Top Benefits of Bajaj Finserv Two-Wheeler Loans You Need to Know

Bajaj Finserv offers a Two-Wheeler Loan specifically for purchasing Bajaj bikes, with interest rates starting from 10.99%. Applicants must be Indian citizens aged 21 to 65, with at least 1 year of employment experience and residence status. Required documents include identity proof (e.g., PAN card, Aadhar card), income proof (salary slip, ITR), and address proof (electricity bill, passport). The loan features quick processing within 6 hours, various payment options, and foreclosure options after the 11th EMI. Applications can be made online or offline, and an EMI calculator is available for estimating monthly installments.

LOANBAJAJ FINSERV

Investbegin

6/19/20242 min read

Bajaj Finserv Two-Wheeler Loan
Bajaj Finserv Two-Wheeler Loan

Top Benefits of Bajaj Finserv Two-Wheeler Loans You Need to Know

Bajaj Finserv is a well-known financial service provider in India, offering a range of services including lending, asset management, wealth management, and insurance. Among its popular products is the Two-Wheeler Loan, which is available specifically for the purchase of Bajaj bikes. Here is an overview of the Bajaj Finserv Two-Wheeler Loan, including its features, eligibility criteria, and documentation requirements.

Bajaj Finserv Two-Wheeler Loan Interest Rates
  • Interest Rate: Starts from 10.99% onwards, subject to the borrower's financial status and repayment capacity.

Eligibility Criteria for Bajaj Finserv Two-Wheeler Loan
  • Age Criteria: Minimum 21 years, Maximum 65 years.

  • Employment Experience: At least 1 year.

  • Residence Status: At least 1 year at the current residence.

  • Loan Tenure: Minimum 12 months, Maximum 60 months.

  • Landline Requirement: Either office or residence landline number is required.

  • Nationality: Must be an Indian citizen.

Required Documents for Application
  1. Identity Proof:

    • PAN card

    • Aadhar card

    • Voter’s ID card

    • Driving License

    • Passport

    • Company ID card of MNC (For self-employed individuals)

  2. Income Proof:

    • For Salaried: Last salary slip or salary certificate.

    • For Self-employed: Last submitted Income Tax Return (ITR).

  3. Bank Documents for Agriculture Sector:

    • Kisan credit card statement

    • Form J

    • Krishi Mandi receipt

    • Milk passbook

    • Repayment track record

  4. Address Proof:

    • Electricity Bill

    • Driving license

    • Telephone bill

    • Election card

    • Ration card

    • Passport

Features and Benefits of Bajaj Finserv Two-Wheeler Loan
  1. Quick Processing:

    • Loan approval and processing within 6 hours after application submission.

    • Notification via call or SMS with loan details and EMI amount.

  2. Easy Approval:

    • Easier approval process for members of the Bajaj Finserv community, considering past transactions and payment regularity.

  3. Payment Options:

    • Various payment methods including Cash, EMI, Net banking, NEFT, Standing Instruction (SI), and Post-dated cheques.

  4. Foreclosure Options:

    • Full Foreclosure: Allowed after the 11th EMI with a 3% foreclosure charge.

    • Partial Foreclosure: Permitted to reduce the loan amount and EMI burden, saving on additional interest.

Factors Affecting the Interest Rates
  • Repayment Tenure: Longer tenures generally attract higher interest rates.

  • Past Record: Good repayment history can lead to better interest rates.

  • Bank History: Existing bank members with a good history may receive preferential rates, while those with defaults may face higher rates.

Application Process
  • Online and Offline Options: Applicants can choose to apply online or visit a branch.

  • EMI Calculator: An online EMI calculator is available for prospective borrowers to estimate their monthly installments.

Bajaj Finserv's Two-Wheeler Loan is designed to offer a quick and convenient financing solution for purchasing Bajaj bikes, providing competitive interest rates and flexible repayment options.

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