Bajaj Finance to provide auto loans to Baxi drivers

baxiBaxi, which operates commercial two wheelers, said it has partnered with Bajaj Finance Limited to finance salaried individuals who want to buy new bikes with the option to operate on a ride share basis.

As part of the agreement, Bajaj Finance will provide attractive loans with minimum processing fees, and very low down payment, to salaried individuals who want to buy new bikes with the option to operate on a ride share basis, said the company.

Anyone earning more than Rs 10,000 per month can now own a commercial bike on easier terms compared to that of a regular private bike with the option to ride share on their way to and from work and earn an extra income that takes care of their EMI and cost of petrol.

The partnership will provide a fillip to Baxi’s plans of on-boarding 10,000 bikes in the current financial year, the company added.

Baxi has completed more than half a million rides in its 10 months of operations with a registered customer base of more than a Lakh, and currently does nearly 3000 rides per day in Gurugram and Faridabad, the company further added.

Ashutosh Johri, the co-founder of Baxi said,” Just the city of Lagos in Nigeria has more than 10 Lakh Okadas, the local bike taxis, with Bajaj Boxer and Platina being the highest selling models. This means that almost every bike sold in that city is registered by paying a nominal fee for the commercial permit, allowing the owner to earn an extra income during their commute. With this strategic tie up with Bajaj, we can realize the same potential for growth in India. We hope that everyone buying economical bikes in the future will now opt for a commercial version. We are excited about partnering with Bajaj in this journey.”

Raunaq Singh, Sr. VP, Bajaj Auto Ltd said, “Bikes becoming an income generating asset this partnership will further open up the two wheeler market in India.

“People who could not afford to buy a two wheeler in the past, because of the high upfront payments, can now own a bike and also earn their EMI and cost of petrol. We look forward to unleashing the next wave of entrepreneurship in the country; this partnership opens up a new concept in the personal transport solution space”, he added.

Baxi is one of India’s first on-demand motorcycle taxi company that operates with commercial two wheelers.