How Bank of Baroda will decide if I’m eligible to avail Two Wheeler Loan?
Bank of Baroda will decide if you’re eligible to avail the loan on two basis - your Credit Bureau Score and Repayment Capacity.
Credit Bureau Score is a point-based system and depends on your track of financial transaction in the past, such as if you owned a credit card or existing loan etc. Currently, a score of 750 or above is considered good for a borrower.
The repayment capacity includes factors such as your income, dependents in the family, and liability etc., which represent if you are capable enough to maintain the liquidity on the loan.
What is the margin money I need to pay to avail the Two Wheeler Loan?
You need to pay a 10% margin money to avail the loan amount.
What happens if a customer misses the payment on the due date?
If a customer missed the payment on the due date, then he/she has to a pay a late payment fee of 2% per month on overdue amount.
What are the costs associated with availing of a Two Wheeler Loan?
The unified processing charges for Bank of Baroda Two Wheeler Loan include:
Document Verification/ vetting charges
Pre- Inspection (Contact Point Verification-CPV) charges
One time post inspection charges
Advocate charges for legal opinion
Valuer charges for valuation
Credit Bureau report charges
ITR Verification charges