Vijaya Bank which merged with Bank of Baroda (BoB) provides the two wheeler loan to their customers is an excellent aid for customers to finance either new or second hand bikes (not more than five years old) with flexible terms.
Vijaya Bank Two Wheeler Loan Eligibility
The be eligible to apply for Vijaya Bank two-wheeler loan, the applicant should be:
- Salaried professionals
- Staff/ex-staff of the Bank
Vijaya Bank Two Wheeler Loan Documents required
Documents that are required to apply for a Vijaya Bank two-wheeler loan are:
- Valid ID proof
- Age proof
- Application form
- 3 passport size photos
- Address proof
- Bank statement for the previous six months
- Bike quotation
- Salary slips of last 3 months/Form 16 (for salaried person)
- Income tax returns/Business proof/TDS certificate (for self-employed person)
Vijaya Bank Two Wheeler Loan Features & Benefits
|Maximum loan amount||Rs.10 Lakhs|
|Repayment period||60 Months|
|Processing charge||2% of loan amount|
|Age||Minimum: 21 years Maximum: 70 years|
|Security||Hypothecation of financed vehicle|
|Interest Rates||General Public: BRLLR + Strategic Premium + 4.00% Staff/Ex-Staff: BRLLR + SP|
Note: Customers who do not purchase credit insurance coverage will be charged a risk premium of 0.05 percent, according to current guidelines.
- What are the criteria I must fulfill in order to get 100% of the vehicle's cost/invoice financed by the bank?
- What is repayment time for Vijaya Bank two-wheeler loan?
- Can I purchase a used bike with the Vijaya Bank two-wheeler loan?
You can get 100% of the cost/invoice financed only if you are applying for a new bike. You must be a salaried applicant and the employer must provide the salary mandate. Also, the applicant's salary should be remitted to one of the Vijaya Bank's branches.
Alternatively, if the applicant provides mortgage of property secured to existing housing loan as continuing security, he/ she will be able to get 100% of the cost/invoice financed by the bank.
The maximum repayment time for Vijaya Bank two-wheeler loan is 60 months.
Yes, you can purchase either a new or used bike with the Vijaya two wheeler bike loan. However, if you are looking for a used bike, it should not be more than five years old.