A two-wheeler loan guarantees additional funds and helps individuals buy a two-wheeler of their choice. Instead of saving up for an extended period to purchase a two-wheeler, these loans provide the convenience of immediate ownership with the ability to pay over time. Taking out and successfully repaying a two-wheeler loan may help people develop or enhance their credit history, which can be helpful for future financial goals like larger loans or mortgages. If you want to apply for a loan, this article will help you understand the steps and documents required to obtain a two-wheeler loan successfully.
Things To Consider Before Applying for a Two-Wheeler Loan
Below are the things borrowers must consider before applying for a two-wheeler loan with lenders like Bajaj Auto Credit.
- Loan amount: The loan covers everything for the car, like registration and insurance. Remember, if you borrow more money, your monthly payments, called EMIs, will be higher. This could impact your monthly budget, so it’s essential to consider it carefully.
- Interest rate: The interest rate is the cost of borrowing money, usually stated as a percentage per year. Lenders provide excellent interest rates on two-wheeler loans to make loans more accessible for everyone.
- Credit score: Your credit score reflects your creditworthiness based on your credit history. A strong credit score can help you acquire a cheaper interest rate and more favourable loan terms. Before applying for a loan, you should verify your credit score and, if required, attempt to improve it.
Bajaj Auto Credit Two Wheeler Loan Eligibility Criteria
Borrowers must fulfil the following eligibility criteria to obtain a two-wheeler loan at Bajaj Auto Credit:
- Applicant’s minimum age must be 18 and maximum 65 years.
- The applicant should have lived in the same residence for at least a year to demonstrate residential stability.
- The applicant should have been in stable work for at least a year or be self-employed with two years of IT returns.
- The applicant should have a decent CIBIL score from credit bureaus.
- The applicant must have a permanent phone number, KYC, and other required documentation.
Bajaj Credit Bike Loan Documents Required
These are the Bajaj Credit Bike Loan Documents Required to get a two-wheeler loan:
- Passport
- Driving License
- Voter’s Identity Card
- Aadhaar Card
- Job Card issued by NREGA
- Letter issued by the National Population Register
Additional documents
Salaried persons:
- Employment or offer letter
- Last salary slips <45 Days
- The past six months’ bank statements and the latest form 16
Self-Employed:
- Last three years’ income tax returns
- Last six months’ bank statements
- Sales tax returns
- TDS Certificate
- Company details
Application process
You can get a two-wheeler loan online in just 4 easy steps:
- Fill out the form for a two-wheeler loan online, and a representative will contact you.
- Visit the showroom of your preferred two-wheeler dealership. When you arrive, the professional will walk you through the loan application process.
Must Read: What Documents are Required for a Bajaj Credit Two-Wheeler Loan?
- Submit the needed papers, as specified by the representative, for verification.
- Once the financing is accepted, you can pick up the two-wheeler. Make an initial down payment. After all the legalities are finished, you may take the two-wheeler home.
Many lenders provide two-wheeler loans with attractive features such as quick KYC approval, no processing charge, cheap down payment, and so on. Contact the lenders immediately to apply for a loan and ride away on the two-wheeler of your dreams!
