Earlier people used to accumulate funds in order to buy a two-wheeler. But now with the availability of multiple finance options, it is not so difficult to buy a two-wheeler. There are multiple financial institutions that give loans for two-wheelers so that you can have one. Here you can explore all the details about the Bajaj Finance Two Wheeler Loan that is available at an interest rate of 6.2%. You can get up to 95% of the two-wheeler’s value as a loan. The tenure is also given for 36 months and this period of time is sufficient to clear your loan. You must explore the other features and benefits of the loan below in this article.
Two-wheeler
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Details of the Bajaj Finance Two Wheeler Bike Loan
In the table given below, you can go through the loan amount that you can borrow to buy a bike or a scooter. There is also minimum and maximum tenure that will be given to you to repay the Bajaj Auto loan.
| Particulars | Particulars |
|---|---|
| Rate of Interest | 6.2% - 13.8% p.a |
| Loan Amount | Up to 100% of the Two Wheeler’s Value |
| Minimum Tenure | 12 Months |
| Maximum Tenure | Up to 60 Months |
| Down payment | Not Needed |
| Processing Fee | 1% to 3% |
| Minimum Age Required | 18 Years |
Bajaj Auto Two Wheeler Loan Fees and Charges
Now, you must explore the fees and other charges that you might have to pay before and after taking the loan.
| Particulars | Charges |
|---|---|
| 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 |
Eligibility Criteria for Bajaj Bike Loan
- You should have a minimum age of 18 years at the time of applying for Bajaj Finance Two Wheeler Loan.
- The maximum age to apply for the Two Wheeler Loan is 65 years.
- The applicant should be residing in the same house at least for 1 year.
- You should be in a stable job or self-employed with an IT Return of 2 years.
- The Cibil Score of the Applicant must be at least 750 or above.
- You must have a permanent telephone number.
Documents Required for Bajaj Two Wheeler Loan
You will need identity proof, income proof, and address proof to prove your eligibility for the Bajaj Bike Loan. So, the following documents are accepted as identity, income, and address proofs.
Income Proof
- Employment or offer letter
- Latest salary slips
- Last six months bank statements
- Latest form 16
- Last three years income tax returns
- Last six months bank statements
- Sales tax returns
- TDS Certificate
- Company Details
Identity Proof
- Aadhaar Card
- PAN card
- Passport
- Driving License
- Voter Identity Card
Address Proof
- Aadhaar Card
- PAN card
- Passport
- Driving License
- Latest Electricity Bill
- Latest Bank Passbook having current address
- Property Documents
- Water bill
- Latest Phone Bill
How to Apply for Bajaj Finance Two Wheeler Loan
You will just have to follow simple steps given below to apply for the Bajaj Bike Loan:-
- Fill out the Loan Application Form given above.
- Share some of your personal details in the form like Name, Needed Loan Amount, Income, etc.
- Then submit the loan application form through the Submit Button.
- After submitting the documents, the company’s representative will call you and you go through the digital lending process.
Need for Calculating EMI
You can calculate the EMI on the two-wheeler loan through the Bajaj Bike Loan EMI Calculator. It will help you to speculate the expenses that will incur after taking the loan. You can calculate the EMI at different rates of interest and different loan amounts.
Below is a table showing EMIs, Interest Outgo and Total Amount Payable on a loan.
| Loan Amount (in ₹) | ROI 8% (24 Months EMI) | ROI 8% (48 Months EMI) | ROI 13% (24 Months EMI) | ROI 13% (48 Months EMI) |
|---|---|---|---|---|
| 50,000 | ₹2261 | ₹1221 | ₹2377 | ₹1341 |
| 1,00,000 | ₹4523 | ₹2441 | ₹4754 | ₹2683 |
| 1,50,000 | ₹6784 | ₹3662 | ₹7131 | ₹4024 |
| 2,00,000 | ₹9045 | ₹4883 | ₹9508 | ₹5365 |
| 2,50,000 | ₹11307 | ₹6103 | ₹11885 | ₹6707 |
Minimum Down payment for Bajaj Finance Two Wheeler Loan
You will only have to pay a down payment of 5% of the two-wheeler value to get a 2 wheeler from the showroom. Bajaj Auto Finance Two-Wheeler loan can be borrowed to pay 95% of the two-wheeler’s value. 95% finances are available from Bajaj against the bike you are willing to buy and you will only have to pay a nominal down payment in the showroom.
