Bajaj Finserv is one of the prominent private companies offering financial services across the nation. Bajaj Finserv is a part of Bajaj Holdings & Investments Limited conglomerate. The company provides services such as insurance, wealth management, asset management, and lending. With an established nationwide presence, Bajaj Finserv has a network of over 1400 branches and more than 20,000 workers.
It's true that cars provide comfort while driving, but it is a fact that during heavy traffic, bikes are more compatible to drive on the roads as they take less time. Be it traveling to work, hopping over to the nearby store for the weekly groceries, or a quick trip to a friend's house in a congested part of the city--a two-wheeler helps save considerable time and stress.
So, for people who aim to buy a bike, Bajaj Finserv offers two-wheeler loans which come with lucrative terms like pre-approved offers, quick loan processing, and a dedicated multi-lingual helpline service to address the needs of customers from diverse regions.
The Rate of Interest on Bike Loans
Bajaj Finserv provides the well-accepted two-wheeler financing options to its customers. The primary reasons for its popularity are based on the fact that the company offers affordable rates of interest for the financing of Kawasaki, KTM, and Bajaj bikes. The interest rates also depend on specific criteria like the applicant's credibility and profile, amount of loan borrowed, place of residence, and Bajaj Auto product for which the borrower is seeking financial assistance. Depending on the factors as mentioned earlier, prospective applicants are placed in different bands - low, medium and high. Currently, the interest rates chargeable for these bands are as follows:
Features & Benefits Bajaj Finserv Bike Loan
Presence in Multiple Geographic Location Across India: To make its presence nationwide, Bajaj Finserv operates through 2000 branch offices, located across the country. It indicates that no matter in which city you live in, Bajaj Finserv will be there to serve you.
Special Pre-approved Offers: If you are an old customer of Bajaj Finserv or have a good credit score, you can enjoy the leverage of special pre-approved loan offers and loan schemes offered from time to time by the company. The USP of Bajaj Finserv is that you don't have to wait for the approval of loan request especially when you have limited time for buying the bike.
Quick Loan Processing: Conventionally, the process of loan approval and sanction takes a long time, often defeating the purpose of 'easy finance.' But here, that's not the case. After applying for a loan with Bajaj Finserv, a welcome call from the company can be expected along with an SMS giving all the necessary details pertaining to your credit such as the loan amount, due repayment dates, EMI amounts, and contact details of a company representative in case you have any queries, within 10 days.
Minimal Foreclosure Charges: Many financial service companies impose substantial charges on customers who prepay their loans before their end dates. With Bajaj Finserv, if a customer can repay their credit before the 12th EMI billing, they will only be charged with a nominal foreclosure fee, charged at the rate of 3% on the outstanding principal.
The option of Partial Foreclosure: To keep the customer's best interests in mind, Bajaj Finserv also allows you to foreclose a loan partially. Though this is permitted only in some cases, this feature can help customers to shorten their loan duration and help lower the remaining EMI amounts.
Call Centre Helpline with Multilingual Options: India is a nation where people converse in multiple languages. Keeping that in mind, Bajaj Finserv offers its customers the facility of choosing from 10 different languages on their call center helpline, to resolve the queries of a maximum number of customers.
Easy Pay in Cash Option: With offices located across India, especially those in tier 3 cities, Bajaj Finserv understands the challenges faced by the people regarding banking. So, for customers hailing from smaller towns who don't wish to open a bank account, the company provides the facility of collecting loan payment in cash.
Bajaj Finserv Bike Loan Eligibility
The applicant must comply with the below-mentioned eligibility criteria for a Bajaj Finserv Two Wheeler Loan such as:
The borrower must be at least 21 years when applying for the loan.
The applicant must be less than 65 years when the loan tenure ends.
The applicant must be residing in the current residence for a minimum duration of one year.
The applicant must have at least one year of work experience before applying for the loan.
The applicant should have a landline number, either at their residence or place of work.
Documentation Required for Bajaj Finserv Two Wheeler Loan
Here are the documents required for submission to apply for Bajaj Finserv Two Wheeler Loan:
Identity Proof: PAN Card / Company issued ID Card of a Govt. company, PSU, Public Ltd. or MNC / Aadhar Card.Passport / Photo Credit Card (front & back) / Voter ID Card / Driving License
Proof of Residence: Property Purchase Agreement / Sale Deed / Latest Credit Card Billing Statement / LIC Policy / Address Proof in the name of the applicant's parents or spouse / Letter provided by the company or company provided accommodation/Passport / Driving License / Voter ID Card / Telephone Bill / Electricity Bill / Gas Connection Bill / Rental Agreement / Ration Card.
Income Proof: Latest salary slips (for Govt. employees). In case the salary slips can't be produced, a document such as an appointment letter or any other certificate from the employer will be required. The customers may also be required to provide other relevant documents, based on the profile and the loan category.
Q1. I have taken a Bajaj Finserv Two Wheeler loan and wanted to update my mailing/communication address. How can I do that?
To change your mailing or communication address, submit a self-attested copy of any KYC document either through email or at any Bajaj Finserv branch.
Q2. How do I find out whether Bajaj Finserv is offering any special schemes for its customers?
Bajaj Finserv offers special schemes on a frequent basis. You can know about it by contacting the representative of Bajaj Auto, who will provide you with the required details.
Q3. Can existing Bajaj Finserv customers apply for another loan with the company?
Yes, existing customers can apply for another loan. However, the approval of the loan will be based on your eligibility.
Q4. How long does it take for the loan to be sanctioned?
It will take approximately 24 - 48 hours for your loan application to be processed; the rest is dependent on the submission of documents and their verification.