Indian Bank Two-Wheeler Loan
Indian Bank offers financial assistance to people for buying a new two-wheeler under its IB Vehicle Loan Scheme. The interest rate offered on the loan starts from 10.15% p.a.
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.
Indian Bank Bike Loan Interest Rate
IB Vehicle Loan Scheme comes with an interest rate ranging between 10.15% p.a. and 11.65% p.a.
Features and Benefits of Indian Bank Bike Loan
- Loan can be availed for purchase of new two-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 25% to 30% for a new vehicle.
- The loan repayment period stretches up to a maximum of 48 EMIs (no holiday period).
Indian Bank Bike Loan Eligibility
- The applicant must be salaried individuals, professionals, businessmen, self-employed people, staff of Indian Bank, NRIs and Pensioners.
- The applicant must be at least 21 years old.
Documents Required for Indian Bank Bike Loan
- Duly filled out 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.
How to Apply for an Indian Bank Two-Wheeler Loan
The procedure that must be followed to apply for an IB Two-Wheeler Loan is mentioned below:
- Visit Indian Bank Two-Wheeler Loan Website
- Click on ‘Apply for Loan’. The option can be found on the bottom of the screen.
- Select if you are an existing customer.
- If you are an existing customer, the CIF number must be entered. If you are not an existing customer, details such as your name, mobile number, pin code, city, state, and branch must be entered.
- Follow the steps on the next page to apply for a loan online.
FAQs on Indian Bank Two-Wheeler Loan
- Does Indian Bank vehicle loan come with a processing fee charge?
Yes, it is 1% of the loan amount as the processing fee.
- 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 I use IB Vehicle Loan to purchase a second-hand two-wheeler?
No, this loan scheme is not eligible for the purchase of a second-hand two wheelers.
- What is the minimum income for salaried indviduals to avail the two-wheeler loan from Indian Bank?
Salaried individuals must earn at least Rs.10,000 per month to avail the two-wheeler loan from Indian Bank.
- Can I avail a two-wheeler loan from Indian Bank for used bikes?
No, you cannot avail a two-wheeler loan from Indian Bank for used bikes.
- Will Indian Bank levy a fee in the case of pre-payment?
No, Indian Bank will not levy a fee in the case of pre-payment.
- Can I apply for the IB Vehicle Loan online?
Yes, you can apply for the IB Vehicle Loan online.
Disclaimer
Credit Card:
Credit Score:
Personal Loan:
Home Loan:
Fixed Deposit:
Copyright © 2025 BankBazaar.com.