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.
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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.
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:
Will I incur any processing charges while applying for a Corporation Bank Two Wheeler Loan?
Yes, a nominal processing fee would be charged.
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.
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.
Is the rate of interest fixed for this loan?
No, the interest rate is floating and is linked to the base rate.
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.