Two-wheelers have been the best friend of Indian people be it in the cities or in the rural areas as it is the only option to cut the traffic, can be used in the rough roads of the country and is more affordable than cars. Also, studies have shown that two-wheelers emit much less polluting elements than cars. In recent times, it is no more a vehicle to ease the commute but has become immensely popular for enthusiasts, cruisers, and mountain-riders who want to spend their free and recreation time with the beast (bike).
Now, it is understandable that it is not possible to purchase premium quality, sports motor-cycle through hard cash. Here comes the loan to rescue. It ensures that you can ride your dream bike and yet pay the price of it in small EMI.
Bajaj auto finance provides Two wheeler loan at a very much affordable rate of interest and comfortable installment facilities so that it does not become a burden on you.
Are you in a dilemma?
We will advise you to go for the purchase and take a two-wheeler loan for it. You have various options to cut your amount into small segments. If you produce a hefty amount as down payment, your EMI automatically becomes less; so is your loan tenure.
If you wish to take a long term loan, the EMI amount every month will decrease, and you need not cut down other essentials from your lifestyle. Use the bike EMI calculator to see which will be the best option for you in repaying back the loan.
The process of application-
- Do thorough research about the interest rates, benefits, and EMI schemes various organizations are providing. Bajaj auto finance provides loans at cheap rates considering the need and dream of the middle-class. Start the discussion with the one you find viable for you.
- Check the eligibility criteria and see whether your file matches up to it. The right documents have to be produced while the loan will be processed. Keep it ready otherwise; there will be a delay in the process.
- Fill up the required forms and read the agreement paper exceptionally well so that you do not face any issue later on. In case of any confusion, talk to the executive.
- Apply for the loan with the organization who understands your urgency and acts accordingly.
Eligibility criteria for application-
- While some organizations sanction the loan for 16 years old for a scooter, the minimum age of application for the loan is 18 years. You can apply until you are 65 years old.
- Your credit score must be above 750. Otherwise, you will be charged a higher rate of interest.
- You have to employed. Business or self-employed is also welcomed, but your yearly income should be a minimum of Rs 75000.
Documents that you will require-
1) Minimum three photographs as your identity.
2) identity proofs like PAN card, ADHAR card, passport or driving license.
3) Proof of income source, bank statements or payslips as proof of your income status.
Do you know the two-wheeler loan interest rate?
Though the interest rate may vary from person to person since it is mostly dependent on the credit score, whether you are buying a bike or a scooter, the period you are applying for the loan, etc.; the standard rate of interest is somewhat around 7.85%* and can be as high as 18.25%. But you may check with the Bajaj Auto finance, and they can customize your loan plan accordingly.
Here is everything you should know before taking a loan for your dream purchase of two-wheeler.