बाइक ऋण कैसे प्राप्त करें?

Two-wheelers are necessary nowadays as they are convenient and practical on the road. But one might find it difficult to afford such a necessity out of budget constraints. However, that doesn't quite mean there is no way out. Two-wheeler loans are among the most reliable sources to avail of funds to afford such an efficient mode of transportation. Read on to understand the step-by-step two-wheeler loan process from the Bank of Baroda (BoB).

Bank of Baroda Two-Wheeler Loan

Bank of Baroda two-wheeler loans come with reasonable Easy Monthly Instalments (EMI) options and minimal interest rates. With nominal processing charges and disbursal of instant two-wheeler loans, customers are promised better and higher loan amounts. This way, the Bank of Baroda ensures customers get a two-wheeler of their choice without any monetary restraints.

Pros of Availing a Two-Wheeler Loan from Bank of Baroda

By availing of a two-wheeler loan from the Bank of Baroda, one can buy their dream ride along with enjoying the below-mentioned additional benefits:

• Affordable Interest Rates

One always looks closely at the interest rates before taking any loan. At BOB, customers are provided with affordable interest rates so that one doesn't have to think twice before taking a two-wheeler loan. The two-wheeler loan's interest rate at the Bank of Baroda is as follows: Baroda Repo Linked Lending Rate + Strategic Premium + 4.25%

• Minimal Two-Wheeler Loan Processing Fee

Bank of Baroda charges a minimal two-wheeler loan processing fee. It is equivalent to 2% of the total loan amount +GST, and the minimum fee is only Rs. 250 + GST. For instance: If one is taking a two-wheeler loan of Rs. 2 lakh, the processing fee will be only Rs. 4,000 + GST (2% of Rs. 2,00,000).

• Flexible and Easy Repayment Tenure

Bank of Baroda provides affordable and convenient EMI options so that one can repay without any worries. Additionally, the bank gives one the freedom to choose their repayment tenure depending on their financial condition and income. The maximum repayment tenure after the two-wheeler loan disbursement is 5 years or 60 months.

• High Loan Amount

The motorcycle industry offers a wide range of two-wheelers with varied designs and costs. However, monetary restraints are no longer an issue with the Bank of Baroda's high loan amount limit. One can now avail of a loan up to Rs. 10 lakh.

• Easy Two-Wheeler Loan Sanction

Two-wheeler loans from the Bank of Baroda only require one to fulfil the basic criterion of gross monthly income (GMI). Another basic criterion is that a loanee should be within the age group of 21–65.

• Helps Build CIBIL Score and Profile

Two-wheeler loans are the most common nowadays, requiring only basic criteria and documentation. Therefore, it can act as a stepping stone to building a good credit or CIBIL score. This, in turn, can help one build the base of their credit profile, making it easy for them to get future loans.

Eligibility Criteria for Bank of Baroda Two-Wheeler Loan

To get a Bank of Baroda two-wheeler loan, one must fulfil the following criteria:

• Nationality

One must be a citizen of India to get a two-wheeler loan from the Bank of Baroda.

• Age

The loanee should be between the age bracket of 21–65.

• Employment

The loanee should be among the following employment types:

• Salaried Individual
• Professionals
• Entrepreneurs
• Ex-staff or current staff of BoB

• Income
  • The average Gross Monthly Income (GMI) of three months is considered in the case of salaried individuals.
  • The average Gross Monthly Income (GMI) of two years is considered in the case of non-salaried individuals.
• Repayment Capacity

EMI proposed including all the deductions should not exceed the following manner:

• GMI lesser than Rs. 20,000/month - 50%
• GMI more than Rs. 20,000/month but less than Rs. 1 lakh/month- 60%
• GMI equal/more than Rs. 1 lakh/month - 70%

• Purchasing Conditions

The two-wheeler financed by the loan must be brand new and for personal use only.

Bank of Baroda Two-Wheeler Loan Interest Rates

To make borrowing more accessible, the Bank of Baroda provides affordable two-wheeler loan interest rates that can be calculated: BRLLR (Baroda Repo Linked Lending Rate) + Strategic Premium + 4.25%. The effective interest rate on the two-wheeler loan levied by the Bank of Baroda is 13.35% (as on date 31.01.2023).

A 0.05% rate under Risk Premium will be applicable for those not insured under credit life insurance cover. If the loan applicant is an ex-staff or staff at the Bank of Baroda, they would need to pay only the strategic premium and the BRLLR.

