Overview of Federal Bank Two Wheeler Loan:
The demands and needs of our society have seen a sweeping change in the current times. We are gradually moving ahead from a dependent economy to a more liberated and established one. Similar trends have been applied to our lifestyles too and we are becoming comfortable with an opulent lifestyle. While cash cards have satisfied the necessity to live a life of a definite standard, the number of folks who are reliant on public transportation in India are declining little by little. No one likes to fix their lives around someone else schedule or convenience.
Having our own two wheeler simplifies matter quite a lot. And not everyone will have the resources to pay the entire price of the bike or two wheeler upfront and vehicle loans are the savior here. Having seen this need, many banks and other financial institutions these days provide two wheeler loans to make it more reachable to the folks and help in more of you becoming independent and self-possessed. Federal Bank is one such bank that caters to these needs- in short a flexible banking product to suit the needs of people from all walks of life.
Also Read: Two Wheeler Insurance.
Features & Benefits of Federal Bank Two Wheeler Loan:
- Comparatively lesser EMIs (Equated Monthly Installments).
- Reduced rate of interests.
- Choice of longer loan settlement tenure.
- Quick processing of the two wheeler loan.
- No veiled hidden fees.
Purpose of Loan:
Federal Bank Two Wheeler Loan can be availed for purchasing new two wheelers for personal use.
You can take up to 48 months to settle the entire loan.
Federal bank levies .50 percent of the sanctioned loan amount or INR 500 (whichever is more).
Two percent of overdue EMI if you delayed payment for more than a month.
Federal Bank Bike 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.
- You can avail a loan on behalf of a company, proprietorship, partnership organization as well as societies and trusts.
Documentation Required for Federal Federal Bank 2 Wheeler Loan:
- KYC Documents of loan applicants such as ID proofs and residential proofs.
- Your latest Passport Sized Photograph (along with that of the co-applicant if any)
- Proof of occupation or entrepreneurship.
- Income papers such as salary slips, bank statements, IT Return Papers.
- Business people also needs to audited balance sheet, P & L statements as well as Tax Paid Challans.
- If you are a Non Resident Indian (NRIs), you need to submit employment certificate and embassy attested papers as well as two years NRI Account Statement.