Bajaj Finance Ltd. is one of the most well-known NBFCs in India. Bajaj bike finance has made bike buying easy. You can buy your dream bike with a bike loan at a lower bike loan interest rate ranging from 8.7% to 20.51%. The company offers customers a diversified portfolio of financing options, from personal loans to two-wheeler loans. This auto loan arm offers financing options for a range of Bajaj bikes like Pulsar, Avenger, Dominar and Platina with attractive interest rates and flexible repayment tenures.
You can go through the following two-wheeler loan eligibility criteria before applying for a Bajaj Finance bike loan.
Age - An applicant must be at least 21 years old when applying for a Bajaj Finance bike loan. The maximum age cap is placed at 65 years.
Employment Status - Both salaried and self-employed individuals can apply for Bajaj Finance two-wheeler loans. Salaried applicants must prove job stability for at least a year, while self-employed applicants must submit ITRs for the last two years.
Residential Stability - The applicant also has to prove residential stability by showing that they have resided in the same city for at least a year. The applicant must also possess a residential address and phone number to substantiate their claim.
CIBIL Score - Applicants with a good credit score are eligible for a Bajaj Finance two-wheeler loan. A credit score of 750 or above is ideal for a bike loan as it proves the applicant's creditworthiness. Applicants with a lower credit score are also eligible for a two-wheeler loan, but have to shoulder slightly higher interest rates.
Once you’ve checked your eligibility, you need to furnish a list of documents to prove it. Here’s a list of documents required for a two-wheeler loan.
1. Identity Proof (Any One)
Copies of the applicant’s Aadhaar Card, PAN Card, Passport, Voter’s ID or driver’s licence. Applicants must also provide two recent passport-size photographs with their ID proof documents.
2. Address Proof (Any One)
Copies of the applicant’s Aadhaar Card, PAN Card, Passport, Voter’s ID, driver’s licence, ration card or utility bills.
3. Income Proof
i) Salaried applicants must submit their offer letter and the latest Form 16, along with their bank statements and salary slips for the last six months.
ii) Self-employed individuals have to submit their ITR for the last two years, their TDS certificate and bank statements for the last six months. They also have to furnish documents as proof of business.
Bajaj Bike Finance has a simple application process in place to save you the hassle of going through multiple steps to secure a bike loan. Here’s what you need to do to apply for a Bajaj bike loan online.
Step 1: Visit the Bajaj Bike Finance loan application page
Step 2: Enter your personal details like name, contact number, email ID etc.
Step 3: Next, proceed to assess your eligibility for the loan
Step 4: Head to the Loan Approval tab and generate your loan approval letter
Step 5: Visit a Bajaj two-wheeler dealership to shortlist and buy a Bajaj bike
Alternatively, you can apply for a two wheeler loan offline through your nearest Bajaj showroom or authorised service centre.
With a Bajaj Finance bike loan, you can own the bike of your dreams without worrying about financing its cost. Here’s a list of advantages you will unlock with a Bajaj bike loan.
Easy Application Process - You can apply for a Bajaj Bike Finance loan in a few easy steps from the comfort of your home. The digitised application process makes availing of a two-wheeler loan quick and hassle-free.
Pocket-Friendly Interest Rates - Attractive two wheeler loan interest rates and the lowest EMI benefits make the Bajaj bike loan a preferred choice for most potential borrowers.
Flexible Repayment Schedules - Depending on your convenience, you can repay your Bajaj two-wheeler loan in 12-36 months.
Simplified Eligibility Criteria - Bajaj two-wheeler finance options come with basic eligibility criteria and are available to both salaried and self-employed persons.
Quick Approvals and Disbursals - If all your documents are in order, you can enjoy super-fast approvals and disbursals and bring your dream bike home in no time.
Provision for Cash Repayments - You can also pay your Bajaj bike loan EMIs in cash. The company has this special provision for its suburban customers.
Low Foreclosure Charges - You can also choose to fully or partially foreclose your Bajaj two-wheeler loan against a nominal fee.
Special Offers - Bajaj Bike Finance also extends special offers like lower interest and processing rates for credit-worthy applicants with a high CIBIL score.
Responsive Customer Support Team - Bajaj Bike Finance has a dedicated customer support team that answers your loan-related queries in more than ten languages.
Bajaj bike loan EMIs are calculated using a two-wheeler loan EMI calculator. To know your Bajaj bike loan EMI, you must enter the principal amount, loan tenure and interest rate. The EMI calculator then instantly processes this information to display the EMI amount. If this EMI amount is too high, you can keep altering these values until you reach a suitable EMI amount that doesn’t strain your monthly budget.
You need to furnish a valid ID proof, address proof and income proof to avail of a Bajaj two-wheeler loan.
Since Bajaj two-wheeler loans can finance up to 95% of your bike’s on-road price, you will have to cover the remaining 5% as the minimum down payment requirement.