One of the leading banks in the country, Indian Bank is also a popular provider of a wide range of financial products and services. Indian Bank has been known for offering flawless financial solutions to the people of India, since it came into existence in the year 1907, as a part of the Swadeshi movement. Trusted by millions, the Bank boasts of a wide customer base, especially due to its credibility, swift service, innovative features and quick disbursal of loans. The bank’s strong network is well distributed across the country, and is served by thousands of competent staff.
Two Wheeler Loans from Indian Bank:
Indian Bank offers financial assistance to people for buying a new two wheeler (also new or old four wheeler) under its IB Vehicle Loan Scheme. Owning a two wheeler comes with the promise of being convenient, cost effective, hassle-free commute, time saving and low maintenance. Whether you are buying a two wheeler to take care of your daily commute or out of your passion for biking, you can avail an IB vehicle loan at affordable interest rates to buy your own vehicle.
Also Read: Two Wheeler Insurance.
Features and Benefits of Indian Bank Bike Loan:
- Loan can be availed for purchase of new two wheeler, old (not more than 3 years old) or new four wheeler.
- The target group of this loan scheme are salaried individuals, professionals, businessmen, self-employed people, staff of Indian Bank, NRIs and Pensioners.
- Maximum amount of loan for two wheelers is Rs. 10 lakhs.
- The loan margin is 15% for a new vehicle.
- The loan repayment period stretches up to a maximum of 60 EMIs (no holiday period).
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Indian Bank Bike Loan Eligibility
- The applicant can be either of the one - salaried individuals, professionals, businessmen, self-employed people, staff of Indian Bank, NRIs and Pensioners.
- Applicants can also be employees of other banks, but they need a NOC from their employer, with minimum 3 years’ service/experience proof.
Documentation from Indian Bank Bike Finance:
- Duly filled loan application form
- Proof of Identity - Voter’s ID/Passport/PAN card, Driving License.
- Applicant’s passport size photograph
- Income Tax Returns form of the last 3 years only if applicable.
- Proof of residence. This can include Telephone Bill, Electricity Bill, Passport, and Voter’s ID card.
- Proof of address of business, only for businessmen.
- Salary Slips
- Proof of other income. Also includes, house rent or interest on investment
- Quotation for vehicle (for which the loan is being availed) from the authorized dealer.
Indian Bank Bike Loan Interest Rate:
IB Vehicle Loan Scheme has extremely practical and affordable interest rates. Please contact your nearest branch for more clarity on the same.
Frequently Asked Questions (FAQs)
Does Indian Bank vehicle loan come with a processing fee charge?
Yes, it is 0.228% of the loan amount or a maximum of Rs. 10,146.
Do I need to hypothecate my two wheeler?
Yes, the two wheeler for which the IB vehicle loan has been availed needs to be hypothecated to the bank, as security.
Can IB Vehicle Loan be used to purchase only two wheelers?
No, you can avail this loan to purchase new two wheelers or new/old four wheeler which isn’t more than 3 years old.
Can I use IB Vehicle Loan to purchase a second hand two wheeler?
No, this loan scheme is not eligible for purchase of second hand two wheelers.