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Old January 4th, 2017, 11:28 AM
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Join Date: May 2011
Default Re: Bank of Baroda Bike Loan

Bank of Baroda's 2 Wheeler Loan makes it possible to purchase a two-wheeler and pay back in easy monthly installments. All resident Indians, salaried, professionals, self-employed, businessmen and farmers can apply for it.

Eligibility Criteria

• One must be a resident of India

• One must be any of the following:
• A salaried individual
• A self employed individual
• A professional
• An individual carrying on any business
• A farmer

• One must be at least 21 years of age in order to apply for this loan

• One must be no more than 65 years of age at the time of maturity of the loan

• In order for a salaried individual, one must be employed with the current organisation for a minimum of 1 year, and must possess a minimum of at least 2 years of overall employment.

• Self employed individuals required to have been carrying on business for a minimum of 3 years

• Salaried individuals are required to draw a minimum of Rs 84,000 as their income on a yearly basis

• Self employed individuals are required to draw a minimum of Rs 72,000 as their income on a yearly basis

• One looking to avail of this loan must possess a telephone at their place of residence


Interest Rates:

At present the bank offers a floating interest rate of 14.25% on its two wheeler loans. The MCLR Rates set by Bank of Baroda are as follows:

Loan Tenor MCLR Rate

Overnight 9.00%

1 Month 9.05%

3 Months 9.05%

6 Months 9.10%

1 Year 9.30%

3 Years 9.35%
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