Bandhan Bank provides its clients with a broad range of banking services and solutions that are designed to fit their personal and lifestyle needs as well as their budgetary requirements. The bike loan offered by Bandhan Bank to potential applicants is tailor-made to help them travel independently without having to rely on any form of public transport. Applicants can avail of substantial loan amounts at excellent rates of interest, which can be paid back easily over a specified period of time.
Features and Benefits of Bandhan Bank Two Wheeler Loan:
Customers who wish to avail of two wheeler loans from Bandhan Bank can be sure to take advantage of the following attractive features and benefits these loans have to offer:
- Attractive, affordable and competitive rates of interest, with rates as low as 12% per annum
- Simple and easy approval process
- Minimal documentation to be provided by the customer
- Quick disbursement of loan amount following approval by the bank
- Customers can also avail of personalised assistance right at their doorstep, which will take them through every step of the loan processing procedure
- Customers can pay off their loans comfortably, with loan tenures stretching up to a maximum of three years
- Loan repayments can be made in easy installments on a monthly basis either through standing instructions via their bank accounts or through the bank’s ECS facility
- Customers can also avail of additional benefits such as additional insurance components, which can be acquired through the bank’s collaboration with major insurance firms
- Applicants can apply for loan amounts ranging from a minimum of Rs.10,000 up to a maximum of Rs 1.5 lakhs
- Loan tenures of up to 36 months can be applied for
Also Read: Two Wheeler Insurance.
Bandhan Bank Two wheeler Loan Interest Rates:
Bandhan Bank offers customers affordable and attractive interest rates on two wheeler loans that are among the most competitive in the market. At present, interest rates on Bike loans offered by the bank stand at 12% for loans of all amounts and all tenures.
Bandhan Bank MCLR Rates:
Effective from April 1st 2016, Marginal Cost of Funds Based Lending Rates (MCLR) for Bandhan Bank loans have been set at 13.26% for a tenure of one year. These rates are applicable to all loans that the bank sanctions.
The MCLR Rates set by Bandhan Bank are as follows:
|Loan Tenor||MCLR Rate|
Eligibility Criteria For Bandhan Bank Two wheeler Loan
In order to obtain a two wheeler loan through Bandhan Bank, applicants are required to meet the following eligibility criteria:
- The applicant must be any of the following:
- A salaried individual
- A professional
- A self-employed individual
- Non-professionals who are self-employed
- The applicant must be a minimum of 23 years of age to apply for this loan
- The applicant cannot be more than 65 years of age or the age of retirement at the date of maturity of the loan, depending on whichever comes first
Documentation Required In Order To Apply For A Bandhan Bank Two wheeler Loan
Applicants are required to submit the following documents when applying for a two wheeler loan through Bandhan Bank:
- Valid KYC documents such as proof of identity, proof of address and proof of age
- Relevant documents showing proof of income
- Previous 6 months bank statements
- A quotation or a document from the seller of the vehicle stating the intention to sell said vehicle to the applicant at the agreed price
- What are the extra fees and charges that the bank may levy when acquiring a two wheeler loan?
Applicants will have to pay a processing fee amounting to 3% of the loan amount sanctioned by the bank in addition to any taxes that may be applicable as well. Documentation fees amounting to Rs 500 with taxes may also be levied at the behest of the bank.
- Can an applicant avail of a two wheeler loan if he or she does not own an account with Bandhan Bank?
No. All applicants who wish to avail of a two wheeler loan are required to have a savings account or a current account with Bandhan Bank.