Two Wheeler Loan

A two wheeler loan allows you to purchase the bike of your dreams and pay for it in monthly instalments over time. You can get two wheeler finance at lowest interest rates starting from 8.75% per annum. On top of that, you can repay your bike loan over a tenure of 3 years.

Compare and Apply for Two Wheeler Loan

Features and Benefits of Two Wheeler Loans

• Foreclosure charges of only up to 3% of the amount: You can pay off your bike loan ahead of maturity for a nominal fee. Note that you will only be charged if you choose to do so before the 12th EMI. You can also foreclose your bike loan partially to get your outstanding loan amount reduced or lower your monthly EMI.

• Pre-approved offers: As a Bajaj Markets user, you will also get to choose from many customised pre-approved two wheeler finance offers often. That way, you will be able to compare them and then choose the one that is right for you.

• Easy cash options: If you do not have a bank account, you can also repay your 2 wheeler loan in cash. This is also a feature that you can avail as a user of Bajaj Markets.

• Customer-friendly call centres: The call centres of Bajaj MarketsS’ lending partners allow you to engage with company representatives in your preferred language.

Two Wheeler Loan Eligibility Criteria

Lenders tend to set a certain eligibility criteria that they expect hopeful two or three wheeler owners to fulfil before their application is processed. However, it may vary from one lender to another. The general eligibility criteria are as follows:

Note that the two wheeler loan eligibility criteria can differ from lender to lender. You must always check with the lender of your choice prior to applying.

Documents Required for Two Wheeler Loans

You will need the following documents to apply for a two wheeler loan, depending on whether you are a salaried or self-employed individual: 

How to Apply for a Two Wheeler Loan

The process of applying for a two wheeler loan online through Bajaj Markets is fairly easy. All you will need to do is the following:

• Step 1 - Fill in the basic details: Firstly, you will need to fill in details pertaining to your identity, address and government-issued credentials.

• Step 2 - Choose Your Bike and the Amount Required As a Two Wheeler Loan: You must feed information about the bike, the authorised dealer you are going to buy it from and the exact amount you need as a two wheeler loan.

Now, after you have submitted all of your bike loan details, a representative will get in touch with you to take things forward.

How to Calculate Two Wheeler Loan EMIs

Knowing your total bike loan equated monthly instalment (EMI) amount is important as it helps you manage your finances. You can either calculate that using the two wheeler loan EMI calculator or if you want to to calculate it manually, you can use the following formula:

EMI = [P x R x (1+R)^N]/[(1+R)^N-1]

where,

• P is the principal two wheeler loan amount (amount borrowed as loan)

• R is the rate of interest

• N is the two wheeler loan repayment tenure (Expressed in months)

Tips for Securing a Two Wheeler Loan Successfully

Some two wheeler loan applications get rejected by lenders. Such an outcome is always unwelcome. To avoid a scenario like that, follow the below steps:

• Determine the Requirement: First, you should determine how much money you need as a loan against the bike. Also, you must avoid borrowing more than the amount you require.

• Check Eligibility and Compare Options: Once you have decided on the bike loan amount, look at all of the two wheeler loan finance options available based on your eligibility on Bajaj Markets.

• Check Your Credit Score: Your credit score decides the fate of your two wheeler finance loan application. If your credit history is poor, improve it before applying for the loan.

• Get a Guarantor or Co-Applicant: If you think that your credit score is not good enough, get a guarantor or co-applicant on board. Their presence will improve your 2 wheeler loan approval chances.

• Fill the Two Wheeler Loan Application Properly: Make sure your bike loan application form is duly filled with all the details your lender requires. An incomplete or an incorrectly-filled bike loan application form may be rejected.

• Submit the Necessary Documents: While submitting your two wheeler loan application, make sure you submit all the bike loan documents the lender requires. Failure to do so may cause rejection.

• Try Applying With Your Existing Lender: If you already have a long-standing relationship with a bank, try taking a loan against two wheeler from them. It may help you get a loan against a bike even if you don’t fulfil all their criteria. Alternatively, you can always take a two wheeler loan from Bajaj Markets.

If you are looking for two wheeler finance, you can take a look at the options available on Bajaj Markets. You will find some of the best two wheeler loan options on Bajaj Markets as they come with competitive interest rates, long loan repayment tenures and a host of other benefits. Apply for a bike loan now!