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Difference Between Personal Loan and Two Wheeler Loan

A personal loan is an unsecured loan on the other hand bike loans are secured loan. Both type of loans are great to get instant cash for your dream bike without much hassle. Find out about eligibility criteria, documents required, interest rates and charges, loan amount and loan approval time difference between personal and two wheeler loan. One can easily apply for both.

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Difference Between Personal Loan and Two Wheeler Loan

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  1. Difference Between Personal and Two Wheeler Loan

  2. Eligibility Criteria Bike Loan Personal Loan Minimum and Maximum Age- 21 Years age to 60 years. Minimum Monthly Income- Rs. 15,000 (Rs.20K in Mumbai, Delhi, Bengaluru, Chennai, Hyderabad, Pune, Kolkata, Ahmedabad, Cochin) Required Work Experience- At least 2 years, of which 1 year must be with current employer Profession- Working in private limited companies, or public sector undertakings Minimum and Maximum age- At least 18 years to 65 years. Applicant should be residing in the same house for at least 1 year. Applicant should be in a stable job for at one year or self-employed with IT returns of 2 years. Applicant should have a good credit score with credit bureaus Applicant should have a permanent telephone number and possess KYC and other related documents

  3. Documents Requirement Bike Loan Personal Loan Identity Proof: Aadhaar Card, PAN card, Passport, Driving License, Electoral Voter Identity Card. Identity proof (copy of passport/voter ID card/driving license/Aadhaar) Address proof (copy of passport/voter ID card/driving license/Aadhaar) Address Proof: Aadhar Card, PAN card, Passport, Driving License, Latest Electricity Bill, Latest Phone Bill, Latest Bank Passbook reflecting the current address (Remove), Property Documents, Water bill. Bank statement of previous 3 months (Passbook of previous 6 months) Latest salary slip/current dated salary certificate with the latest Form 16

  4. Interest Rates & Charges Bike Loan Personal Loan Interest Rates: 7.85%* Onwards Interest Rates: 11.25*% to 22.00*% per annum Maximum Repayment Tenure: 36* Months Prepayment Charges 5*% on principal outstanding plus GST Processing Fees: 1*% - 3.5*% Overdue EMI Interest- 3*% Processing Fees: Upto 2.25*% of loan amount plus GST Loan Cancellation Charges ₹ 3000*/- plus GST

  5. Loan Amount Bike Loan Personal Loan As per the value of the vehicle. (specific down payment involved). All you need to do is apply online or visit any branch of Bajaj Auto Finance, fill up the form and get your loan approval process started. Upto Rs. 50* lakhs. Most banks restrict maximum eligibility to Rs. 25* lakhs. All you need to do is apply online or visit any branch of your preferred bank, fill up the form and get your loan approval process started.

  6. Loan Approval Time Bike Loan Personal Loan Customers get a welcome call in about 10 days from the date of application to receive details about the bike down payment amount, EMI etc. The loan approval depends on loan sanctioning officer whose decision is based on the criteria specified by the bank or any financial institution. It takes around 4 to 5 working days for the loan to get approved. The loan approval can take time around 48 hours and 2 weeks. Maximum loan duration- 1 to 5 years or 12 to 60 months.

  7. Apply for Bike Loan- https://applyonline.bajajautofinance.com/ Check Free EMI Online-  https://www.bajajautofinance.com/emi

  8. Thank You For Watching

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