Everything You Should Know Before Taking a Bajaj Credit Two-Wheeler Loan
3 min readIn today’s busy world, taking a two-wheeler loan is a need for many people. India has the highest number of two-wheelers in the world with the most number of registered two-wheelers. However, as we all know, many online lenders offer two-wheeler loans at attractive interest rates and numerous benefits. With so many choices, individuals can have a hard time deciding which lender suits the best with their interests.
This article will discuss everything about a two-wheeler loan, eligibility criteria, tips to obtain a two-wheeler loan, and much more.
With a two-wheeler loan users can get their desired bike or scooter without disturbing their finances. Borrowers can repay the loan amount in EMIs, they can also calculate the EMI using an online two-wheeler EMI calculator. So, let us learn all about the two-wheeler loans and get you closer to achieving your dream two-wheeler.
How are Two-Wheeler Loans Beneficial?
Taking out a two-wheeler loan from lenders like Bajaj Auto Credit Ltd is beneficial in the following ways:
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Affordability
Lenders are subject to government and RBI regulations and provide borrowers with a safe, secure, and transparent choice. The charges are fully stated, as is your repayment schedule. Lenders provide cost-effective two-wheeler vehicle Loans at competitive interest rates with convenient repayment alternatives.
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Quick approval
Two-wheeler loans have the fastest approval rate as compared to other loans. The application process is quick and simple. These loans have minimal two-wheeler loan eligibility requirements. The loan amount is disbursed immediately after approval, making them the most demanded loans in India.
Two-Wheeler Loan Eligibility
You must meet the following Two-wheeler Loan Eligibility criteria if you wish to apply for a two-wheeler loan:
- You must be an Indian resident, residing in the same house for at least one year.
- You must be between 18 years to 65 years old.
- You must have a stable job for at least one year or be self-employed with IT returns of two years.
- You must have a healthy CIBIL score and possess all the required KYC documents.
Two-wheeler loan documents required
After meeting the two-wheeler loan eligibility, you have to submit the following documents:
- Identity proofs: Passport, Aadhaar card, PAN card, Voter ID card, etc.
- Address proofs: Passport, Aadhaar card, utility bills, property tax, etc.
- Salaried person: Job card issued by NREGA, employment letter, salary slips, bank statement of last 6 months, Form 16.
- Self-employed: Income tax returns of last three years, bank statements of last 6 months, sales tax return, TDS certificate, company details.
- Residential Stability Proof showing that you have been living in the same house for at least one year.
Must Read: 5 Factors to Consider When Comparing Two-Wheeler Loans
Tips to Get Quick Approval
If you are eligible and have the necessary documents to apply for a two-wheeler loan, these are some of the tips to follow for a quicker approval process:
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Maintain a good credit score
A good credit score ensures a lower interest rate and a high loan amount. It shows you are a reliable applicant as two-wheeler loans are unsecured loans. You must pay your credit bills on time to improve your credit score.
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Reduce the debt-to-income ratio
Another way to get quick approval is to balance your debt-to-income ratio. You should not pay off more debts than you earn as it results in a high debt-to-income ratio, decreasing your chances of loan approval. Ensure you have a decent income and lower debts comparatively.
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Negotiate on the interest rate
If you follow the steps mentioned above, you get the power to negotiate with the lenders to obtain a minimal interest rate and get quick approval on your two-wheeler loan application.
Now that you know everything about taking a two-wheeler loan, make sure you follow the tips and gather the relevant documents for a convenient application process.
Become a part of an ever-growing two-wheeler family and take the scenic route on your new bike financed by a two-wheeler loan.