreclosure charge on the outstanding principal amount.
Two Wheeler Loan Eligibility & Documents Required
- 1. Eligibility Criteria
- 2. Documents Required
- You should be residing in the city for a minimum of 1 year (city where you apply for the bike loan).
- You should be employed for a minimum of 1 year.
- You should have a landline number either at your residence or office where you can be contacted.
- You should be 21 years of age when applying for the two-wheeler loan and not more than 65 years of age at the end of the loan tenure.
- Identity Proof – Passport/Driver’s License/PAN Card/Aadhar Card/ Photo Credit Card (front and reverse)/ Voter ID Card/ Company ID Card if working for an MNC/Public Limited/PSU/Government Company.
- Address Proof – Passport/Voter ID/Driving License/Rental Agreement/Telephone or Gas Bill/Ration Card/Sale Deed or Property Purchase Document/Latest Credit Card Billing Statement/LIC Policy/Letter from Company specifying address or company provided accommodation (list of the company's as per the Banks List- ID card of MNC/ Public Ltd., / PSU/ Govt. company containing the residence address)/ Address proof in the name of the applicant’s parents or spouse.
- Income Proof – Latest Salary Slip (for Government Employees). If this is not available, salary certificate needs to be provided.
- Depending on your profile and segment, for processing your application additional bike loan documents may be requested.
- You may be asked to provide additional documents to avail a two-wheeler loan.
What are the Advantages of Applying for a Two-Wheeler Loan?
There are several benefits of applying for a two-wheeler loan, namely:
- Convenient access to funds needed to own your dream two-wheeler.
- Option to apply for the loan with a co-applicant or guarantor.
- Opportunity to avail the loan at an affordable interest rate.
- Being able to choose a suitable loan repayment tenure.
- Making loan repayments through affordable EMIs.
- Building your credit history through timely EMI payments.
Tips to Apply for a Two-Wheeler Loan
A rejected loan application is not only disappointing but also impacts your credit history. Follow these tips to ensure the successful sanction of your two-wheeler loan:
Determine Your Loan Amount:
It is imperative to know the loan amount you require to fund the purchase. Do not apply for an amount that is greater than the requirement.
Review Your Eligibility:
You must be aware of your eligibility before applying for a loan. Do not put in random applications as it will lead to automatic rejection. Simply put, make sure you fit the eligibility criteria before applying for a two-wheeler loan.
Review Your Financial Health Report:
Your financial history plays a great role in the loan sanction. So ensure that you have a good credit score as low credit ratings lead to loan rejection. You can review your financial health on Finserv MARKETS.
Apply With a Co-Applicant or Guarantor:
If you think that your profile is not strong enough to meet the lender’s eligibility criteria, you may get a co-applicant or guarantor. This will help strengthen your profile and get the loan you want.
Furnish the Required Documents:
Ensure that you submit all the required documents at the time of loan application. Failing to do so can lead to the rejection of your two-wheeler loan application.
Two Wheeler Loan Fees & Charges
Fees, interest rates and other charges for autorickshaw and two-wheeler/bike finance is calculated on the basis of:
- Profile of the borrower
- City of Residence (Geographical location)
- Loan Amount
- Product for which the loan is applied
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Two Wheeler Loan FAQs
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✔️What is an EMI?
The full form of EMI is Equated Monthly Installments. This is a repayment option that allows customers to pay their loan amount over a specified period by means of a fixed amount. Each EMI consists of two components – the principal amount and the interest levied. In certain cases, EMI frequency can be quarterly and the amount unequal. Buy bikes on EMI today.
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✔️What is the meaning of repayment schedule?
This refers to repayment tenure for your two-wheeler finance loan. It usually specifies the EMI amount along with due dates for payment. It also provides a breakup of the principal loan amount and two-wheeler loan interest rates. -
✔️How do I check my dues or foreclose my two-wheeler loan amount?
Reach out to us via SMS to 9223192235 from your registered mobile number. To check your dues type ‘DUE’ in the message body while for Bajaj Finance two-wheeler loan foreclosure, type ‘FC’ in the message body and send it to the number mentioned above. -
✔️How do I raise an NOC instantly?
Reach out to us via SMS to 9223192235 from your registered mobile number. Type ‘NOC’ in the message body and send an SMS to the number mentioned above. Once the loan repayment tenure is complete, all dues are paid and your vehicle RC number updated with us, an NOC will be issued. -
✔️How do I get my statement of account instantly by email?
Send a message from your registered mobile number to 9223192235 with ‘SOA’ in the message body. -
✔️How do I check my account information online?
Get all information about your two-wheeler loan when you login in to our website www.bajajautofinance.com. To login, you must use your credentials like mobile number, loan account number and date of birth. You also have the option of using your registered mobile number with an OTP to login. Once you successfully login, you will get all the information pertaining to your two-wheeler on the screen before you. -
✔️Is it possible to pay my EMIs and dues online?
Yes you can! To do so, login in to your loan account or use the quick pay option available. Once you login in, click on ‘Make Payment’ option and pay your dues. And yes, all payments are made through a secured payment gateway. -
✔️Is it possible to part-pay or part-foreclose my loan amount online?
Yes, you can part-pay or part-foreclose the two-wheeler loan online. To do so, login to our Bajaj Auto Finance website with your credentials like mobile number, loan account number and date of birth or use your registered mobile number with OTP. Once you login, click on the ‘Part Foreclosure’ option and make payments through our secured payment gateway. -
✔️Can I view all my loan information, including loan summary and future instalments online?
Get all information about your bike loan interest rate including loan summary and future EMIs when you login in to our Bajaj Auto Finance website. To login, you must use your credentials like mobile number, loan account number and date of birth. You also have the option of using your registered mobile number with an OTP to login. Once you successfully login, you will get all the information pertaining to your two-wheeler on the screen before you.
