Did you know that a Bajaj Finance two-wheeler loan is the preferred way to finance new bike purchases? See how it could benefit you here.
Two-wheelers can be expensive, and a Bajaj Finance two-wheeler loan can make it easier to afford your dream vehicle. These loans have several benefits. Can a bike loan be taken on EMI? What are the advantages?
Reduced Financial burden
When you take out a loan, you can repay it in monthly installments, i.e., EMIs. For a better understanding of the financial weight of your decision, you can even calculate your EMI online.
It’s Convenient and Easy
It’s now possible to make regular repayments at your convenience and from the comfort of your own home!
Getting a Better credit score
In turn, paying off your loans increases your credit score, so you’ll have an easier time getting another loan in the future. Two-wheeler loans are easily repaid in a short time, boosting your credit score.
Besides flexible repayment options and instant approval, you can also take advantage of some zero-down-payment options offered by lenders.
A Bajaj Finance two-wheeler loan can be used to buy a bike or scooter, but various other factors must also be considered. The loan’s interest rate is one of the most important factors to consider. In addition to the EMI, you should also consider the interest rate. Using any of the online bike loan calculator tools, you can determine whether you will be able to afford EMIs before applying for a loan.
In addition, you will not have to invest a significant amount of money; therefore, your liquidity won’t be affected. Alternatively, your liquidity would be greatly reduced if you were to pay cash instead of taking out a bike loan. Many dealers offer additional features and discounts to customers who take out a loan.
Features of a Two-Wheeler Loan
A two-wheeler loan is an easily accessible loan that can be used to finance the purchase of a bike, scooter, or any two-wheeler. To use the many benefits of a bike loan, a person must take out a loan even if they have enough money to cover the expense. In addition to these features, a two-wheeler loan has the following advantages:
Availability
Whether salaried employees or self-employed professionals, these loans are readily available.
Competitive Interest rates
As secured loans, they have lower interest rates than other types of loans because they are secured against the two-wheeler.
Flexible Repayment
Borrowers are required to pay up the full loan amount within a fixed time once they receive it. Borrowers can customize their repayment plans with NBFCs, allowing them to choose a repayment tenure and EMI to suit their budget.
A two-wheeler loan with no down payment is also an option for some borrowers, which isn’t taxing on their finances.
Minimum Requirements
If you meet the eligibility requirements specified by the lender, you can get a two-wheeler loan in India. The stipulated criteria differ from one lender to the next since they do not all follow the same rules. Despite this, you will find many common requirements among the criteria set by almost all lenders. During the application process for a bike loan with Bajaj Finserv or with another lender, you may encounter the following:
Age criteria
You must be at least 18 years old to apply for the loan. In general, lenders’ preferences would determine the upper age criteria.
Residential proof
During the application process for the two-wheeler loan, the lender prefers that you reside at a particular address for a year. In all cases, this is necessary to prove that you have a suitable place to stay, whether your own or rented.
Income
A stable income source must be proven. Salary employees or self-employed people with their businesses are both acceptable. A salary slip and bank statement would be sufficient for salaried individuals. Business owners should prepare their IT return documents and profit and loss statements. The lender would request documents for a specific time.
Your CIBIL Score
Your CIBIL score indicates your credit score and is checked by lenders. CIBIL, often referred to as CIBIL, is the organization responsible for producing it. There is a specific range within which the score falls. Using your credit history, the credit rating agency will calculate it by examining your credit card repayments and dues. With a CIBIL score of over 750, you stand a better chance of getting approved. If your credit score is higher, you may also be able to get a loan with a lower interest rate.
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