Bank of Baroda offers many banking solutions and products that are individually customized to meet the financial requirements of their clients. Among the many banking solutions that the bank provides, the two-wheeler loan is an attractive proposition for the people who are looking to acquire a two-wheeler, such as a bike, for making traveling an easy job. This loan is an excellent option for individuals who cannot afford car loans due to budget restrictions. The Bank of Baroda provides two-wheeler loans at lucrative rates of interest to the diverse profile of customers and also offers them the options of easy repayments towards the loan.
Two wheeler loans offered by Bank of Baroda have many attractive features:
1. The credit can be paid off in easy and convenient EMIs, making the loan repayment process less cumbersome on the borrower's budget.
2. The minimum amount of loan that can be applied for is Rs 5,000, while the maximum amount of credit is Rs 1 lakh or 5 times the income earned by the borrower per month, choosing the lower option.
3. The customers can avail a 10% margin on the amount of loan rolled out
4. The maximum duration available to repay the loan entirely is five years. This mandate will commence immediately from the date the loan has been approved and paid by the bank.
5. The process of loan is simple and hassle-free.
6. The bank performs quick loan approval or turnaround within 4 hours.
7. The borrowers need not be concerned about gathering a significant amount of paperwork as the documentation required for the loan is minimal.
Bank of Baroda offers two-wheeler loans to customers at competitive rates of interest to meet the financial constraints of the borrower. Currently, the bank is offering a floating interest rate of 14.25% on the two-wheeler loans. This interest rate is customized into the budgets of individuals from all financial backgrounds.
Bank of Baroda recently fixed its MCLR at 9.30% for a year. The rates have been tailor-made for tenors and have come into effect starting from April 1st, 2016.
For an individual to buy a two-wheeler loan via BOB, below are the eligibility conditions required to be fulfilled:
1. The borrower must be a resident of India
2. The borrower must be among any of the following:
3. The borrower must be at least 21 years old to apply for the loan.
4. The borrower must be less than 65 years of age during the maturity of the loan.
5. For a salaried individual to apply for this loan, the applicant must be employed with the current employer or organization for a minimum of one year and must have a minimum of at least two years of overall work experience.
6. Self-employed applicants are required to be in their business for the last three years and should be earning a minimum of Rs 72,000/annum.
7. Salaried individuals must be making a minimum of Rs 84,000 income on an annual basis.
8. The applicant must possess a landline at their place of residence.
Following are the documents an applicant required to submit for the processing of loan request:
a. Residence Proof:
Copy of valid Passport
Voters ID Card
Life Insurance Policy
Last six months bank statement
b. Identity Proof :
Voters ID Card
Valid Passport copy
c. For a salaried employee, his or her most recent salary slip as well as Form 16
d. A self-employed individual is required to provide the most recent ITR.
National Savings Certificates (NSC)
Mortgage of property owned by the borrower
Share Certificates or any other form of security
Q1. What are the processing fees or charges imposed by the bank on acquiring a two-wheeler loan?
BOB levies a processing fee of 2% of the loan amount sanctioned, subject to a minimum charge of Rs 250
Q2. Does the vehicle purchased by the borrower require to be insured?
Yes, all two-wheelers which are acquired via Bank of Baroda two-wheeler loans, required to be insured with the bank's clause.
Q3. How can I apply for a two wheeler loan with Bank of Baroda?
To apply for a two-wheeler loan through Bank of Baroda, visit the bank's official website and download the application form. Fill the form with the details and submit it at the nearest branch.