Buying a bike may drastically change your life by enabling convenience and freedom of travelling. Nevertheless, owning a bike, especially a high-end model, is expensive. Some people need help to afford this commitment, which is why Bajaj Finance offers bike loans.
Using this option, you can purchase your desired bike for a minimum interest rate. Then, you pay back the amount in instalments, allowing you to buy a new bike without any financial concerns.
Many procedures are involved in getting a Bajaj finance bike loan, and you need to know about them. Below, you can see all about the Bajaj finance bike loan:
Reasons to Apply for A Bike Loan
Tax Benefits
If you are a business professional or entrepreneurs, you can benefit from tax advantages by getting a bike loan under your company’s name. You can also pay for maintenance and gas, receive the benefit of depreciation, and make insurance claims.
Save Money to Invest
With time, your wealth will increase if you save money and invest it in ventures that support your financial objectives. Entrust LTF with the worry and cost of purchasing a bike. Their financing choices are versatile enough to help you own your ideal bike without breaking the bank or jeopardizing your investments.
Easy and Quick Application Process
Easy and quick application process is the benefit of applying for a Bajaj finance bike loan. From the convenience of your home, you may easily apply online, submit the necessary documents, and get approved quickly. Due to this ease, you can focus on selecting your ideal bike, which saves time and effort.
Features and Benefits of Two Wheeler Loan
Foreclosure Charges of Only Up To 3% Of the Amount
Your bike loan can be repossessed for a small cost before it matures. Take note that you will only be charged if you decide to do so before the 12th EMI. You can also make payments in parts.
Pre-approved Proposals
You will frequently be able to select from a wide variety of specially designed pre-approved two-wheeler financing deals at Bajaj Markets. In this manner, you can contrast them and select the best one for you.
Simple Cash Alternatives
You can pay back your two-wheeler loan in cash if you don’t have a bank account. You can also take advantage of this function.
Flexible Repayment Tenure
You can choose a flexible repayment period of up to four years. Using this function, you can return your loan at the best rate for your budget.
Bike Loan Eligibility
- When taking a bike loan, the person must be less than 65 or 70 years old. Also, applicants must be 18 years old.
- Additionally, the applicant needs to live in India. Being able to repay the loan and have a decent credit score are important factors in CIBIL.
- Those who are paid a wage must work for the company for a minimum of one year without interruption.
- For independently owned applicants, income tax records proving consistency and stability in their finances for a minimum of two years are required as a way of demonstrating eligibility for loan repayment.
Documents Required for Bike Loan
- Voter ID, PAN cards, passports, and driver’s licenses are examples of identity proofs.
- Passports, utility bills, and other formal government documents are used as proofs of address.
- Proof of earnings such pay slip, IT returns, bank account statements, audited financial records, etc.
Procedures for Applying Two Wheeler Loan
An extremely simple online application procedure followed by Bajaj for two-wheeler loans. Just take the following actions:
- First, in order to apply for a Bajaj finance bike loan, you must complete out all identity related papers, including those that include your name, age, occupation, and verified address.
- Next, include specific details about the bike you wish to purchase, such as the model, and retailer of your choice.
- When calculating your needed amount, don’t forget to factor in your ability to repay the loan and your budget.
- A Bajaj finance representative will contact you soon after you submit your online application so they can help you through the remaining steps and effectively finish the loan process.
Final Thoughts
Are you looking to buy a bike without any financial burden? Then get a bike loan from Bajaj Markets. Many people considered it as the best option. Bajaj Finance makes it easier to buy your dream bike with its flexible loan amounts, low interest rates, and straightforward application process. You can expedite the loan process and get started by being informed of the qualifying requirements, needed paperwork, and application processes.