There is something different about bikes that get you into a travel mode. Whether you want a fancy bike to explore nearby cities or a regular bike to commute everyday, their popularity is such that they’re the fastest selling vehicles. Two-wheelers are also hugely popular in India because getting a two-wheeler license is easy when compared to other countries.
And the huge popularity of bikes in India has seen the rise in international companies offering premium bikes to India. Which is good news to bike enthusiasts as they can finally get their hands on premium bikes and can also get a two-wheeler loan.
The two-wheeler industry in India has been booming with the introduction of premium bikes getting launched everyday. India is now a fast growing market for bikes and more and more international companies are cashing on this growth and offering premium bikes to Indian bike enthusiasts.
You can now afford to buy a premium bike that may be over a lakh with the help of two-wheeler loans. Banks and financial institutions realize the potential of two-wheeler loans and with the industry booming, they are offering attractive deals and cash backs to lure the consumers.
Overview Of Bank of Baroda Two Wheeler Loan
Bank of Baroda was founded in 1908 and since over 100 years, it has been at the service of Indian consumers and bankers. Bank of Baroda has a worldwide presence and is owned by the Government of India. Bank of Baroda two-wheeler loans are designed to reduce the burden of a single bulk payment towards your two-wheeler purchase. You can get a two-wheeler financed for a minimum of Rs. 5000 to a maximum of Rs. 1 lakh. The loan repayment is easy and flexible that can be extended upto five years. However, if your bike is valued above Rs. 50,000, you may be required to add in a third party guarantor or produce a security such as NSCs, share certificates, etc.
Why Pick Bank of Baroda Two Wheeler Loan?
Bank of Baroda two-wheeler loans are high in demand because of their numerous benefits, such as:
- Extended Loan Term– Unlike other banks, you can opt for extended loan tenure for upto five years that will ensure you more flexibility in making smaller payments each month.
- Minimal Documentation Process– Bank of Baroda’s two-wheeler documentation process is pretty relaxed and they require very minimal documentation procedure as such.
- Quicker Loan Processing and faster loan disbursal– Bank of Baroda offers a super quick loan processing timeframe and disburses loan faster to provide a truly great customer experience.
- Approval upto 90% of the loan– Bank of Baroda usually approves the loan for upto 90% of the vehicle amount, while the remaining 10% is to be paid by the customer.
Features of Bank of Baroda Two Wheeler Loan
Bank of Baroda two-wheeler loans offer the following features:
- Easy to repay– You can repay the two wheeler loan in easy EMIs that is affordable and flexible.
- Longer Loan Tenure– You can get the benefit of getting a longer loan tenure of upto five years with Bank of Baroda two-wheeler loans. However, you must also remember that a longer tenure results in more interest that is paid by you to the bank.
- Quick Approvals– Bank of Baroda offers on the spot approvals by its presence in leading bike showrooms.
- Competitive Interest Rate– Bank of Baroda offers one of the lowest interest rates in the two-wheeler loan segment that makes it a popular choice.
Benefits of Bank of Baroda Two Wheeler Loans on Letzbank.com
Letzbank is a leading website for all loans and offers many attractive benefits to its customers. Here are the benefits of getting a two-wheeler loan at Letzbank:
- Additional Services– You can apply for any loan with any bank at Letzbank website and need not pay any fee.
- Compare Loans– Letzbank offers two wheeler loans from all the leading banks and presents them in one single page to allow comparisons. It is a hassle-free way to choose the best loan option quickly.
- Waiver on Service Fees– Letzbank waives off the service fee applicable on all loan applications as a goodwill gesture.
- Instant Quotes– Letzbank works directly with banks to give you instant access to two-wheeler loan quotes from your choice of bank.
- Online Form Application– You can simply submit the two-wheeler loan application from the comfort of your home and let us handle the application process.
- Determine Eligibility Online– Determine your eligibility for a two-wheeler loan at Letzbank within seconds in the most hassle-free manner.
Bank of Baroda Two Wheeler Loan Eligibility
Bank of Baroda’s two-wheeler loan eligibility criteria is as follows:
- Age– Minimum age should be 21 years while maximum age should be 65 years (at loan maturity).
- Who can Apply?– Salaried, self-employed, professionals or a farmer are all eligible to apply for a bank of baroda two wheeler loan.
- Residence– You must be staying at the current residence for more than a year.
- Employment– You must be working at the current organization for atleast an year and must be employed overall for atleast two years.
- All applicants must have a fixed landline at their residence to avail the loan.
Bank of Baroda Two Wheeler Documents Required
Here is the document list that is required for two wheeler loans by Bank of Baroda:
- Address Proof– Any valid government Id.
- ID Proof– Any valid government Id.
- Income Proof– Salaried - Form 16/Salary slip for the past month. Self-Employed – Latest Income Tax Return.
- Bank Statement– Last six months’ bank statement.
- For bikes above Rs. 50,000 a third party guarantor or a form of security is required such as: NSCs, share certificates, property mortgage owned by the borrower.
Bank of Baroda Two Wheeler Loan Interest Rates At Letzbank
The MCLR rates set up by Bank of Baroda is fixed at 9.30% for one year and 9.35% for three years.