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Corporation Bank of Two Wheeler Loan

 4.5 / 5.0   by 8 users
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Two Wheeler Loan
  • Easy Processing
  • Attractive interest rates
  • Compare across banks

Having a two-wheeler will offer you comforts on different levels, you can travel at your own time and convenience. If you are worried about the sudden expense that you might incur if you purchase a vehicle, you must opt for a two-wheeler loan. Offered exclusively for people who want to purchase two-wheelers, Corporation Bank two-wheeler loan comes loaded with many features and advantages.

High service standards, innovative benefits and affordable interest rates makes Corporation Bank one of the most preferred players when it comes to bike loans.

Perfect Personal Loan Deals for you

Features and Benefits of Corporation Bank Bike Loan:

The following advantages offered by Corporation Bank two wheeler loan makes it one of the most preferred loan products for the purchase of Bike.

  • The loan will cover the entire cost of the two-wheeler including accessories, insurance charges, registration charges and road tax.
  • This loan can also be availed for the purchase of second hand two-wheelers not older than 3 years from the date of registration.
  • Corporation Bank offers a high loan quantum of up to Rs.1 lakh per vehicle.
  • A margin of 40% is levied for Corporation Bank bike loan in case of second-hand vehicles.
  • No prepayment charges is levied which means the customer gets more flexibility and can close the loan without any second thought if he wants to.
  • The loan repayment tenure for two-wheeler loan is 36 months.

Know About:

Eligibility for Corporation Bank Two Wheeler Loan:

  • Individuals, businessmen, professionals, NRIs, salaried customers, partnership firms, sole proprietorship, HUFs, trusts, companies and institutions are eligible to avail this loan.
  • The net annual income of the applicant should be at least Rs.50,000.
  • To supplement the repayment criteria, immediate relatives may also join as co-borrowers. Depreciation and cash accruals can be added to the income.
  • Applicant and co-applicant should be established in the service in case of salaried borrowers.
  • In case of trust/firm/companies, partners, trustees and directors who have a regular, independent source of income can also join as co-applicants to boost the repayment capacity.

Documentation for Corporation Bank Bike Loan:

The documents required for Corporation Bank two wheeler loan vary depending on the class of applicant and source of income. Here are some of the basic documents that will be asked for during the application process.

  • Completely filled application form with photographs
  • ID proof and address proof (PAN card, passport, Voter ID etc.,)
  • Recent salary slips and IT return statements if the applicant is employed
  • Bank account statements for last 3 months
  • Salary slip or Form 16 for salaried applicants
  • For self-employed applicants, business stability proof, employment stability proof and ownership proof will be required.

For a complete list of documents required, do enquire with Corporation bank.

Corporation Bank 2 Wheeler Loan Interest Rates:

Loan Type Feature Base Rate + Spread Rate of Interest
Two Wheeler Loan (for personal use) Up to 3 years repayment tenure BR + 3.50 13.15%

The interest rate is charged as floating interest and is linked to the base rate. As the interest rates are subject to frequent revisions, contact Corporation Bank to get more information on the prevailing interest rates.

FAQs for Corporation Bank Two Wheeler Loan:

  1. Will I incur any processing charges while applying for a Corporation Bank Two Wheeler Loan?

    Yes, a nominal processing fee would be charged.

  2. Will I be charged any prepayment penalty if I choose to repay my loan in advance?

    No prepayment penalty is charged for the foreclosure of Corporation Bank two wheeler loan.

  3. Do I have to place any security to avail this loan?

    Primary security for Corporation Bank Two Wheeler Loan is hypothecation of the prescribed vehicle. Guarantee from a third party is discretionary.

  4. Is the rate of interest fixed for this loan?

    No, the interest rate is floating and is linked to the base rate.

  5. Does the cost of the vehicle as prescribed under this loan cover insurance charges?

    Yes, insurance charges, road tax, cost of registration and cost of accessories also are covered under the cost of vehicle.

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Corporation Bank of Two Wheeler Loan Reviews

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  • Corporation Bank Two Wheeler Loan
    "Extremely satisfied"
    0.5 5.0/5 "Blown Away!"
    I have purchased a vehicle with the help of Corporation Bank without any hassle. The interest rate is competitive and they have charged me a processing fee around Rs.200 which is very minimal on the loan amount of 80K. In next 3months, this loan will be completed.
    Was this review helpful? 1
    , bangalore
    Reviewed on Sep 06, 2019
  • Corporation Bank
    Corporation Bank Two Wheeler Loan
    "Good service"
    0.5 4.0/5 "Great!"
    I've taken a two loan from the CORPORATION BANK , the interest rate was pretty much good . The application process was easy and hassle free. It has been a pleasant personal loan experience with the CORPORATION bank. Overall it has been good experience .
    Was this review helpful? 0
    , chennai
    Reviewed on Feb 14, 2019
  • Corporation Bank Two Wheeler Loan
    "Good Banking Service"
    0.5 4.0/5 "Great!"
    I have taken two wheeler loan from Cooperative Bank . They took 10 to 15 days for the approval and documentation. Am satisfied with the promising rate of interest which is nominal one. Their customer service and response is good. They gave the tenure period of 24 months . Making the payment through Ecs online banking.
    Was this review helpful? 1
    , bangalore
    Reviewed on Nov 02, 2018
  • Corporation Bank Two Wheeler Loan
    0.5 5.0/5 "Blown Away!"
    The service provided was very good with corporation bank related to the business loan process.Which was offered by our honorable prime minister of India,which was really helpful, I have taken this loan on January and i have closed it in April, Customer service is good with the corporation bank.
    Was this review helpful? 1
    , pune
    Reviewed on Oct 13, 2017
  • Corporation Bank Two Wheeler Loan
    "good service"
    0.5 4.0/5 "Great!"
    Service is very good from CORPORATION BANK ,representatives and customer service is also very helpful and responsible and the interest rate they provide is 13.5 which was little high still the overall service is excellent from CORPORATIONBANK.
    Was this review helpful? 0
    , kolkata
    Reviewed on Sep 30, 2017
  • Corporation Bank Two Wheeler Loan
    "comfortable approach"
    0.5 4.0/5 "Great!"
    Disbursal was within one or two days with corporation bank. As I have a savings account with this bank I tried my two wheeler loan through them. The entire process was quite simple with less papers. Interest rate was according to the market rate. Being a government bank this bank provide good facilities.
    Was this review helpful? 6
    , bangalore
    Reviewed on Mar 14, 2016
  • Corporation Bank Two Wheeler Loan
    "Best Offer"
    0.5 5.0/5 "Blown Away!"
    I have taken my Two Wheeler Loan from CORPORATION bank for the tenure of 2.5 years. They have offered me rate of interest 12% which is very less when compared with other banks. I closed this loan with them now, I never find any difficulties with them.
    Was this review helpful? 8
    , bangalore
    Reviewed on Aug 19, 2015
  • Corporation Bank Two Wheeler Loan
    0.5 3.0/5 "Satisfactory"
    On the year 2008, I availed two wheeler loan from Corporation bank. On 2011 the Emi has been done. It was not that god experience. They took almost four weeks to process my loan. The processing fee was high, the loan amount was normal one. Customer service was okay.
    Was this review helpful? 4
    , bangalore
    Reviewed on Jul 27, 2015
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