Central Bank of India offers two-wheeler loans with affordable interest rates that start at 7.65% p.a. This makes it easier to own your dream bike with easy repayment tenures that go up to 5 years. You can also increase your eligible loan amount by adding co-applicants.
Central Bank of India Two-Wheeler Loan Interest Rate
|Interest Rate||7.65% to 7.70% p.a.|
|Maximum Loan Amount||Up to Rs.10 lakh|
|Minimum Loan Amount||At the discretion of the bank|
|Repayment Period||5 years|
|Processing Fee||At the discretion of the bank|
|Prepayment Charges||At the discretion of the bank|
Compare with: Lowest two wheeler loan interest rate
Features and Benefits
The features and benefits of the Central Bank of India two-wheeler loan are as given below:
- Co-applicants can be added to increase eligible loan amount
- No guarantee required for loan amounts of up to Rs.5 lakh
- No guarantee required for state/central government and PSU employees
- Festive offers with zero processing charges from time to time
Central Bank of India Two-Wheeler Loan EMI Calculator
It helps to know exactly how much your Equated Monthly Instalment (EMI) will be on your two-wheeler loan. This will help you plan your finances in a stress-free manner, making it easier to maintain a regular and consistent EMI repayment schedule without compromising on your lifestyle.
To calculate the EMI on your Central Bank of India bike loan, all you have to do is follow the steps given below:
- Visit the Central Bank of India website
- Navigate to the page called ‘Calculator'
- Click on ‘Loan Calculators’
- Use the dropdown menu to input the respect figures in the fields given which are for loan amount, loan type, number of monthly instalments, and interest rate.
- Click on ‘Loan amount’ or ‘Monthly amount’ and you will get the exact EMI that you will have to pay for your specific loan.
Also You can use two wheeler loan emi calculator here.
Central Bank of India Two-Wheeler Loan Eligibility
The eligibility criteria for Central Bank of India two-wheeler loans are as given below:
- Individuals between the age of 18 and 65
- Non-resident Indians
- Permanent salaried employees
- Independent entrepreneurs or self-employed persons
How to Apply for Central Bank of India Bike Loan?
To apply for a two-wheeler loan from Central Bank, you can download the application forms required from the official website of Central Bank. You can find this on the two-wheeler loan page; click on the tab named ‘Forms’. Fill up the application form and submit it along with the required documents and photographs to the Central Bank branch that is nearest to you.
You can also visit BankBazaar.com for your two-wheeler loan. The advantage of applying for a bike loan on BankBazaar is that you get to compare and choose different loans from different banks. You can choose the one that is the best fit for your budget and requirements.
1. What is the margin required to be paid for the bike loan?
For loan amounts of up to Rs.20 lakh, the margin amount is 10% of the loan amount (minimum). For loan amounts above Rs.20 lakh, the margin is 20% of the loan amount (minimum).
2. Is there any security that is required to avail the bike loan?
Yes, the security required is the vehicle which is being purchased with the loan which will be hypothecated to the bank until the loan is repaid in full.
3. Are pre-payments permitted?
Yes, you can make pre-payments on your two-wheeler loan.
4. Is there any penalty for pre-payments?
No, there is no penalty or pre-payment charges for the two-wheeler loan.
5. Can I avail this loan to buy an old two-wheeler?
No, this loan is only to be used for the purchase of a new two-wheeler.