A Step-by-Step Guide to Two-Wheeler Loan Process from Bank of Baroda

Calculating the EMI amount can prove to be an important step as one should always be aware of the EMI amount they need to pay before actually applying for the two-wheeler loan. This way, they could easily understand whether they could afford it. As BoB offers a flexible EMI option, one can calculate it using a bike loan EMI calculator. One can simply search for the Bank of Baroda Two-Wheeler Loan EMI Calculator online. All one needs to do is fill up the required information correctly to get an accurate amount they need to pay every month.

Availing of a two-wheeler loan may seem like a hassle, but one can get a Baroda Two-Wheeler Loan with ease. The instant bike loan disbursal by the Bank of Baroda, the two-wheeler loan process now involves only 5 steps.

Step 1: Apply for a Two-Wheeler Loan

• Visit the Bank of Baroda (BOB) official website.
• Navigate through the ' Loans ' section to find the 'Baroda Two-Wheeler Loan' option.
• Click on 'Apply Now'. 
• Fill in the required details on the redirected page.
• The applicant's work is complete. A bank representative will contact you regarding the loan application.

Unlike loans such as home loans , two-wheeler loans have quick disbursal as soon as they are sanctioned. For an instant two-wheeler loan at the Bank of Baroda, one can also contact a bank representative at the nearest branch or call a toll-free number on 1800 5700.

Step 2: Two-Wheeler Loan Documents

Nominal documents are required for a two-wheeler loan approval from the Bank of Baroda. To verify one's bike loan, you can categorise necessary documents under employment type. One would need to submit the required general documents with the bike loan documents mentioned under their employment type. They are as follows:

• General Documents
  • Filled out and signed application form
  • Three passport-sized photographs
  • Age proof (birth certificate/passport/driving license/life insurance policy/PAN card/Aadhar card)
  • Residence proof (voter ID/utility bills/driving license/notarized registered rental agreement/passport//updated bank passbook or account statement/Aadhar card)
  • Last six months' bank statements
  • Bike quotation
• For Salaried Employees
  • Form 16 or Income Tax Returns
  • Last three months' salary pay-slips
• For Self-Employed Individuals
  • Last two years' Income Tax Returns, Traces, 26AS
  • Balance sheet, last year's Income Computation, and last two years' Profit and Loss
  • TDS Certificate/Form 16A/Income Tax Challans/last two years' Form 26AS/Clearance Certificate/IT Assessment
  • Business proof (Service Tax Registration, Gomasta License/Registration Certificate, etc.)

Step 3 - Two-Wheeler Loan Sanction

Bank of Baroda is very active and quick with two-wheeler loan approvals. The bank approves them as soon as possible and does not leave clients hanging for the loan amount. Once the loan application is submitted, a bank representative will contact the applicant and confirm the loan details. After the information and documents are verified, the loan will be immediately sanctioned.

Step 4 - Two-Wheeler Loan Processing Fee

Bank of Baroda charges a minimal two-wheeler loan processing fee. It is equivalent to 2% of the total loan amount + GST, and the minimum fee is only Rs. 250 + GST. For instance: If one is taking a two-wheeler loan of Rs. 60,000, the processing fee will be only Rs. 1,200 + GST (2% of Rs. 60,000 + GST).

Step 5 - Two-Wheeler Loan Disbursement

Once the loan is sanctioned, the applicant's formalities are complete. With the sanction of the bike loan, the loan amount will be instantly disbursed. Next, all that is left to do is pay EMIs on time.

Get an Instant Two-Wheeler Loan at BOB (Bank of Baroda)

Applying for a two-wheeler loan is now hassle-free with BoB's two-wheeler loans. One can complete the bike loan process online at competitive interest rates and flexible EMI options. To get an instant two-wheeler loan at BoB, one needs to apply for the bike loan via any of the following modes:

• Get in touch with a bank representative at the nearest branch 
• Apply for an online bike loan by visiting the bank's official website
• Call a toll-free number on 1800 5700.

The additional benefits of two wheeler loan make it much easier for the loanee to choose Bank of Baroda as the lender. Two wheeler loan foreclosure or prepayment penalty or pre-closure charge is usually applied by lenders when one wishes to repay the loan before the tenure ends. However, Bank of Baroda charges no prepay two-wheeler loan penalty, which allows one to free themselves from other financial obligations or loans in the future.

To Sum Up

Getting a two-wheeler may seem pretty ordinary nowadays, but riding one's desired bike or scooter is a dream come true for many. With facilities like two-wheeler loan online approvals from Bank of Baroda, customers are given a practical push to fulfil their financial responsibilities and make their dreams a reality.