Bike Loan documents required
India is one of the largest producers of two wheelers and it also has one of the largest two wheeler users and why not. After all, nothing gives you the kind of freedom to move around the city or town like having a two wheeler. You don’t need to depend on public transport schedules and availability to get to your destination in the quickest time, neither are you anymore dependent on it. Thankfully, once you have made up your mind to buy a two wheeler, Bank of Baroda will do the rest by making it extremely simple for you to get a bike loan, so you do not have to compromise on your monthly finance to purchase the bike at one go. This burden seems greater when you are eying a world class super bike.
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 second, 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 and age proof (like birth certificate or school leaving certificate, life insurance policy, 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
Benefits and features of a Bank of Baroda two wheeler loan
- Low rate of interest and affordable EMIs that do not burden your pocket.
- Reach anywhere faster. Ownign a vehicle also gives you freedom to move anywhere.
- With a two-wheeler loan amount of up to Rs.10 lakh and leisurely 60 month repayment period, you can finance your two-wheeler purchase without worrying about down payments or arranging for funds.
- The bikes purchased with funds from two-wheeler loans should be new and meant for private use only.
- Those eligible for bike loan include: salaried persons, businessmen, professionals, farmers as well as staff and ex-staff under the public scheme.
- Applicant’s minimum age is 21 years and maximum age is 70.
- 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.
- Bank of Baroda’s two wheeler loans are only for buying bikes and two wheelers for private use.