The major concern before borrowing any type of loan is the interest rate chargeable on the loan amount. Similarly, when a person is borrowing a Two Wheeler Loan, it is important to be aware of the current interest rate. You must know the fact that Bajaj Finance Bike Loan gives you up to 95% value of the bike as a loan but it also charges a certain rate of interest. So, the Bajaj Finance Two Wheeler Loan Interest Rate is 6.2% to 13.8% per annum and you can negotiate it with the institution if you have a healthy relationship. Let’s move on to the interest rate and other charges that might incur while boring the 2 Wheeler loan from Bajaj Auto Finance.
Bajaj Auto Finance Two Wheeler Loan Interest Rate
In the table given below, you can go through the interest rate that will apply to the loan. There are also some other charges that you might have to pay at the time of availing of the personal loan.
|Minimum Rate of Interest||6.2% per annum|
|Maximum Rate of Interest||13.8% per annum|
|Processing Fee||1% to 3%|
|Foreclosure Charges||3% of the Principal Loan Amount|
|Partial Foreclosure Charges||NIL|
|Loan Statement Request||NIL|
|Statement Printing||INR 118 per Instance|
|Duplicate NOC Charges||INR 295|
|Late Payment Charges||3% of the Unpaid EMI + GST|
|Instalment Bounce Charges||INR 531|
|Vehicle Repossession Charges||INR 3540|
|Change in EMI Date||INR 590|
|Vehicle Parking Charges||INR 59 per day|
|Swapping Repayment Mode||INR 590|
How the Rate of Interest on Bajaj Auto Finance is Determined
There are some factors that affect the rate of interest. Due to the involvement of the below factors, you can get a two wheeler loan at a low or a high rate of interest.
If you have a high income and a good loan repaying capacity then you can negotiate on the rate of interest with the institution. The institution might reduce the two-wheeler loan interest rate if you are having a stable income and a good capacity to repay the loan on time without any delay.
Cibil Score is also one of the important factors to determine the rate of interest. Bajaj Finance will ask you for a Cibil Score of at least 750 or above so that you can get a quick disbursal. On the other hand, you can ask the institution to reduce the Bajaj Two Wheeler Loan Interest Rate if you have a high Cibil Score of 800 and above.
Your repayment history matters a lot while the institution is determining the Rate of Interest. If you have done the repayments of the previous loans on time then it might help you to negotiate on the rate of interest with the institution.
Relation with the Institution
Old customers always receive the best deals on any type of debt. Similarly, if you are a loyal customer of the institution and borrowing a two-wheeler loan then you will get the best possible rate of interest on the Bajaj Auto Finance Two Wheeler Loan.
Frequently Asked Questions
1. What is the existing rate of interest of the Bajaj Finance Two Wheeler Loan?
The existing rate of interest of the Bajaj Loan for Two Wheeler is 6.2% to 13.8% per annum. The exact rate of interest will be told to you at the time of applying for the loan.
2. What is Bajaj Auto Finance 2 Wheeler Loan Interest Rate in 2022?
Currently, in 2022, the Bajaj Finance Two-Wheeler Loan interest rate is 6.2% onwards per annum. The maximum rate of interest on this loan is 13.8% per annum.
3. What is the Interest Rate on INR 1 Lac loan?
If you are borrowing a loan of INR 1 lac then the interest rate on this amount will be from 6.2% to 13.8% per annum.
4. What is the Interest Rate on INR 1.5 Lacs loan in Bajaj Two Wheeler Loan?
The interest rate on INR 1.5 lacs loan is 6.2% to 13.8% per annum. The exact rate of interest will be decided on the basis of your income and Cibil Score.
5. What is the Interest Rate on INR 2 Lacs loan in Bajaj 2 Wheeler Loan?
An interest rate of 6.2% to 13.8% will be chargeable if you are borrowing a two-wheeler loan of INR 2 lacs from Bajaj Auto Finance.
6. What is the Customer Care Number of Bajaj Auto Finance Two Wheeler Loan?
The customer care number of Bajaj Auto Loan is +91-7219821111 and it is available from 9 AM to 8 PM from Monday to Saturday.
7. How can I Negotiate on the Bajaj 2 Wheeler Loan Interest Rate?
You can negotiate on the Bajaj Auto Loan Interest Rate on the basis of your income and Cibil Score. If you have a high income and excellent Cibil Score then you will get the two-wheeler loan at an affordable rate of interest.
8. What is the tenure for the 2 wheeler bike loan?
The tenure for the 2 Wheeler Bike loan is up to 60 months. If you want to pay the loan early then you can opt for a minimum tenure of 12 months.
9. Will I have to pay any processing fee while applying for the loan?
Yes, a processing fee of 1% to 3% will be charged at the time of disbursal of the Bajaj Auto Finance Bike Loan.
10. How I Can take the NOC after repaying the loan?
You will just have to clear all the dues and ask the institution for the NOC. The validity of the NOC will be for 90 days.
So, the Bajaj Finance Two Wheeler Loan Interest Rate is 6.2% to 13.8% per annum. You can borrow the same loan at an interest rate of 6.2% if you have a high Cibil Score and a high income. But the rate of interest on the Bajaj 2 wheeler loan will keep on increasing if you have a low Cibil Score and a low income. Therefore, before you apply for the loan, you must full fill the factors that determine the rate of interest.