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SBI Two Wheeler Loan

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Two Wheeler Loan
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One of the earliest and premier financial institutions, State Bank of India is the pride of our country. The history of the bank dates back to 1806 with the establishment of the Bank of Calcutta, in Calcutta. Three years later the bank was re-designed as the Bank of Bengal. The first joint-stock bank of British India sponsored by the Government of Bengal, the Bank of Bombay and Bank of Madras followed the same league. These three amalgamated in the year 1921 to become the Imperial Bank of India.With an act passed in Parliament in May 1955 and the State Bank of India was constituted in the same year. Currently, SBI boasts of being one of the largest and most trustworthy banks in the nation. The bank provides financial assistance and solutions in various segments like personal banking, NRI services, international banking, agricultural and rural banking, corporate services, etc.

Two Wheeler Loans from SBI:

Indian roads are notorious for the number of potholes, and commuters who don't abide by traffic rules. The wisest option in this case is to use a two wheeler for your daily commute. Well, there are also a lot of youngsters who are extremely passionate about biking as an adventure; whatever the reason may be, with SBI two wheeler loans you get financial assistance to go ahead, and realise your dream of owning a two wheeler. SBI provides two wheeler loans at affordable interest rates, and with a wide array of lucrative features and benefits.

Features and Benefits of SBI 2 Wheeler Loan:

  • This loan can be availed to buy new two wheelers like scooter, motorbike, moped, battery operated two wheelers.
  • Advance EMI is not required
  • Affordable and low EMI and interest rates
  • 85% of on road price of the two wheeler is provided as LTV
  • The bank provides flexibility in payment of EMI. This can be done any time during the month.
  • There is an optional SBI life cover which borrowers can choose to avail
  • Accidental insurance cover is provided for free.
  • If the loan is availed by a salaried individual, then the maximum loan amount is restricted to 6 times of the borrower's Net Monthly Income.
  • If the borrower is not a salaried individual then the maximum loan amount is restricted to half of Net Annual Income of the borrower.
  • For agriculturists, the net annual income should be decided depending on the nature of their activity like farming, dairy, poultry, orchards, land holding, cropping pattern, yield, etc.
  • The repayment period of the loan is a maximum of 36 months.
  • The loan margin provided is 15% of the on the road price of the vehicle. This also includes vehicle registration charges, insurance, one-time road tax.

SBI Bike Loan Eligibility:

The two wheeler loan applicant should be :

A minimum of 21 years old and maximum of 65 years of age.

  • An employee of Central/state Government or Public Sector Undertaking. He has to be a permanent employee. He can also be from a reputed private company or firm.
  • Self-employed people or professionals. They have to be an income tax assessee, and individuals doing agricultural and allied activities are also eligible to avail this loan.
  • To avail the loan to buy regular petrol/diesel/gas operated scooters and motorcycles, borrower's minimum net annual income should be Rs. 75,000. The same should be Rs. 60,000 if the loan is availed to buy mopeds and two wheelers working on battery.

Documentation SBI Two Wheeler Loan:

  • Duly filled two wheeler loan application form
  • Borrower's bank account statement for last 12 months
  • 2 passport size photographs
  • Identification of signature from bankers of the applicant.
  • Valid identity proof like voters ID card/PAN card.
  • Residential address proof- electricity bill, passport, telephone bill, ration card, etc.
  • Proof of official address for non-salaried individuals
  • Latest salary-slip showing all deductions, and TDS certificate-Form 16 in case of salaried persons
  • Income Tax Return copies for the two preceding financial years

SBI Two Wheeler Loan Interest Rates:

The bank lends out two wheeler loans to borrowers at an affordable interest rate of 8.60% above Base Rate i.e. 17.90% per annum. The interest is calculated on daily reducing balance.

SBI Bike Loan FAQs:

  1. Does SBI two wheeler loan charge a processing fee?

    Yes, two wheeler loan borrowers from SBI have to pay a processing fee charge of 1.22% of the loan amount.

  2. I want to buy a two wheeler by availing a loan from State Bank of India. Will my vehicle get insurance coverage?

    Yes, your vehicle will get a free accidental insurance coverage. Borrowers can also choose to avail the optional SBI life cover.

  3. What is the repayment tenure of SBI two wheeler loans?

    The repayment tenure of SBI two wheeler loan extends up to a period of 36 months.

  4. What is the loan margin of SBI two wheeler loan?

    The loan margin provided is 15% of the on road price of the two wheeler. This also includes vehicle registration charges, insurance and one-time road tax.

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News About SBI Two Wheeler Loan

  • Bookings opened for Honda Grazia from 25 October

    The bookings for Honda’s new automatic scooter, Grazia, has been opened from Wednesday, 25 October. Though the scooter isn’t launched in the market yet, Honda two-wheeler dealerships have started taking the registrations. Honda Grazia can be booked at any HMSI dealership across the country by paying a token amount of Rs.2000.

