Indian Over Bank (IOB) offers bike loans, known as Pushpaka Loan, at interest rates starting from 10.05% p.a. You have the option to repay the two-wheeler loan by 72 months. The bike loans offered by the bank comes with various benefits and features.
Indian Overseas Bank Two-Wheeler Loan Interest Rate
|Maximum Loan Amount||Rs.60,000, or 10 times your monthly salary, or 90% of the vehicle’s cost, whichever is lower|
|Minimum Loan Amount||Contact the bank|
|Repayment Period||72 months|
|Processing Fee||Contact the bank|
|Prepayment Charge||Contact the bank|
Features and Benefits
The main features and benefits of the offered by IOB are mentioned below:
- Bike loans are offered at attractive interest rates.
- You can repay the loan within 6 years.
- Up to 90% of the vehicle’s cost may be provided as a loan.
- Loans are provided for only new two-wheelers.
- Non-resident Indians (NRIs) can also apply for a two-wheeler loan.
- A high loan amount may be provided.
Indian Overseas Bank Two-Wheeler Loan Eligibility
The eligibility criteria that must be met in order to avail a two-wheeler loan from IOB are mentioned below:
- You can apply for the loan under the name of a company or firm.
- Self-employed individuals can apply for a loan.
- You must work at a government office, public sector undertaking, or a reputed private enterprise.
- NRIs can apply for a two-wheeler loan if a Resident Indian provides a suitable guarantee.
- Your monthly income must be at least Rs.5,000.
- The take home pay must more than 50% of your gross salary after the relevant deductions.
How to Apply for an Indian Overseas Bank Two-Wheeler Loan?
You must visit the nearest IOB to apply for a two-wheeler loan. However, when you visit the bank, you must carry the relevant documents. The application form can be downloaded from IOB official website.
The list of documents that must be submitted in order to avail a two-wheeler loan from IOB are mentioned below:
- Application form
- Proof of income such as salary certificate, assessment order, or Income Tax Return (ITR)
- Quotation from a reputed dealer
- Can I avail the IOB Two-Wheeler Loan (Pushpaka) even for used two wheelers?
No. The IOB Two-Wheeler Loan (Pushpaka) can only be availed for the purchase of new Two Wheelers. This loan is not applicable for used two wheelers.
- Is there a minimum income criteria that needs to be fulfilled in order to apply for the IOB Two-Wheeler Loan (Pushpaka)?
Yes. To qualify for the IOB Two-Wheeler Loan (Pushpaka), your minimum monthly income should at least be Rs. 5000. You can apply for this loan with a monthly income above this value. However, note that the said minimum income does not only include your individual monthly income, and that it can also include your spouse’s income and any other income for you to apply for this loan.
- Who can apply for the IOB Two-Wheeler Loan (Pushpaka)?
A. Both, Indian Residents as well as Non-Indian Residents are eligible to apply for the IOB Two-Wheeler Loan (Pushpaka) provided all the employment eligibility and income eligibility criteria have been met.
- Do I need to provide any security to avail a two-wheeler loan from IOB?
No, you do not need provide any security to avail a two-wheeler loan from IOB. The vehicle acts as the security.
- Can I download the application form online?
Yes, you can download the application form from https://www.iob.in/upload/CEDocuments/pushpaka_loan_scheme.pdf.