With more than a billion populace, the bike and two wheeler manufacturing industry in the country has seen immense development in the past ten years and continues to escalate from strength to strength. Two wheelers in India comprehend a predominant part of the arena. Though it is still a convenient and preferred means of transport, it is still not easy for majority of the Indian middle class to buy one by paying its whole price in one go. Hence two wheeler loans are a great help here. But even those who could afford more than one car opt for two wheelers and motorcycles to navigate in and out of heavy city traffic. And banks like City Union Bank are only too happy to oblige.
Features and Benefits of City Union Bank Two Wheeler Loan:
- Purpose of the Loan:
The two wheeler loan shall be allowed only for new bikes or two wheelers and not for second hand ones.
- Permitted Loan Sum:
Calculate your salary for 10 months or INR 35,000 is the maximum two wheeler loan sum offered by City Union Bank.
You can add your spouse's income too and make him/ her the co-applicant, to complete the eligibility criteria as mentioned above.
- Interest Rates:
Base Rate is 10.75 percent
Base Rate plus 7.00 (17.75)
Hypothecation of the motor cycle or two wheeler to be bought is kept as security or collateral.
- Third Party Guarantee:
Together with the loan applicant, the partner (or may be someone else who fulfills the eligibility criteria as per the Scheme to stand as co-applicant.
- Repayment Tenure:
You are expected to settle the loan in a maximum time period of 36 months in EMIs. The bank doesn't allow any moratorium period in this regard.
- Two Wheeler Insurance:
An all-inclusive insurance cover is to be acquired at the price of the applicant as per the loan clause.
- Processing Fees:
The bank will levy you a processing Fees at one percent of the entire loan sum. But everything is so transparent as there are no veiled charges.
- Loan Disbursement:
The approved loan sum will be shelled out to the seller or provider directly.
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Eligibility Criteria for City Union Bank Two Wheeler Loan:
- The applicant should have to of age 18 and above.
- Salaried individuals should have monthly income at least INR 5000.
- Independent professionals and freelancers with an annual income of INR 75,000 according to the IT Return Papers.
- The income of the spouse could be added on condition that he/ she is also signed as a co-applicant.
Also Read: Two Wheeler Insurance.
City Union Bank Bike Loan Documentation:
- 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.
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