Home Loan Eligibility Calculator
Two Wheeler Loan EMI Calculator
  • Loan Amount:

    10000
    1000000
    100000
  • Rate of Interest(%):

    5%
    15%
    11.95
  • Loan Terms:

    12
    60
    60
  • Equated Monthly Installment (EMI) will be

  • Benefits
  • Features
  • Eligibility
  • Interest rates & charges
  • Documentation
  • Most Important Terms and Conditions (MITC)

Baroda Two Wheeler Loan : Features

  • The bikes purchased with funds from two wheeler loans should be new and meant for private use only.
  • Two wheeler loans from Bank of Baroda can be availed by salaried persons, businessmen, professionals, farmers as well as staff, and ex-staff under the public scheme. The minimum age for applicants of two wheeler loans is 21 years, while the maximum age is 70 years after the repayment period is over.
  • Get two wheeler loan up to Rs. 10 lakhs with 60 months repayment period.
  • All bikes financed by two wheeler loans are hypothecated to the bank. The hypothecation is removed after the borrower repays the entire two wheeler loan amount.
  • The processing charges on bike loans are calculated as 2% of loan amount, with a minimum of Rs. 1,000. However, there are no pre-closure charges on two wheeler loans.

Baroda Two Wheeler Loan : Eligibility

  • Salaried employees
  • Businessmen, professionals, farmers
  • Staff/ex-staff (for availing under public scheme)

Purpose

For purchase of new two wheelers for private use.


Eligibility based on Income Criteria

For salaried: Average of last 3 months GMI (gross monthly income)
For others: Average of last 2 years gross annual income


Eligibility based on Repayment capacity

Total deductions including proposed EMI should not exceed

GMI less than Rs. 20,000 per month 50%
GMI Rs. 20,000 and above but less than Rs. 1 lakh per month 60%
GMI Rs. 1 lakh per month and above 70%


Baroda Two Wheeler Loan : Interest rates & charges

    Product Conditions Repo Rate + Spread Effective Rate of Interest
    Two Wheeler Loan
    Repo Rate + Spread
    BRLLR + SP + 4.25%
    Effective Rate of Interest
    0.00%

    Risk Premium of 0.05% will be applicable as per extant guidelines for customers not obtaining credit insurance cover.


Processing Charges (Excluding GST):

@2.00% of Loan amount (Minimum Rs.250/- +GST)


Baroda Two Wheeler Loan : Documentation

Bank of Baroda offers bike loans at absolutely affordable interest rates, so that buying a two wheeler doesn’t suck out the liquidity or availability of cash for your other monthly expenses and secondly, the low EMIs make it easier on your pocket to repay the loan with more flexibility and less worry. The icing on the cake, is simplest and quickest documentation process.

All you need to make sure is, you have the following documents ready with you while applying for a Bank of Baroda two wheeler loan:

  • Photo ID with age proof (like, PAN card, passport, driving license)
  • Signed application form with 3 passport sized photographs
  • Residence proof like valid passport, voter ID card, driving license, postpaid utility bill (gas bill and electricity bill), updated passbook or bank account statement, notarized registered rent agreement
  • Bank statement for the last six months
  • If the applicant is a salaried individual

- Last 3 months' salary slips

- Form 16 or Income Tax Returns

  • If the applicant is a self-employed individual

- Balance sheet and profit and loss account, computation of income for last 2 years

- Income Tax Returns – last 2 years for applicants, 26 AS, Traces

- Business proof: Gomasta License, Registration Certificate, Service Tax Registration, among others

- IT Assessment/Clearance Certificate, Income Tax Challans/TDS Certificate (Form 16A)/Form 26 AS for income declared in ITR

  • Bike quotation

Baroda Two Wheeler Loan : Most Important Terms and Conditions (MITC)

Maximum Limit

Rs. 10 lakhs (for all categories)


Repayment Period

Maximum 60 months


Margin
Loan up to to Rs. 3 lakhs 10%
Loan above Rs. 3 lakhs 15%

Bureau Score validation

Minimum Bureau score cut off as per bank's guidelines or other banks.


Age

Minimum:

Borrower 21 years, Co-applicant- 18 years

Maximum:

Age of the applicant/co-applicant/guarantor + repayment period should not exceed 70 years


Security

Hypothecation of vehicle financed.


Insurance

Comprehensive insurance of the vehicle with bank's clause.


Pre-closure charges

Nil


Credit Shield
Loan up to Rs. 3 lakhs Not mandatory
Loan above Rs. 3 lakhs Mandatory to obtain term life insurance or group credit life Insurance. Validity of such insurance to be minimum sanctioned period with minimum sum assured equal to sanctioned amount. 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 bank's favour.


Frequently Asked Questions (FAQs)

  • How to get a Bike Loan?

    You can apply for Baroda Bike Loan/Two-Wheeler Loan through any of the below-mentioned modes-

    • Branch: Use the Branch Locator on the Bank of Baroda website to locate our nearest branch.
    • You can reach us at 18002584455 & 18001024455 (toll-free).
  • Who can apply for Baroda Two Wheeler Loan?

    Resident Individuals i.e., Salaried Employees, Pensioners, Businessmen, Professionals, Farmers & Staff can apply for Baroda Two-Wheeler Loan.

  • How to Check Bike Loan status?

    You can check your bike loan status through any of the below-mentioned modes:

    • You can visit the Bank of Baroda branch where you have submitted your loan application.
    • You can reach us at 18002584455 18001024455, our toll-free numbers.
  • How to Check My Bike Loan Balance?

    To check your Two-Wheeler loan balance, you can visit your base branch or nearest Bank of Baroda branch with your account number to check the bike loan balance.

    You may also check your Balance by calling Toll Free Nos. 18002584455 & 18001024455.

    If you are an existing customer, you may get the balance by using the Internet banking facility and Mobile Banking (bob World) facility.

  • Which finance is best for bike loan?

    At Bank of Baroda, we endeavour to provide the best services to our customers. We provide the finest-in-class Two-Wheeler Loan service.

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