Two Wheeler Loan

Anyone can get an online bike loan. But, they must be at least 21 years old and earn a minimum of ₹7000 per month and have been working with a company for at least 1 year.

If you fulfil the two-wheeler loan eligibility criteria, you will not need a guarantor. However, if you think that you do not meet the criteria, you can get one on board. You can also present a guarantor to simply increase your chances of getting the loan.

An ideal CIBIL score of 600 or above can help improve your chances of getting an online two-wheeler loan. However, there is no fixed credit score requirement, especially in the case of secured loans like two-wheeler loans.

The minimum tenure for a two-wheeler loan is 12 months, while the maximum tenure is generally 60 months. This repayment period may vary from one financial institution to another, so ensure to check with your lender prior to applying.

Yes. You can pay the entire outstanding amount before the end of the tenure. It helps in closing the debt faster and saving on interest costs. Prepayment often incurs additional charges ranging between 1% and 4% of the outstanding loan amount.

Check how well you meet the eligibility criteria set by the lender you wish to get a two-wheeler loan from. This will help you estimate whether you are eligible for the loan. Ensure to have a steady source of income, stable employment, and a good CIBIL score to improve your chances of getting the loan at favourable interest rates.

Some lenders like L&T Finance and Muthoot Capital offer up to 100% of your bike’s on-road value as a loan. In such cases, you are not required to make any down payment. This is subject to the lender’s policies and your eligibility.

On Bajaj Markets, you can apply for a two-wheeler loan within minutes through the completely digital process. Simply click on the ‘CHECK OFFER’ option on this page to get started. Provide your personal and professional details as requested and select your preferred lender from the list provided. Enter the loan amount and tenure you want, then submit the application. Following this, your application will be verified and a lender’s representative will contact you for further proceedings.

The time taken to process the loan depends on the lender you wish to get the loan from. Usually, it can take 3 to 4 business days.

Some simple ways to get a lower interest rate on your bike loan are as follows:

• Make a higher down payment, reducing the loan amount.  This reduces the perceived risk, helping you get better interest rates

• Maintain a healthy credit profile by repaying your EMIs and credit card bills on time to show responsible credit management. This may influence lenders to offer lower interest rates to you.

• Use the two-wheeler loan EMI calculator to compare the multiple loan options available to you. This can help you make an informed decision and pick an offer with a lower interest rate and overall borrowing cost.

You can reach out to your chosen lender and negotiate for better loan terms on the grounds of having a strong credit profile or stable income. This includes the processing fee as well. However, do note that this is dependent on the lender’s policies.

Lenders like Muthoot Capital, L&T Finance, and Bajaj Auto Finance offer bike loans on Bajaj Markets.

The two-wheeler you purchase is considered to be the collateral for this loan.

Reach out to your chosen lender’s customer service team or the official website to check the application status of the loan.

If you are in the age bracket of 18-70 years, you can apply for a two-wheeler loan.

Yes, you can foreclose your two-wheeler bike loan. You may be charged up to 4% of the loan amount.

Lenders like Bajaj Auto Finance provide electric scooter loans. However, this is subject to the policies of the financial institutions.

Yes, there are numerous options for you to purchase a bike on EMI. You can visit financial marketplaces (online) or institutions (online or offline) to apply for bike finance.