A two-wheeler loan allows you to buy the two-wheeler you need or have always wanted. Banks and non-banking financial companies offer two-wheeler loans (NBFCs). To be eligible for a loan, you must, however, meet some standards. Lenders will have different eligibility requirements. Here, you will get to know about eligibility criteria and the documents required to avail a Bajaj Finance Two Wheeler loan. Read below to get more information.
Eligibility Criteria Requirements to avail a Bajaj Finance Two-Wheeler Loan
It’s critical to examine your two-wheeler loan eligibility once you’ve decided to buy a bike and want to apply for a two-wheeler loan. Lenders take quite extra precautions while lending and will only approve a loan after thoroughly examining the borrower’s repayment history and credit score. Before the loan is disbursed, thorough background checks are performed, and you must be extremely cautious.
You must be prepared in advance to ensure that your loan application is not denied. For a quick approval, you must have all relevant documentation and indicate your exact source of income.
The eligibility criteria required to obtain a Bajaj Finance Two wheeler loan are as follows-
- At the time of submitting the bike loan application, the loan applicant must be at least 18 years old, with a maximum age limit of 65 years.
- The candidate must have lived in the same house for at least one year to demonstrate that he is residentially stable.
- Applicants must have worked in a secure position for at least one year or be self-employed with two years of IT returns.
- The applicant must have a satisfactory CIBIL credit score from the credit bureaus.
- A permanent phone number is mandatory, as well as KYC and other relevant documentation.
Documents Required to avail a Bajaj Finance Two-Wheeler Loan
The bike loan can be availed by both salaried and self employed applicants. However, the documentation requirements for both may be different and you need to know the exact requirements to avoid the rejection of your application. Here are mentioned the documents required for both salaried and self employed applicants.
For salaried applicants-
- Identity Proof: Aadhaar Card, PAN card, Passport, Driving License, Electoral Voter Identity Card
- Address Proof: Aadhaar Card, PAN card, Passport, Driving License, Latest Electricity Bill, Latest Phone Bill, Latest Bank Passbook reflecting the current address, Property Documents, Water bill
- Additional Documents – Employment or offer letter , Last salary slips <45 Days , Last six months bank statements and latest form 16
For self employed applicants-
- Identity Proof: Aadhaar Card, PAN card, Passport, Driving License, Electoral Voter Identity Card
- Address Proof: Aadhaar Card, PAN card, Passport, Driving License, Latest Electricity Bill, Latest Phone Bill, Latest Bank Passbook reflecting the current address, Property Documents, Water bill
- Additional Documents – Income tax returns from the previous three years, bank statements from the previous six months, sales tax returns, TDS certificates, and company information
The Bottom Line
There are many factors that affect your bike loan eligibility such as your credit score, monthly income or any outstanding loans. You need to take care of these factors and be prepared with the above mentioned documents. This is to get a hassle free loan experience. You can also use the Bajaj Finance Two Wheeler Loan EMI Calculator to know your bike loan EMIs. This will help you to get a better financial plan for your loan EMIs.
