For many people, owning a bike is much more than just a means of transport. It’s a symbol of freedom. However, purchasing a bike is not as simple as it looks, especially for those struggling with financial issues. Availability of loans bridges this gap, making ownership of a vehicle a reality. However, the process is not as smooth as you would expect. Applicants must meet certain eligibility criteria and submit the required documents for verification. Want to know more? Let’s take a quick look at the eligibility criteria and how to prepare your documentation beforehand to give a head start on vehicle ownership.
Bajaj Credit Two-Wheeler Loan Documents Required
These are the Bajaj credit two-wheeler loan documents required:
Accepted KYC Documents for Individual Customers
- Passport sized photo
- Identity proof such as a Driving Licence, Voter’s Identity Card, Aadhaar Card
- Residential Proof: You have lived in the same house for one year and have a permanent working number.
These documents are used to identify and verify the borrower.
Additional Documents for Salaried Persons
- Employment or Offer Letter: This letter verifies your current employment status and income security.
- Last Salary Slips (Less than 45 Days): Submitting your previous pay slips can show that you have a reliable income stream.
- Last Six Months Bank Statements: Banks usually call for bank statements to see your financial behaviour and whether you can hold onto money.
- Latest Form 16: This document contains the information on your income tax deductions and will become additional evidence of your income.
Additional Documents for Self-employed
- Last three years’ income tax returns
- Last six months’ bank statements
- Sales tax returns
- TDS Certificate
- Company details
These documents give an overview of your financial status, which will help the lenders assess your loan eligibility accurately.
Factors Affecting Your Eligibility Criteria
These are the factors that affect your eligibility criteria when you apply for a Bajaj Credit Auto loan.
Credit score
Your credit score is a credit and debt management report card that tells about your ability to borrow and repay money. It’s not just a number; it’s a criteria to measure your financial discipline. To ensure a good score, pay your bills on time, manage credit card balances smartly and avoid opening new accounts hastily. Checking your credit report regularly will help you find mistakes and spot areas for improvement. By managing your credit beforehand, you can increase your chances of approval and preserve opportunities for lower interest rates and financial benefits as you move on.
Must Read: 7 Factors to Consider Before Taking Out a Bajaj Auto Credit Two-Wheeler Loan
Income
Your earnings are a number and a pattern of your ability to repay responsibly. Banks look into your income source to validate that you have a constant source of funds to pay your loan and other responsibilities. A higher income improves your chances of loan approval and offers reasonable rates, reducing the overall cost of borrowing. The main factor is not only the amount you are earning, but also lenders consider the stability and consistency of your income source. Employees on salary might get an edge over the self-employed in terms of being more stable. So, in addition to sharing reliable sources of income, make sure you amplify this information to increase your chances of getting a loan.
Outstanding loan
High outstanding debts not only worsen your chances of obtaining a loan for a scooter but also indicate doubt about your financial situation. It might cause a higher interest rate even if you are approved. You should prioritise paying existing debts to strengthen your financial profile and increase your chances of loan approval. A good debt-to-income ratio shows you are financially responsible, which could help you get better loan terms. With a two-wheeler loan, you can increase your chances of getting a loan and build financial stability.
Conclusion
Acquiring a bike loan will give you a feeling of financial power. As you take a loan, you directly avoid all those long queues for trains and buses and enjoy having the road as your own. The flexibility of the loan repayment instalments will help you maintain your financial planning and let you purchase your dream bike without diverting from your monthly budget. The right approach to the loan process can help you embark upon your two-wheeler journey with confidence and comfort. Apply for a two-wheeler loan at Bajaj Credit Auto today and bring home your new vehicle.
