Bikes, two wheelers and the Indian way of life are intrinsically connected. By providing mobility at a judicious prices, the two wheelers has relieved the Indian middle class from the droning and tedious public transportation. For most of them, a scooter or motor bike is a symbol of convenience as well as rebellion. In the recent past, this field has shown a worrying downward spiral thanks to forever increasing inflation and equally rising interest rates on bike loans. But this proved to be cyclic as popularity of bikes and two wheelers is back with a bang with new and improved models in the market as well as reasonable rates. Central Bank of India, a premier public sector bank and headquartered in Mumbai, has already earned a sparkling reputation in loan delivery.
Central Bank of India Bike Loan Features & Benefits:
Purpose of Loan:
To purchase a two wheeler for individual use and not for renting out or ferrying commuters.
Quantum of Two Wheeler Loan:
You can avail a loan of up to INR 10 lacs.
Your loan will be authorized on Road Price (Cost of the bike/ two wheeler + Registration Fees + Two Wheeler Insurance + Road Tax).
Any extra expenses for fancy numbers will not be funded by the bank.
Loan sum of up to INR 20 lacs - Minimum 10 percent
Two wheeler loans are given by Central Bank of India with floating fixed rates.
2 Wheelers Base Rate + 0.40 percent
Hypothecation of two wheeler bought is normally the security or collateral. The Hypothecation fee charged by the bank must be recorded with the concerned Regional Transport Office Authorities.
You can take up to 60 months to settle the loan.
Also Read: Two Wheeler Insurance.
Central Bank of India 2 Wheeler loan Eligibility Criteria:
- The applicant should be of age 18 and above and no older than 65.
- He/ she should be have a steady source of income. They could be a permanent salaried worker, entrepreneurs, self-employed, freelancers or independent professionals.
- The minimum net annual income of an applicant should be INR 1.2 lacs.
- Even non-resident Indians can apply for a Central Bank of India Two Wheeler Loan.
- Agriculturalists regardless of land holding engaged in production centric agricultural activities and in other related activities are also welcome to apply.
- You can avail a loan on behalf of a company, proprietorship, partnership organization as well as societies and trusts.
Documentation for Central Bank of India Bike Loan:
- Photocopy of any of your ID Proof such as Driving License, Voters ID, Aadhar Card or Passport.
- Photocopy of your residential address proof such as any address bearing Identity Card, Rental/ Lease Agreement or Ration Card.
- Income Papers such as bank statements, salary slips and IT Return Papers.