Two-wheelers are often your first vehicle, and it provides you with both freedom and flexibility. Whether it is a utilitarian scooter or a fancy motorcycle that you want, Karur Vysya Bank (KVB) helps you attain it through a two wheeler loan. Minimal documentation and flexible repayment options make it a great choice for your dream bike or scooter.
Karur Vysya Bank Bike Loan Features:
Here are the features of KVB’s two wheeler loans:
- The loan is disbursed to your account directly through internet transfer or demand draft.
- The loan can be repaid in up to 36 months (3 years).
- EMIs on the loan are affordable due to competitive interest rates.
- Providing collateral security and guarantee are not mandatory.
- You can also avail vehicle insurance from the bank if you wish to.
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Karur Vysya Bank 2 Wheeler Loan Eligibility Criteria:
The following terms apply in the case of Karur Vysya Bank’s Bike Finance:
- Any individual with a steady income can avail the loan.
- The net income of the individual after deduction of the loan’s EMIs should be not less than 25% of the total income.
Sanction of a bike loan is also dependent on the following factors:
- Repayment capacity
Also Read: Two Wheeler Insurance.
Documents Required for Karur Vysya Bank Bike Loan:
The following documents are required for you to be able to get bike finance from KVB:
- Application form, duly filled
- Proof of identity
- Address proof
- Proof of income (payslips, Income Tax Return, Form 16/16A)
- Bank statement
- PAN card copy
Additionally, the employer has to provide an undertaking allowing deduction of EMIs from the salary of the borrower in case of salaried employees shall be insisted on.
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Karur Vysya Bank MCLR and Interest Rates:
Marginal Cost of Funds-based Lending Rate (MCLR) is a base rate regime that is being adopted by banks since April 1, 2016. This allows customers to get better rates of interest as and when the Reserve Bank of India changes its repo rate. The MCLR announced by Karur Vysya Bank are as given below:
Two wheeler finance is based on the 1-year MCLR. Any change to this rate will impact the interest rate of your loan. The rate will be reset annually based on 1-year MCLR revisions. The interest for two wheeler loans is a floating rate of 15.4% - that is, 1-year MCLR of 10.05% and a spread of 5.35%.