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01 Mar 2023
What is a Two-Wheeler Loan?
Benefits of Two-Wheeler Loans
Eligibility for Two-Wheeler Loan
Two-Wheeler Loan Process of Application
Bike Loan Documents
How to get an Instant Two-Wheeler Loan
Two-Wheeler Loan Interest Rates
How to Calculate EMI for a Bike Loan?
Two-Wheeler Loans Prepayment
Two-Wheeler Loan Tenure
Summing Up
A two-wheeler is more than just a mode of transport. It is someone's dream and, often, a necessity. On busy Indian roads, two-wheelers are more practical and efficient as they come with excellent mileage. However, this doesn't make them easier for everyone to afford. In such cases, a bike/two-wheeler loan can be very useful. Here is a complete guide to a two-wheeler loan process, starting with what it is, its benefits, the documents required to apply for it, etc.
India has one of the largest motorcycle industries in the world. Finding the motorcycle of one's dreams is not difficult but affording it can be. With a two-wheeler loan , one can conveniently purchase their dream vehicle without worrying about financial constraints.
The lenders offer 85% to 100% of the motorcycle's on-road price as the loan's principal amount.
Interest is then levied on the amount loaned. One can repay the loan in budget friendly EMIs (Equated Monthly Instalments).
At Bank of Baroda (BoB), one can apply for a two-wheeler loan with reasonable interest rates and a nominal processing fee. With affordable EMI options and immediate loan disbursals, one can opt for one of the best bike loans at Bank of Baroda. Here are the key benefits of a two-wheeler loan at BoB:
While availing of any loan, interest rates play a huge factor in deciding whether or not it is worth choosing. To make borrowing more accessible and easier, the Bank of Baroda offers affordable two-wheeler loan interest rates.
The motorcycle industry offers a wide range of two-wheelers in varied designs and costs. However, monetary restraints are no longer an issue with the Bank of Baroda's high loan amount limit. One can now avail of a loan up to Rs. 10 lakh.
Bank of Baroda charges a minimal two-wheeler loan processing fee.
It is equivalent to 2% of the total loan amount + GST, and the minimum fee is only Rs. 250 + GST.
For instance: If one is taking a two-wheeler loan of Rs. 60,000, the processing fee will be only Rs. 1,200 (2% of Rs. 60,000).
Two-wheeler loans from Bank of Baroda only require one to fulfil the basic criteria of gross monthly income (GMI). Another basic criterion is that a loanee should be within the age group of 21–65.
Bike loans are the most common type of loan these days, requiring only basic criteria and documentation to apply. Hence, one can use it as a stepping stone to build a good credit or CIBIL score. This, in return, can aid one in building the base of their credit profile and raise their creditworthiness.
To apply for a two-wheeler loan with Bank of Baroda, one must fulfil certain eligibility criteria. To check one's eligibility for a two-wheeler loan at BoB, one must satisfy the following:
Applying for a bike loan is now hassle-free with BoB's two-wheeler loans. One can complete the bike loan process online at competitive interest rates and flexible EMI options. However, remember to go through an online bike loan EMI calculator before proceeding with the application process.
To apply for a bike loan at Bank of Baroda, one must complete the two-wheeler loan process by following these steps:
One would need to submit their documents for loan authentication purposes. To verify one's bike loan documents are again categorised under employment type. One would need to submit the required general documents and documents mentioned under their employment type. They are as follows:
Unlike loans such as home loans, two-wheeler loans have quick disbursal as soon as they are sanctioned. To get an instant two-wheeler loan at BoB, one can do any one of the following:
To make borrowing more accessible, Bank of Baroda provides affordable two-wheeler loan interest rates that can be calculated: BRLLR (Baroda Repo Linked Lending Rate) + Strategic Premium + 4.25%.
The effective interest rate on the two-wheeler loan levied by Bank of Baroda is 13.35%.
A 0.05% rate under Risk Premium will be applicable for those not insured under credit life Insurance cover. If the loan applicant is an ex-staff or staff at Bank of Baroda, they would need to pay only the strategic premium and the BRLLR. Here, a strategic premium is a type of supplementary premium incorporated into the business value one is willing to purchase.
While availing of any loan, interest rates play a huge factor in deciding whether or not to opt for the lender/loan. A few pivotal aspects can drastically affect the applicable interest rates, such as:
Before applying for a motorcycle loan, the applicant must calculate the monthly EMI necessary to pay. This tells the applicant how much they need to pay as per their opted loan amount and tenure. This gives them an idea to sort out the monthly funds required to repay the loan and other financial obligations.
One can use the online Bank of Baroda Two-Wheeler Loan EMI Calculator . It makes use of the formula P x R x (1+R)^N / [(1+R) ^N-1] to calculate the EMI. Here, 'P' is the principal amount of the loan, 'R' is the interest rate, and 'N' is the number of tenure months. However, one doesn't need to make any manual calculations to know their EMI. To know how to calculate EMI for a bike loan , the applicant must input the loan amount, loan tenure, and the applicable interest rate in an EMI calculator. The following are a few advantages of using an online EMI calculator:
Foreclosure or prepayment penalty or pre-closure charge is usually applied by lenders when one wishes to repay the loan before the tenure ends. However, Bank of Baroda charges no penalty for two wheeler loan foreclosure , which allows one to free themselves from other financial obligations or loans in the future.
Bank of Baroda provides affordable and convenient EMI options so that one can repay without any worries. Additionally, the bank allows applicants to choose their two-wheeler loan tenure depending on their financial condition and income. The maximum repayment tenure extends up to 5 years or 60 months. One can utilise the two-wheeler loan EMI calculator to ensure the best EMI option for themselves.
A two-wheeler cuts down not only the travelling time but also day-to-day expenses. No one said a motorcycle necessity could not be one of dreams and ease. Since saving up to purchase a dream two-wheeler is tedious and difficult, a bike loan can give one the financial support they need to carry out their financial obligations yet ride in happiness. To that effect, it is vital that one carefully make their decision. And to do so, the Bank of Baroda is there to fully support its customers' needs financially.
The contents of this article/infographic/picture/video are meant solely for information purposes and do not necessarily reflect the views of Bank of Baroda. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Bank of Baroda and/ or its Affiliates and its subsidiaries make no representation as to the accuracy; completeness or reliability of any information contained herein or otherwise provided and hereby disclaim any liability with regard to the same. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject Bank of Baroda or its affiliates to any licensing or registration requirements. Bank of Baroda shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.
With the exponential growth and increase in online shopping and the number of products available, the modes of payment for these purchases have also evolved. It is no longer necessary to pay upfront in cash. One very popular option that people use is to convert purchases into installments on their credit card. This system has become one of the preferred ways to buy consumer durables. However, for those people who do not have credit cards or who do not have a high limit on credit cards, there is another option; EMI on a Debit Card.
A two-wheeler is a compact vehicle that gives excellent mileage and allows you to navigate through city traffic easily. It cuts down your travelling time and expenses while you can find parking easily. Whether you wish to buy a geared bike or a scooter, you can do so with two-wheeler loans. Let's understand what is two wheeler loan and learn about the factors affecting Two-Wheeler Vehicle Loan interest rates. Also, find out how to use a Bike Loan EMI calculator before sending your loan application.
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