Bank of Baroda offers two-wheeler loans at attractive interest rates and a long repayment tenure that makes it easier for anyone to afford a new two-wheeler of their choice. You can buy either a basic scooter or a high-end bike with this loan.
Bank of Baroda Two-Wheeler Loan Interest Rate
|Interest Rate||Starts at 11.50%|
|Maximum Loan Amount||Up to Rs.10 lakh|
|Minimum Loan Amount||At the bank’s discretion|
|Income||Rs. Min Income Required|
|Repayment Period||Up to 5 years|
|Processing Fee||2% of loan amount; minimum Rs.1000|
Compare with: Lowest two wheeler loan interest rate
Features and Benefits
The features and benefits of Bank of Baroda’s two-wheeler loan are as follows:
- Can be availed to buy a new bike of up to Rs.10 lakh
- Processing charges are minimal
- Interest rates are affordable
- No processing charges for staff or ex-staff of Bank of Baroda
- Hassle-free documentation
Bank of Baroda Two-Wheeler Loan EMI Calculator
You can easily calculate what your Equated Monthly Instalment will be on your two-wheeler loan using the free online two wheeler loan emi calculatoron Bank of Baroda’s official website. To do this, all you have to do is visit the official website of Bank of Baroda and navigate to the section on two-wheeler loans (under Vehicle Loans). On the page, click on ‘EMI Calculator’.
Use the sliders given on the page to adjust the figures for your loan amount, rate of interest, and loan repayment tenure. Your EMI will be displayed instantly on the page with a graph showing you what your total amount, principal amount, and interest amount will be.
Knowing your EMI amount will help you to budget your finances and plan better, which will make it easier and stress-free to pay your EMIs regularly and consistently.
Bank of Baroda Two-Wheeler Loan Eligibility
The following are eligible for a two-wheeler loan from Bank of Baroda:
- Salaried individuals
- Staff or ex-staff of Bank of Baroda
How to Apply for Bank of Baroda Bike Loan?
To apply for a bike loan from Bank of Baroda, follow the steps given below:
- Visit the official Bank of Baroda website
- In the main navigation tab, click on ‘Vehicle Loans’
- Select ‘Two Wheeler Loan’
- Click on the ‘Apply Now’ button on the page
- Enter the required details on the next page
- A Bank of Baroda will get in touch with your regarding your application
You can also visit your nearest branch to apply for the two-wheeler loan directly.
You can also visit BankBazaar.com for your two-wheeler loan. The advantage of applying for a bike loan on BankBazaar is that you get to compare and choose different loans from different banks and choose the one that suits your budget and requirements the best.
These are the documents required to apply for a bike loan from Bank of Baroda:
- Signed and duly filled in application form
- Three passport size photographs
- Proof of age (birth certificate/driving license/passport/PAN card/life insurance policy/school-leaving certificate)
- Proof of residence (utility bills/voter ID card/driving license/valid passport/notarized registered rental agreement/updated bank account statement or passbook)
- Bank statement of the last 6 months
- Bike quotation
- Income tax returns of the last 2 years, Traces, 26AS
- Computation of income, balance sheet, profit and loss account of the last 2 years
- IT assessment, income tax challans, TDS certificate, Form 16A, Form 26AS of the last 2 years
- Proof of business (registration certificate/gomasta license/service tax registration, etc)
For Salaried Employees
- Salary pay-slips of the last 3 months
- Income tax returns or Form 16
1. Can the loan be used to buy a second-hand bike?
No, this loan can only be used to buy new bikes.
2. Is there security required?
Yes, the bike will be hypothecated to the bank for the duration of the loan. Once the loan is repaid in full, the hypothecation is released.
3. Can the loan be used for buying bikes for commercial use?
No, it can only be used to purchase bikes for private use.
4. What is the minimum age to apply for the loan?
The minimum age to apply for the loan is 21 years.
5. Till what age can I apply for the loan?
The maximum is 70 years after the repayment tenure ends.