    Currently, Honda Motorcycle & Scooter India is selling six popular scooters in India and Grazia is the next big addition to its exclusive product line. This advanced urban scooter is meant for the city riders unlikely its latest launch Cliq which is specifically designed for the rural riders. Since Grazia is specially designed for the vibrant and confident urban youth, it is expected to have innovative features and sharp designs.

    As per the images, Grazia is likely to feature a dual-tone colour scheme with complimentary sharp lines running along the body. Black-alloyed wheels with tubeless tyres, Combi Brake System (CBS), twin-telescopic front suspension, and USB mobile charging port are some of its expected features. Probably, Grazia will be powered by a 125cc engine with Eco technology for better fuel economy. Coming to price, it is expected to range between Rs.50,000 to Rs.65,000.

    31 October 2017

Essential Two Wheeler Loan Pages
Two Wheeler Loan by Banks
Two Wheeler Loan Articles

Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.

SBI Two Wheeler Loan Reviews

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  • SBI Two Wheeler Loan
    "Good Service"
    STATE BANK OF INDIA
    0.5 5.0/5 "Blown Away!"
    I have taken Two wheeler Loan through State Bank Of India I have got the loan amount on time .The rate of interest and the processing fee was nominal.I am not sure about the loan amount and this loan is for the tenure of 24months , The premium amount is Rs.3670and the Two Wheeler model is Honda Active 4G and the premium amount is Rs.2670and this loan was closed already.
    Was this review helpful? 3
    , hyderabad
    Reviewed on May 27, 2019
  • SBI
    SBI Two Wheeler Loan
    "Good Service"
    STATE BANK OF INDIA
    0.5 5.0/5 "Blown Away!"
    I have taken Two wheeler Loan through State Bank Of India I have got the loan amount on time .The rate of interest and the processing fee was nominal.I am not sure about the loan amount and this loan is for the tenure of 18months , The premium amount is Rs.3670and the Two Wheeler model is Active Maestro.
    Was this review helpful? 3
    , hyderabad
    Reviewed on May 27, 2019
  • SBI Two Wheeler Loan
    "Looking for less interest rate"
    STATE BANK OF INDIA
    0.5 4.5/5 "Excellent!"
    I took a two wheeler loan with SBI and my experience was good. Loan amount was based on my requirement and the rate of interest of 13.5% was high when compared to others. Customer service was good with SBI and i preclosed the loan in 3-4 months with 3% as preclosure charges.
    Was this review helpful? 3
    , hyderabad
    Reviewed on Mar 04, 2019
  • SBI Two Wheeler Loan
    "Good service"
    STATE BANK OF INDIA
    0.5 4.0/5 "Great!"
    My experience was good with SBI for two wheeler loan, the loan amount was based on my requirement and the rate of interest was nominal when compared to other banks. Customer service was very good and they collected documents on time.
    Was this review helpful? 5
    , jaipur
    Reviewed on Feb 07, 2019
  • SBI Two Wheeler Loan
    "Excellent service"
    STATE BANK OF INDIA
    0.5 5.0/5 "Blown Away!"
    I had been my Two wheeler loan with State bank of India, The loan amount they have given me was sufficient,and the rate of india they have charged me up to 5%, it is nominal and they have not charged me processing fee,now this loan have been closed.
    Was this review helpful? 10
    , hyderabad
    Reviewed on Jan 30, 2019
  • SBI Two Wheeler Loan
    "Good Financial service"
    STATE BANK OF INDIA
    0.5 4.0/5 "Great!"
    I have taken two wheeler loan long back from State bank of India , they did instant approval process regarding documentation . They provide with promising rate of interest which is satisfied for me , i got tenure period of one year and paid the payment through ecs. Overall am satisfied with their customer service and response .
    Was this review helpful? 4
    , chennai
    Reviewed on Jan 23, 2019
  • SBI Two Wheeler Loan
    "Good in Need"
    STATE BANK OF INDIA
    0.5 3.5/5 "Pretty good"
    I was looking for a two wheeler loan and i had applied with SBI as i carry a savings account. The interest rates that i had was reasonable. The rates of interest was 8% and the loan got closed. There was not much delay at the time of applying and my request was taken care.
    Was this review helpful? 8
    , faridabad
    Reviewed on Dec 27, 2018
  • SBI Two Wheeler Loan
    "Best Financial Service"
    STATE BANK OF INDIA
    0.5 5.0/5 "Blown Away!"
    Got my Two wheeler loan from State bank of India . They took some time for approval and documentation. Am satisfied with the promising rate of interest which is nominal one. Their customer service and response is good. Making the payment through Ecs online banking. Overall am satisfied with the service .
    Was this review helpful? 5
    , ahmedabad
    Reviewed on Dec 16, 2018
  • SBI Two Wheeler Loan
    "Process is good"
    STATE BANK OF INDIA
    0.5 5.0/5 "Blown Away!"
    I have taken a two wheeler loan from State Bank of India. The process for the loan is good. The customer support and response is fine and there are no hassles. The rate of interest and proessing charges is normal. The rate of interest is around 12%.
