Two-Wheeler Loan for Self-Employed

Get your ideal bike with ease by obtaining a two-wheeler loan at competitive interest rates and with minimal documentation. Whether you are salaried or self-employed, you can compare loan options from various lenders and apply with a lender of your choice via Bajaj Markets. 

Enjoy the flexibility of choosing a repayment schedule of up to 60 months based on your affordability. With simple eligibility criteria, purchasing the bike of your choice becomes hassle-free.

A self-employed individual earns income through contracts with businesses rather than being employed by a specific company. Such individuals generally work for multiple clients and do not receive a fixed salary or compensation from an employer. Self-employed individuals may be independent contractors or individuals operating on their own.

A self-employed person may specialise in one area of work but continue to engage in other fields. Writers, independent contractors, lawyers, insurance agents, sales professionals, and others fall under this category. Although self-employment can offer greater job flexibility, it often involves irregular income and higher employment risk.

Two-wheeler loans for self-employed individuals can help manage several financial aspects. These loans can support saving money, enable investments, and contribute to maintaining a higher credit score. Here are some reasons why opting for a loan is a suitable decision:

• Affordable

Loans for two-wheelers are provided at competitive interest rates. You can compare options from various lenders to find the most favourable terms. Repaying the loan instalments will not place a burden on your monthly budget when the interest rate is low.

• Aids in a Healthy Credit Score

Auto loans are categorised as secured loans. A balanced mix of secured and unsecured loans is necessary to maintain a healthy credit profile. Timely EMI payments help build a solid credit history, which improves your overall creditworthiness.

• No Need to Delay Your Purchase

Having some savings may not be sufficient to make an immediate purchase. When the need for a two-wheeler is urgent, waiting to accumulate the full amount may result in delays. Prices may also increase by the time adequate funds are gathered.

• Opportunity to Invest

Using your savings to buy a two-wheeler eliminates the opportunity to invest that money elsewhere. Choosing a loan allows you to use available funds for investments such as mutual funds, equities, or other financial instruments that offer returns.

• Tax Advantage

While not applicable to everyone, self-employed professionals or business owners may register the two-wheeler under their firm’s name. This enables them to claim tax deductions on interest payments. Additional tax benefits may include insurance premiums, fuel expenses, maintenance, and depreciation.

• Coverage for Insurance

Auto loans often include insurance and accidental coverage as part of the financing process. As per the Indian Motor Act, lenders require that the vehicle be insured, ensuring protection for the owner in case of an accident.

You can get a loan from a bank or a non-banking financial company (NBFC) to purchase a two-wheeler. The table below provides information such as the bike loan interest rate and loan amount offered via Bajaj Markets.

Disclaimer: The above information and rates are subject to change at the lender’s discretion.

When applying for a two-wheeler loan via Bajaj Markets, you need to fulfil the following criteria:

• You should be between 18 and 65–70 years of age

• You must be a resident of India

• You should have a good CIBIL score

• Self-employed applicants must have filed income tax returns for a minimum of 2 years

Here is a list of documents that you need to submit when applying for a two-wheeler loan via Bajaj Markets,:

Identity Proof (any one):

• PAN card

• Voter ID

• Passport

• Driving Licence

Address Proof (any one):

• Utility bills

• Passport

• Government-issued documents

Income Proof:

• Salary slips

• IT returns

• Bank account statements

Let us look at some lending advice to improve your chances of securing a loan for a two-wheeler.

• Good Credit History

Maintaining a high credit score is crucial. A loan application may be denied when the credit score is below average. Interest rates may be higher even when eligibility remains. To maintain a strong credit history, you need to pay all bills and EMIs on time.

• Organise Your Financial Documents

Maintaining well-organised financial records is essential for independent contractors. This includes updated business registration documents, accurate income tax returns (ITRs), and properly maintained books of accounts.

• Provide Evidence of Income Stability

Presenting convincing evidence of stable income can enhance your chances of loan approval. Bank statements, ITRs, and other relevant documents that reflect the consistency and performance of your business need to be submitted.

• Provide a High Down Payment

Offering a higher down payment can improve the likelihood of approval and reduce the loan amount. A substantial down payment indicates commitment and lowers the lender’s perceived risk.

• Consult a Professional

Engaging with a financial adviser or consultant is advisable when guidance is required for the loan application process or understanding eligibility criteria. These professionals help you make informed decisions and guide you through each step. Alternatively, you may refer to the bank’s specific criteria for two-wheeler loans.

You may commute more conveniently and purchase the motorbike of your choice with two-wheeler finance for the self-employed. This option offers several benefits when taking a loan to buy your bike or scooter. You need to understand your requirements and financial situation first, and then proceed with a well-informed decision.

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