Baroda Two Wheeler Loan

• 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. 250/- plus applicable GST. However, there are no pre-closure charges on two wheeler loans.

• 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

Concept of income multipliers has been discontinued with.

Eligibility based on Repayment capacity

Total deductions including proposed EMI should not exceed

Average of last -3- months GMI (Gross Monthly Income) & Average of last -2- years Gross Annual Income to be considered for calculating FOIR for salaried & others respectively.

Fixed Rate :

0.05% additional ROI will be applicable on each slab where Individual Customer does not opt GCLI (Group Credit Life Insurance).

Floating Rate :

0.05% additional ROI will be applicable on each slab where Individual Customer does not opt GCLI (Group Credit Life Insurance).

Processing Charges (Excluding GST):

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

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
  1. Last 3 months' salary slips
  2. Form 16 or Income Tax Returns

• If the applicant is a self-employed individual
  1. Balance sheet and profit and loss account, computation of income for last 2 years
  2. Income Tax Returns – last 2 years for applicants, 26 AS, Traces
  3. Business proof: Gomasta License, Registration Certificate, Service Tax Registration, among others
  4. IT Assessment/Clearance Certificate, Income Tax Challans/TDS Certificate (Form 16A)/Form 26 AS for income declared in ITR

• Bike quotation

Maximum Limit

Rs. 10 lakhs (for all categories)

Repayment Period

• Maximum 60 months

Margin

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

• For Floating Rate - Nil
• For Fixed Rate:
  1. Nil part payment charges upto cumulative amount Rs 10,000/- within a period of -02- Year from first disbursement date.
  2. Nil Pre- payment charges after a period of -02- Year from first disbursement date of loan amount.
  3. Pre/Part Payment charges @2%+GST on entire pre-payment will be applicable if such amount exceeds Rs 10,000/- within a period of -02- Year from the first Disbursement date.
  4. Pre-payment / part-payment charges.@ 2% + GST for entire pre-paid amount when account is closed within -02- year from the first disbursement date.

Credit Shield

Note: The Bank may use the services of agents in sales/marketing etc of the product.