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Two Wheeler bike Loan Interest Rate

Bike Loan Interest Rate

Having a two wheeler can give you the freedom of movement and time. That you are no more exclusively dependent on the public transport to get to your work or to meet your friends or for family or social functions. Just pick up your two wheeler and you are on your way. The next question that arises is, is it beneficial to take a loan for two wheeler? The answer is, it is preferable to take a two wheeler loan from Bank of Baroda at absolutely affordable interest rates on bikes or two wheeler, 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.

Bank of Baroda Two wheeler Loan Interest Rates

Interest rate on two wheeler loan

  • BRLLR + Strategic Premium + 4.00%

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 -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 -under 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 +GST. However, there are no pre-closure charges on two-wheeler loans.

Keep in mind

  • Bank of Baroda’s two wheeler loans are only for buying bikes and two wheelers for private use.
  • You will need the following documents before applying for a two wheeler loan
    • Identity Proof - Copy of valid Passport, PAN Card, Voters ID Card, Driving License, which should be readable -
    • Proof of Income - Last three monthssalary slips and Form16 for salaried individuals and ITR for self-employed individuals.
    • Proof of Address or Residence - Copy of Valid Passport, -, Voters ID Card, PAN Card, Telephone Bill, -, Driving License, Electricity Bill
    • Last 6 months bank statement
  • Consider your monthly income, from which you will pay the EMI, the cost of the vehicle, the repayment period you are looking at and your other existing loan obligations, for better financial planning before you get the loan.
  • Beside the financial decision, you need to consider if you want to buy a new vehicle or a used vehicle. For first time riders, it is suggested to buy used vehicles.
  • Make sure your vehicle is insured.

Features of the 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 lakh 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 +GST. However, there are no pre-closure charges on two-wheeler loans.

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