Bajaj Finance bank is now providing the two-wheeler loan for their customers. The individuals who want to buy a new bike and want to get it by taking a loan can step ahead from BAJAJ FINANCE bank. With their simple terms and conditions, the bank is providing the loan to their customers.
Bike Loan From Bajaj Finance
To know all the details like required eligibility, EMI, needed documents, and more can be known here to apply for a BAJAJ FINANCE two-wheeler Loan. This financial company does not provide the loans on the bike models from the other manufacturers and other bike makes.
Required Eligibility Criteria for Bajaj Finance bike loan-
The applicant’s eligibility will be depended on many factors. The eligibility of repayment of loans will be the priority of the banks to check with their customers. Here are some of the required eligibility details to avail of a BAJAJ FINANCE bike loan.
- CIBIL Score
If the repayment record and the past CIBIL score with the credit cards and existing loans is good, this will give a good impact on including the eligibility criteria. Leading the previous loans with the poor repayment history may create problems in taking the new loans or bike loans or the banks may hesitate to give you the loans. Hence maintain a good CIBIL score.
The age of the applicants also plays an important role in giving the loan by the bank. By age you can guess the repayment ability of the loan. The bank considers 21 years should be the minimum age at the time of taking loans and 65 years should be the maximum age at the time of loan maturity.
Not only the above factors but also Income plays a major part of the role in providing the loan to the applicants. As depending on the income of the applicant only the BAJAJ FINANCE will calculate the loan repayment eligibility. As per the BAJAJ FINANCE bank rules, the minimum income of the salaried applicant, for taking the bike loan should be Rs.10,000/- per month.
The nationality of the applicant should be Indian.
Plan of BAJAJ FINANCE Two-wheeler loan with Interest rates-
- For the Loan amount of Rs.10,000/- the lowest EMI (Every month Installment) is Rs.335/-.
- 3 years is the maximum loan tenure.
- 99% is the interest rate.
- The processing fee for this loan amount will be 1.25% with the minim amount of Rs.250/- and maximum Rs.500/-.
- The payment charges will not be there.
- Interest calculation will be based on the Monthly reducing balance of the EMI.
- The applicant’s age should be between 21 years of age to 65 years of age.
- The maximum loan amount eligibility is 85% on-road price.
How the interest rates of BAJAJ FINANCE two-wheeler loan works –
The interest rates of the BAJAJ FINANCE bank on two-wheeler depend on the model of the bike you are choosing for you. If the customer selects the model which values high rates on the bikes, then the interest rates will be lower.
Applicant’s relationship with the bank-
The salary account holders of the Bank itself will get the interest rates on the loan with special charges, offers, and rates.
Category of the employer-
The major deciding factor of the interest rates is determined by the employer category of the burrower. The salary individuals list of the company categories will be with the BAJAJ FINANCE for which they will avail bike loans. If the category of the employer is higher, they will get the loan with the low-interest rates.
EMI Calculation of BAJAJ FINANCE for bike loan-
EMI is the Every Month Installment which you have to pay each month to the BAJAJ FINANCE or any other banks to repay the loan amount. This EMI amount should be paid till the tenure of the loan ends. For the loan amount of Rs.10,000/-, the EMI of the BAJAJ FINANCE bank will be Rs.335/- which is the lower interest rate of the bike loan with 12.65%. The factors which involve in calculating the loan AMI of BAJAJ FINANCE are as follows
- The important factors which affect the BAJAJ FINANCE loan interest are the EMI. The EMI will be higher if your interest rate is higher.
- The longer tenure of loan repayments will reduce the monthly EMI per lakh.
- Depending on the burrowing amount of the loan, the EMI will be decided.
- EMI of the bike loan will be different from bank to bank. It all depends on the calculation of the methods by banks.
Documents required applying for BAJAJ FINANCE two-wheeler loan-
The following documents must have to be submitted by the salaried candidates.
- Passport-sized photographs.
- Copy of Income-tax PAN
- Application forms should be signed by the applicants.
- ID Identity Proof which can include PAN/ Voter ID/ Passport/ Driving License.
- Address proof which can include Passport/ license/ utility bill/ Registered rent agreement.
- Income documents- in this you can submit form 16/ bank statement of three months which shows the EMI debits and salary credits.
There are two types of foreclosure of the loan. Those two types of loans are Partial Foreclosure, Medium, and Full Foreclosure.