**Disclaimer: Bank of Baroda is not a Bajaj MARKETS’ partner. Offers would be from partner Banks/NBFCs only.
When it comes to affordable two wheeler loans in the Indian market, many options are available. The key to not burdening yourself and not disrupting the monthly budget is choosing the one that suits your needs. Interest rates play the determining factor in the monthly EMI you have to pay. Bank Of Baroda has been one of the most trusted banks for decades, and they too offer pocket-friendly two wheeler loans. If you are someone looking for an ideal loan to buy a two wheeler, check out the details of the Bank Of Baroda Two Wheeler Loan here.
Bank of Baroda Two Wheeler Loan Interest Rate & Processing Fees
What makes the Bank Of Baroda Two Wheeler Loan easy to afford is its competitive interest rates. Depending on the profile and creditworthiness of the borrower, Bank Of Baroda Bike Loan interest rate changes from person to person. Take a look at the Bank of Baroda Bike Loan details here.
Interest Rate |
Starting from 11% per annum (For staff and ex-staff of Bank of Baroda, it starts at 7% per annum) |
Minimum Loan Amount |
As per the bank’s discretion |
Maximum Loan Amount |
Up to Rs. 10 Lakhs |
Repayment Period |
Up to 60 months |
Minimum Income Requirement |
As per the requirement of the bank |
Processing Fee |
2% of the loan amount with a minimum of Rs. 250 + GST and a maximum of Rs. 1500 + GST. |
Prepayment Charges |
Nil |
*Interest rates and charges are subject to market conditions and banks' discretion.
Features & Benefits of Bank of Baroda Two Wheeler Loan
Loan Amount: Loan of up to Rs. 10 Lakhs can be availed to buy a new two wheeler with an extended loan tenure of 60 months.
Simple Procedure: You can have a quick and easy loan disbursement experience with very minimal documentation.
Minimal Processing Charges: You can get a Bank Of Baroda 2 Wheeler Loan with 2% processing charge of the loan amount. There are no processing charges for loans availed by the staff or ex-staff of Bank of Baroda.
Zero Pre-closure Charges: In case you have surplus money and want to prepay the loan, you can close your loan with zero pre-closure charges.
Quick Loan Approval: All Bank of Baroda Bike Loans are processed and approved quickly without keeping the borrowers on edge.
Bank of Baroda Two Wheeler Loan EMI Calculator
You can use the Bank of Baroda Two Wheeler Loan EMI calculator to calculate the monthly EMI you have to pay if you get a Bank of Baroda Two Wheeler Loan. Enter your principal amount, interest rate, and loan tenure in the online calculator and click on ‘Calculate’. It will display your monthly EMI along with the total interest you have to pay. Calculating your EMI and comparing it with other two wheeler loan schemes offered by different financial institutions before choosing one will help you manage your finances.
Bank of Baroda Bike Loan Eligibility Criteria
You have to satisfy the below-mentioned eligibility criteria to avail a Bank of Baroda Bike Loan.
Nationality |
The applicant must be an Indian citizen. |
Age |
The applicant must be between 21 and 70 years of age. |
Employment Type |
|
Income |
|
Repayment Capacity |
Total deductions including proposed EMI should not exceed;
|
Purchase |
The two wheeler purchased with the loan amount should be brand new and for personal use only. |
Steps to Apply for Bank of Baroda Two Wheeler Loan
You can easily apply for a Bank of Baroda Two Wheeler Loan online. Follow a few simple steps mentioned below to apply for one:
Step 1: Visit the official website of Bank of Baroda.
Step 2: Click on the ‘Loans’ option in the main navigation tab.
Step 3: A drop-down menu appears, and from that, click on ‘Baroda Two Wheeler Loan’ under the ‘Vehicle Loan’ option.
Step 4: Click on the ‘Apply Now’ button on the page.
Step 5: Fill in all the required details on the new page that opens.
Step 6: A Bank of Baroda representative will get in touch with you regarding your loan application.
You can also visit the nearest branch to apply for the two-wheeler loan directly.
Documents Required for Bank of Baroda Two Wheeler Loan
Here is a complete list of the documents required to apply for a Bank of Baroda Two Wheeler Loan.
- Signed application form
- 3 passport size photographs
- Proof of Identity - Voters ID card/Aadhaar card/ Passport/ Driving licence/ PAN card
- Proof of Residence - Utility bills like electricity bill, gas passbook, etc/Passport/Voters ID card/Updated passbook or bank account statement/ Driving licence
- Bike quotation
- For salaried individuals,
Last 3 months' salary slips
Form 16/IT returns
- Statement of account for last 6 months
7. For self-employed individuals,
- Balance sheet
Profit and loss account, computation of income for last 1 year
Income Tax Returns of last 1 year
Business proof: Registration Certificate/Service Tax Registration
IT Assessment/Clearance Certificate
Income Tax Challans/TDS Certificate (Form 16A)/Form 26
Bank of Baroda Two Wheeler Loan FAQs
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✔️How much financing do I get on Bank of Baroda Two Wheeler Loan?
You can get a maximum of Rs. 10 Lakhs as a loan if you avail a Bank of Baroda Two Wheeler Loan.
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✔️Are there any processing fees for Bank of Baroda Two Wheeler Loan?
Yes, there is. 2% of the loan amount is charged as the processing fees for the Bank of Baroda Two Wheeler Loan.
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✔️Do self-employed individuals provide a guarantee to get a bike loan from the Bank of Baroda?
No, self-employed individuals don’t have to provide a guarantee to get a bike loan from Bank of Baroda. They have to submit the required documents while applying for a loan.
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✔️What is the minimum age to get a Bank of Baroda Two Wheeler Loan?
The minimum age to get a Bank of Baroda Two Wheeler Loan is 21 years.
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