Bank of Baroda Two Wheeler Loan

 

Bank of Baroda Two Wheeler Loan – Check Two Wheeler Loan Interest Rates, Eligibility, EMI Calculator, Documents, Processing Fee, Tenure, Benefits, Features.

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The history of Bank of Baroda is a saga of vision, financial prudence, enterprise and corporate governance. The bank offers two wheeler loan to its customers at attractive interest rates with a longer repayment period. With minimal processing charges, Bank of Baroda stands out in the market with strong credibility.

The bank started its journey in 1908, and now it has successfully marked its name across 22 countries. Other products such as Bank of Baroda Home Loan is also one of the sought loans with impeccable interest rates and variety of schemes for meeting customers requirements.

Let’s go through the details of Bank of Baroda Two Wheeler Loan in this article:

Bank of Baroda Two Wheeler Loan Interest Rate

Rate of Interest One year MCLR + Strategic Premium + 4.00%
Age of Borrower 21 to 70 years
Age of Co-Applicant 18 to 70 years
Loan Amount Upto 10 lakhs
Repayment Period 60 months
Processing Charge 2%, minimum of Rs 1000
Pre-Closure Charges Nil
Margin 10% upto Rs 3 lakhs
15% upto Rs 3 lakhs

Eligibility Criteria for Bank of Baroda Two Wheeler Loan

  • Salaried Employees
  • Businessman
  • Professionals
  • Farmers
  • Staff
  • Ex-Staff

Eligibility based on Repayment Capacity

Total deductions including proposed EMI should not exceed:

Eligibility Based on Repayment Capacity
GMI less than Rs 20000 p.m. 50.00%
GMI Rs 20000 and above less than Rs 1 lakh p.m. 60.00%
GMI Rs 1 lakh p.m. and above 70.00%

Features and Benefits of Bank of Baroda Two Wheeler Loan

  • Reach your destination faster with purchase of two wheelers for private use with Bank of Baroda Loan service
  • No worry about down payment or arranging funds
  • Minimal processing charges
  • No pre-closure charges
  • Repayment period up to 60 months
  • Competitive interest rate

Security for Bank of Baroda Two Wheeler Loan

  • Hypothecation of vehicle purchased

Bank of Baroda Two Wheeler Loan EMI Calculator

The EMI calculator calculates the exact EMI which one will have to pay knowing the principal loan amount, the rate of interest and the loan duration. This will help you to opt for a loan according to your purchase plans and ease up the planning of monthly expenses.

For instance, Suresh needs a loan amount of Rs 1 lakh for 5 years and the bank charges 15% interest on it. Then, he will have to pay an EMI of 2,379. The total repayment amount would be around Rs 142740.

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Credit Shield for Two Wheeler Loan

  • The borrower needs to take a credit shield in terms of life insurance. For loans up to Rs 3 lakhs, insurance is not mandatory. For loans above Rs 3 lakhs, it is mandatory to obtain Term Life Insurance or Group Credit life insurance.
  • The validity of such insurance should be a minimum sanctioned period with a minimum sum assured equal to the sanctioned amount. The borrower may obtain this insurance cover from any IRDA approved life insurance company (including our tie-up partners) and the same to be assigned in the bank’s favour.

Documents Required for Bank of Baroda Two Wheeler Loan

  • Identity proof
  • Address proof
  • Valid driving license
  • Proforma invoice
  • Salary Slips
  • Income Tax Returns
  • Assessment order
  • Documents for KYC compliance
  • Other documents as per the bank’s requirement

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