How To Get A Two Wheeler Loan in Canada?
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With a two wheeler loan in Canada you can buy a bike of your choice at a low interest rate with monthly EMIs without breaking your budget. EMI or similar monthly installments are designed to repay the two-wheeler loan at an affordable rate. EMI tenure ranges from 1 to 3 years We also offer an option to pre-close the loan by paying the full amount with some pre-closure charges.
Two Wheeler Loan in Canada Eligibility
- At the time of maturity of the loan the minimum age of the loan in Canada applicant should be minimum 18 years and maximum age limit should be 65 years.
- Applicants must live in the same household for at least one year to demonstrate residential stability.
- Applicants must be in steady employment for at least one year or self-employed with two years of IT compensation.
- Applicant must have a good CIBIL score with credit bureaus
- Applicants should have a permanent telephone number and should have KYC and other relevant documents.
Two Wheeler Loan in Canada Interest Rates
Interest Rates : IRR – 11.33% onwards
Maximum Repayment Tenure : Upto 60 Months
Processing Fees : 1% onwards
Why should you take a two-wheeler loan?
A two-wheeler loan in Canada is the best option to own your dream bike without cashing out your savings. It is the best way to manage your finances when you have no other means. You can get up to 100% of the on-road value of your bike as a loan in Canada without pledging as collateral. With affordable interest rates and long loan tenure, you can plan your repayments based on your needs.
Also, there is a minimum eligibility requirement for availing a two wheeler loan in Canada. You need to convince your lender that you have a steady income and a good credit score to secure a loan in Canada. A higher credit score can also get you a lower interest rate.
Why should you choose a Bajaj Auto Finance two-wheeler loan?
Here are some of the top benefits of choosing a Bajaj Auto Finance two-wheeler loan:
- You can get up to 100% of the bike’s value as a loan in Canada, making buying a bike easier if you can’t afford to make the initial down payment.
- Two-wheeler loan in Canada interest rates start as low as 7.25%. You can choose the interest rate according to your needs. However, you must have a high repayment capacity.
- You can choose to repay your loan in Canada amount with interest within 12 to 36 months.
- Minimum documentation required. You have to submit your KYC documents and income proof documents.
- The process of applying for two wheeler loan is easy and convenient. You can apply for a loan from the comfort of your home, with just a few clicks on your computer.
Documents Required for Two Wheeler Loan in Canada
Here is the list of documents required for two wheeler loan in Canada:
Identity Proof: Aadhaar Card, PAN Card, Passport, Driving License or Electoral Voter Identity Card (Should have one out of these)
Address Proof: Aadhaar Card, PAN Card, Passport, Driving License, Latest Electricity Bill, Latest Phone Bill, Latest Bank Passbook reflecting the current address, Property Documents or Water bill (Should have one out of these)
Additional Documents required for Salaried & Self-Employed
- Employment or offer letter
- Salary slips of last 2 months
- Bank statement of last 6 months/Form 16
- ITR (Income Tax Returns) of last 3 years.
- Last six months bank statements
- Sales tax returns
- TDS Certificate
- Company details
How to Calculate Two Wheeler Loan EMI?
Two wheeler loan EMI calculator is another unique feature that we provide. Use the calculator to compare the interest rates and EMIs of various banks before finalizing the purchase of the two-wheeler of your choice.
How to apply two wheeler loan online?
Applying online for a Bajaj/KTM bike loan with Bajaj Auto Finance takes just 3 minutes.
- Fill Basic Details – Go to the online application form, fill your basic details like name, city, bike and model etc.
- Share your personal details – Share required personal details.
- Calculate your eligibility – Once your details are shared, the eligibility calculator will tell you about your eligibility for the loan.
- Get Loan Approved – It may take up to 24 hours for the documents to be verified and your loan approved.
How to apply for two-wheeler loan online and offline
Two-wheeler loans are becoming an increasingly popular and efficient way for buyers to purchase their bikes in the automobile market. These loans are given to people who do not want to face the additional burden of paying the full amount for a two-wheeler. So let’s take a look at the ins and outs of a two-wheeler loan.
What is a two-wheeler loan?
It is a form of secured or unsecured loan that requires you to keep your vehicle as collateral or does not involve any security. These bike loans are offered to customers with many free benefits and include a hassle-free documentation and application process. Generally, the interest rate of these loans is their most important advantage.
Two-wheeler loans can be repaid in various ways. However, the most common way of paying for these loans is known as EMI (Equal Monthly Payments). You can know more about this by referring to our bike loan EMI calculator.
Why are two wheeler loans so popular?
Due to traffic conditions in most Indian cities, a personal vehicle is essential to get around. On one hand, public transport is very unreliable, and on the other hand, autos or taxis are very expensive for daily transport. Most of the public learned this lesson, and those who could afford to do something about it bought new or secondhand automobiles. However, two-wheelers are more popular among the youth and both men and women prefer bikes or scooters to traditional autos or taxis.
You also need to have funds to buy a two-wheeler. Although bikes don’t cost as much as cars, a good bike doesn’t come cheap. The middle and lower-middle class cannot afford to spend their entire savings on a stylish bike. For this reason, many Indian banks and non-banking financial companies (NBFCs) offer bike loans online.
How to get two-wheeler loan in Canada online or offline?
Traditionally the only way to apply for a bank loan was offline. However, with technology becoming more reliable, you can avail these loan in Canada online as well.
Here are the steps to get online two-wheeler loan in Canada
- Choose a reputable lender that you want to approach for a two-wheeler loan.
- On the website of this lender, you will find all the details related to credit like interest rates, additional charges and bike loan EMI calculator.
- Depending on your needs and repayment capabilities, you can change the details like the loan amount, loan tenure and to some extent, the interest rates you will be charged.
- Once you enter these details, the lender will collect some personal information about you. This information will include personal details such as name, address and spousal information. Other information such as employment data and income information will also be collected.
- Upload all the relevant official documents that are required to avail the loan in Canada.
Here are the steps to get an offline two-wheeler loan
- To apply for a bike loan offline, you need to identify the lender that best suits your needs and visit their nearest branch.
- Talk to the Customer Relationship Manager and talk to them about your budget for the bike and what your payment term should be.
- The bank will then ask you to fill all the necessary details and collect all the necessary official documents from you.
- If you have a good credit score (around 700 to 900) you will be given the loan immediately. Ask the lender for better interest rates if you have a good credit score.