What Is a Two Wheeler Loan Eligibility Calculator
Most people buy a two wheeler for the freedom of movement that it brings. No more waiting in long queues for public transport or the fear of getting stranded because of unavailability of cabs, autos or buses. Just pick up your two wheeler and you are on your way. The next question that arises is, should you take a loan for buying a two wheeler and how much loan will you get to buy one? To give you a good idea about the quantum of loan you can get for a two-wheeler, you can use the two wheeler loan eligibility calculator.
What is a two wheeler loan eligibility calculator?
Your two wheeler loan eligibility depends on many factors like your current income, profession, loan amount, loan tenure you are looking at, your current expenses, EMIs you are currently paying and credit track record.
How is a two wheeler loan eligibility calculated?
Two wheeler loan eligibility calculators use your monthly income, current expenses or EMIs you are paying and your credit history, your relationship with the bank, to come around to an estimate of loan value you can get to buy a two wheeler. Some factors or parameters common for two wheeler car loan eligibility calculators are
- Current EMIs you are already paying
- EMI you can comfortably pay
- loan tenure you prefer
- Some calculators may also consider your Cibil score to approximate your eligibility
- Your monthly income
How to use the two wheeler loan eligibility calculator?
Open the two wheeler loan eligibility calculator page online. You can go to the bank website for that. Enter the following inputs (these differ from bank to bank but here are some of the common ones that most banks would like to know in order to compute your car loan eligibility)
- City you live in
- Age or date of birth
- Select your net monthly income
- Select the loan tenure you would prefer
- Some banks may ask details for the current EMIs you are already servicing
- Cost of the bike you are planning to buy and make of the bike
- Click on the button Check Loan Eligibility (or variants of it) to get the value of the loan you can expect to get
The two wheeler loan eligibility calculator will give you either the EMI you are likely to pay for your car loan or the loan value you are likely to get taking into account your current finances, cost of the vehicle, age, retirement age,among other factors. There may be other criteria applicable as well to be eligible for a car loan in the first place.
Eligibility for two wheeler loans
The following profile of borrowers, not limited to, can apply for two wheeler loans-
- Salaried Employees
Based on repayment capacity,
Broadly, total deductions should not exceed,
For those with Gross Monthly Income less than Rs.20,000 per month- 50%
Gross monthly income more than Rs.20,000 and less than Rs. 1 lakh per month- 60%
Gross monthly income above Rs. 1 lakh per month- 70%
What is the rate of interest on Bank of Baroda two wheeler loan?
Interest rate on two wheeler loan : BRLLR + Strategic Premium + 4.00%
What are the benefits of a two wheeler loan?
There are numerous benefits in getting a two wheeler loan
- You can repay for the purchase through easy and flexible EMIs that do not put pressure on other monthly expenses, which it would if you were to pay at one go.
- Reach anywhere faster. Owning 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.
- There are no prepayment charges on two wheeler loans from Bank of Baroda
What is the minimum age to apply for two wheeler loan?
The age range eligible for two wheeler loan is 21 to 70 years.