    Was this review helpful? 4
    , coimbatore
    Reviewed on Dec 08, 2018
  • SBI Two Wheeler Loan
    "Quick Response"
    STATE BANK OF INDIA
    0.5 4.0/5 "Great!"
    I had applied for a Two wheeler loan through SBI and it got processed on a quick note. The Emi i had taken was for 1 year and without any hurdle i had cleared the loan amount. I hold a Duo bike and i am happy that the bank served me at the time i had my expectations.
    Was this review helpful? 5
    , surat
    Reviewed on Nov 14, 2018
  • SBI Two Wheeler Loan
    "Average Service"
    STATE BANK OF INDIA
    0.5 1.0/5 "Really Bad"
    The experience i had with them has not been that great, where the loan amount has been okay and the interest rate with them has been nominal when compared with the market rate. There has not been much hassles faced but the charges with them has been very high.
    Was this review helpful? 1
    , hyderabad
    Reviewed on Nov 13, 2018
  • SBI Two Wheeler Loan
    "Good service"
    STATE BANK OF INDIA
    0.5 3.0/5 "Satisfactory"
    My two wheeler loan experience with SBI was good and it was cleared back on 2015 April. I paid a down payment of Rs 30000 and remaining Rs 30000 as a loan. The rate of interest was nominal when compared to others and the tenure period was for 12 months.
    Was this review helpful? 2
    , visakhapatnam
    Reviewed on Nov 01, 2018
  • SBI Two Wheeler Loan
    "Good service"
    STATE BANK OF INDIA
    0.5 4.0/5 "Great!"
    I have taken a two wheeler loan with SBI and my loan experience was good, the loan amount was for Rs 60000 with high interest rate when compared to other banks. The process was smooth and the customer support was good. The tenure period for this loan is 2 years.
    Was this review helpful? 18
    , mumbai
    Reviewed on Aug 21, 2018
  • SBI Two Wheeler Loan
    "Good service"
    STATE BANK OF INDIA
    0.5 4.0/5 "Great!"
    I have taken a two wheeler loan with SBI and my loan experience was good, the process was smooth and the loan amount was disbursed on time. The loan amount was based on my requirement and the rate of interest was nominal. I am happy with the customer service and the tenure was for 5 years.
    Was this review helpful? 10
    , hyderabad
    Reviewed on Jul 31, 2018
  • SBI Two Wheeler Loan
    "Good service"
    STATE BANK OF INDIA
    0.5 4.0/5 "Great!"
    My experience with SBI for two wheeler loan was good, the loan amount was for Rs 35000 with nominal interest rate in the market. The process was quick and i received my loan amount on time. I am happy with the customer service as they responded on time. The tenure for this loan is 1.5 years.
    Was this review helpful? 6
    , mumbai
    Reviewed on Jul 03, 2018
  • SBI Two Wheeler Loan
    "SBI two wheeler loan"
    STATE BANK OF INDIA
    0.5 5.0/5 "Blown Away!"
    I have taken a two wheeler loan from State Bank of India and the approved loan amount was 40000. The monthly EMI is 2570. The rate of interest was nominal. The total tenure was for 3 years. The customer service and response with them is good.
    Was this review helpful? 4
    , tiruchirapalli
    Reviewed on May 29, 2018
  • SBI Two Wheeler Loan
    "Good service"
    STATE BANK OF INDIA
    0.5 4.0/5 "Great!"
    I got the two wheeler loan from the state bank of India around a year ago. The customer support service and the response is good with the SBI. They have disbursed the loan amount within a week time. The rate of interest and the charges are average with the SBI two wheeler loan.
    Was this review helpful? 2
    , hyderabad
    Reviewed on May 09, 2018
  • SBI Two Wheeler Loan
    "Good service"
    STATE BANK OF INDIA
    0.5 4.0/5 "Great!"
    I have taken a two wheeler loan with SBI and my loan experience was good, the loan amount was for Rs 26000 with nominal interest rate when compared to all other banks. The process was smooth and i received my loan amount on time. Customer service was good and the tenure of this loan is 14 months.
    Was this review helpful? 7
    , new delhi
    Reviewed on Mar 29, 2018
  • SBI Two Wheeler Loan
    "Excellent service"
    STATE BANK OF INDIA
    0.5 5.0/5 "Blown Away!"
    I had taken Two wheeler loan with State bank of India.The loan amount is 40,000.Rate of interest is nominal compared to others.The tenure is two years.I have no processing fees for the same.I submitted limited documents.Customer service is good.
    Was this review helpful? 6
    , hyderabad
    Reviewed on Mar 08, 2018
  • SBI Two Wheeler Loan
    "Best service"
    STATE BANK OF INDIA
    0.5 5.0/5 "Blown Away!"
    I have taken a Two wheeler loan with SBI and my loan experience was very good. The loan amount was for Rs 47000 with the nominal rate of interest when compared to all other banks. The tenure of this loan is 2 years, the process was very smooth and i received my loan amount on time. Customer service was good and they responded on time.
    Was this review helpful? 4
    , bangalore
    Reviewed on Mar 05, 2018
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