I'd be very doubtful about this for BIAB without a bit more info; particularly output of the element and whether it would be capable of holding a good rolling boil.
I was advised when I started this hobby to invest money in buying decent equipment rather than getting 'cheap', as you'll only end up replacing it and spending more in the long run. Fortunately, my only mistake was i got a 30 litre buffalo instead of a 40 litre, and I ended up upgrading without making a loss so no dramas. Even the stock pot I bought for miniBIAB is great as a fermenter for 2 gallon batches of mead.
Seriously think about saving and investing in decent stuff. I've seen buffalo 40s going for £60 at times...