EMI Payment Option
You can repay the EMI on Bajaj Finance Two Wheeler Loan through the auto-debit facility. You will have to decide a particular date at the time of taking the loan on which the EMI will be deducted. The institution will deduct the EMI every month on that particular date until the expiry of the tenure or full repayment.
Bajaj Auto Loan Customer Care Number
Every state has a different customer care number for Bajaj Auto Finance Two Wheeler Loan. You can see the customer care number in the table below:-
| State | Number | State | Number | State | Number |
|---|---|---|---|---|---|
| Delhi | 74289-33222 | Kerala | 93870-33222 | West Bengal | 93784-33222 |
| Maharashtra | 92258-11110 | Punjab | 93576-33222 | Uttar Pradesh | 74995-33222 |
| Tamil Nadu | 93450-33222 | Rajasthan | 93516-33222 | Madhya Pradesh | 74894-33222 |
| Gujarat | 85301-33222 | Orissa | 93378-33222 | Jharkhand | 93045-33222 |
| Chhattisgarh | 93026-33222 | Karnataka | 93794-33222 | Bihar | 85308-33222 |
Frequently Asked Questions
1. How to Apply for the Bajaj Finance Two Wheeler Loan Online?
You will just have to fill out the form given above and apply for the 2 wheeler bike loan from Bajaj Finance. You will have to provide some basic details related to the loan requirement and the representative will get in touch with you for further process.
2. How long is the disbursal process for Bajaj Auto Finance Two Wheeler Loan?
The minimum time the institution takes in disbursing the loan is 2-48 hours after you have submitted the valid documents to the representative.
3. In how much time will I get the Two Wheeler Loan from Bajaj Finance?
After submitting all the valid documents to the institution, you will get the Bajaj Auto loan between 2-48 hours. The disbursal process of this loan is quick and it will be credited to the dealer’s account.
4. What is the Maximum Amount of Bajaj Two Wheeler Loan?
You can borrow a loan of up to 100% of the two-wheeler’s value. In some cases, the institution gives only 95% of the vehicle’s value to the applicant and he will have to make a down payment of 5%.
5. Can I take a loan for buying a second two-wheeler?
Yes, you have a large credit line and you haven’t used it fully then you can apply for a second loan for your two-wheeler from Bajaj Auto Finance.
6. What are the documents needed for Bajaj 2 Wheeler Loan?
You will need to provide the following documents for the Bajaj Two Wheeler Loan:-
- Employment or offer letter
- Latest salary slips
- Last six months bank statements
- Latest form 16
- Last three years’ income tax returns
- Last six months bank statements
- Sales tax returns
- TDS Certificate
- Company Details
- Identity Proof
- Income Proof
7. What are the Bajaj 2 Wheeler Loan Foreclosure charges?
The foreclosure charges for the Bajaj 2 Wheeler loan is 3% of the principal amount.
8. What are the eligibility criteria for Two Wheeler Loan from Bajaj?
You will have to fulfill the following eligibility criteria to apply for the Bajaj Two Wheeler Loan:-
- Your minimum age must be 18 years or above.
- Your maximum age should not exceed 65 Years.
- You should be resting at the same house for at least 1 year.
- You must have a Cibil Score of 750 and above.
- Your income should be stable.
- You must have a permanent telephone number.
9. What is the minimum Cibil Score needed for Bajaj Finance Two Wheeler Loan?
You will need a minimum Cibil Score of 750 and above to apply for the Bajaj Finance Two Wheeler Bike Loan.
10. What is the minimum down payment needed to apply for Bajaj Auto Finance Two Wheeler Loan?
In some cases, you will have to make a minimum down payment of 5% of the two-wheeler’s value and 95% is given by the institution as a two-wheeler loan.
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