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 Two-Wheeler Loan Interest Rate
|Interest Rate||11% – 17% p.a|
|Maximum Loan Amount||Rs.50 lakh|
|Minimum Loan Amount||Rs. Min Amount|
|Income||Rs.50,000 per annum|
|Repayment Period||5 years|
|Prepayment Charges||% or Rs.|
- Payment can be made to the seller directly via DD/NEFT/RTGS/ Account credit.
- Your net take home pay after the deduction of the loan installments should be at least 25% of your gross pay.
- An undertaking from the employer for deducting the loan installments and interest from your salary will be required.
- All bank branches will verify your credit worthiness, local standing, integrity, and repayment capacity.
Find two-wheeler loan interest rate here.
How to Apply for Karur Vysya Bank Two-Wheeler Loan?
You can apply for the loan online or you can also visit a Karur Vysya Bank branch for the submitting your application. You can visit the website of Karur Vysya Bank and download the two-wheeler loan application.
Karur Vysya Bank Two-Wheeler Loan Eligibility
|Age||Minimum 21 years|
|Maximum – 65 years|
|Employment Type||Salaried or Self-employed|
|Employment Status||Employed/In-business for at least 1 year and at least 6 months with your current employer/business|
|Minimum Income||Rs.50,000 per annum|
|Maximum Loan Amount||On an average financial institution pay up to 90% of the loan|
|Tenure||Minimum – 12 months|
|Maximum – 60 months|
|Credit Score||750 and above|
- All students who are 18 years and above should take a loan with their parent (mother or father) as co-borrower
- Employees of Government/Semi-Government Undertakings, Public Sector Undertakings, Private Companies, Autonomous bodies, Professionals, self-employed individuals, Reputed Establishments, Employees on contractual basis, Businessmen and Pensioners drawing their pensions from the bank can apply for the loan.
Documents Required to Apply for Karur Vysya Bank Two-Wheeler Loan
- Filled loan application
- Proof of identify (photo copies of Passport/ IT PAN card / Driving licence)
- 3 Passport size photographs
- Statement of Bank Account
- Pass Book for last six months
- Proof of residence (photo copies of recent Telephone Bills/ Electricity Bill)
- IT returns for the three years for self-employed professionals
- Form 16/IT returns for the last two financial years for salaried employees
Karur Vysya Bank Two-Wheeler Loan EMI Calculator
Karur Vysya Bank offers two wheeler EMI calculator which is reliable and convenient. This tool will help you determine your loan repayment schedule and also get an idea of the EMIs you need to pay. If you are a first-time loan borrower, the tool will to help you take a decision on if you should take a loan or not. You can use the bank’s EMI calculator by visiting KVB official website
Paying the Karur Vysya Bank Two-Wheeler loan EMIs
You can pay your EMIs in three ways:
Post-Dated Cheques (PDCs)
- Submit post-dated EMI cheques from a non-Allahabad Bank account at your nearest Allahabad Bank Loan Centre.
- New PDCs should be submitted in a timely manner.
- Please note Post Dated Cheques will be collected at non-ECS locations only.
Standing Instruction (SI)
- If you have an account with Allahabad Bank, a Standing Instruction is the best way to repay the loan.
- Your EMI amount will be automatically be debited at the end of the monthly cycle.
Electronic Clearing Service (ECS)
- This method can be used if you have a non-Allahabad Bank account and want your EMIs to be debited at the end of the monthly cycle.
- You can opt for the SI or ECS mode of payment for less error and faster transactions.
Karur Vysya Bank Two-Wheeler Loan Features and Benefits
- This loan can be availed by anyone who meets the eligibility criteria
- You can get the loan only if you want to buy a two-wheeler for your personal use
What is the repayment tenure for a two-wheeler loan taken from Karur Vysya Bank?
The maximum repayment period is 60 months.
What is the age limit to apply for a Karur Vysya Bank Two-Wheeler loan?
You must be a minimum of 18 years old or and a maximum of 65 years at the time of maturity of loan
Will self-employed individuals have to give a guarantee to get a two-wheeler loan from for Karur Vysya Bank?
Yes, all self-employed individuals need to submit a guarantor with good credit score.
Is there a processing fee for Karur Vysya Bank two-wheeler loan?
Yes, there is a processing fee to get the two-wheeler loan, and this is subject to change without any notice.