Bajaj Auto Credit (BACL) offers lucrative finance options to both new and existing customers for auto loans. So, you no longer have to worry about paying for the bike from your pocket. On top of that, you can get immediate vehicle ownership once the loan gets approved.
But the question here is what’s so special about the Bajaj Auto Credit bike loan. Your concern is completely valid because unless you know the full benefits of a loan, taking it may create a financial burden later on. That’s why we have compiled a list of the advantages you will enjoy with the auto credit loan from BACL for your bike.
Low to zero down payment option
Most people worry about not being able to get the full purchase amount through two-wheeler loans. In other words, they have to bear about 10% to 20% of the cost while the rest can be approved through the loan. It can incur heavy financial burdens at the time of purchase, especially if the amount is not present in the bank account.
However, with the Bajaj Auto Credit bike loan, this problem can be mitigated. It offers 100% finance options with zero downpayment to customers having an excellent credit score. Even if your credit score doesn’t match the standard, you can seek low down payment options so that your EMI won’t be too high. Some of the major benefits you will get are:
- You won’t have to pay any lump sum amount as an upfront investment for purchasing the bike.
- Since the financial burden will be reduced, you can use the savings for other priority tasks.
- You will get immediate ownership of the two-wheeler without having to wait for months to accumulate the down payment amount.
Flexibility in loan repayment tenure
Repayment tenure acts as a huge contributor to your financial management strategies. Most lenders incur a higher interest rate for loans with a longer repayment term. On the contrary, if you want to avoid this, shorter repayment tenure will automatically increase your EMI.
However, with India’s household brand, this problem can be solved. It offers a loan tenure of up to 60 months so that customers can choose the most feasible option according to their cash flows. You can use the bike finance calculator to know which repayment tenure will be best for you so that you can avoid delayed or missed EMIs.
Hassle-free loan approval
One of the major benefits of availing a bike loan from Bajaj Auto Credit is getting the fastest approval. Once you submit the loan application along with all the necessary details, it will take approximately two to four working days. Most of the work gets done digitally so that loans can be disbursed faster.
On top of this, you don’t even need evaluation or document scanning in case you are an existing customer. Rather, you will have the liberty to take a pre-approved bike loan and purchase your dream bike instantly.
Parity with market rates
If you are dilemmatic about taking auto credit due to higher interest rates, it’s time to stop anticipating. BACL offers excellent interest rates which are at parity with the market. The interest rate charged on two-wheeler loans ranges from 7% to 15% approximately based on your eligibility.
Having a higher credit score or opting for a shorter repayment tenure will help you acquire a lower interest rate. You can also make prepayments to ensure the interest rate can get lower after a couple of months.
Easier finance management through online portals
Managing loans is never easy and if you do not stay vigilant, you may end up with missed or delayed EMI payments. A digital portal through which borrowers can track and manage their auto credit loan details is therefore available for all customers. For instance, you can check the outstanding balance to be paid or change your repayment tenure in a few clicks.
Additionally, you can use its bike finance calculator to check your EMIs when special offers or discounts are given. This will make managing the debts much easier and hassle-free. You can also set reminders or auto-pay options for the monthly EMIs.
Minimal documentation requirement
BACL does not ask for too many documents for the auto credit loans. Instead, you have to provide the minimal papers necessary for verifying your age, identity, and income stability. For instance, you will have to submit the pay slips from the past three months if you are a salaried employee. On the contrary, self-employed individuals can submit their bank account statements to show stable income proof.
Conclusion
With Bajaj Auto Credit bike loan, you can rest assured that your financial burden will be reduced significantly. Purchasing your dream bike won’t be a challenge anymore. All you have to do is submit valid documents and maintain a high credit score to get the loan approved without any hassle.