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  • SBI 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 State Bank of India:

    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.

    Also Read: Two Wheeler Insurance.

    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.

    Perfect Personal Loan Deals for you

    State Bank of India 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.
    Apply for Personal Loan

    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.

    Frequently Asked Questions (FAQs) SBI Bike Loan:

    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.

      31st October 2017

    Two Wheeler Loan by Other Banks
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    SBI Two Wheeler Loan Reviews

  • Page 1 of 1
    • SBI Two Wheeler Loan
      "Excellent in service , hike in interest rate"
      STATE BANK OF INDIA
      0.5 5.0/5 "Blown Away!"
      I have closed the two wheeler loan with the State bank of India and the interest rate was very subsidiary one because I employed with State bank of India. I used to get the approval within an hour of time from the date, when I have applied.
      Was this review helpful? 0
      , bangalore
      Reviewed on Nov 16, 2017
    • SBI Two Wheeler Loan
      "Good service"
      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 experience with loan process was good. I received a good service for my loan process and it was completed on time.I had a rate of interest of 11% which i was comfortable with and had no issues.
      Was this review helpful? 0
      , raipur
      Reviewed on Nov 09, 2017
    • SBI Two Wheeler Loan
      "Good service"
      STATE BANK OF INDIA
      0.5 5.0/5 "Blown Away!"
      I had applied for the two wheeler loan from SBI, I am happy that loan application was approved and the requested amount was issued. I had taken loan for Rs 80000 with low rate of interest and i pay an EMI of Rs 3000 which is less. The customer service was good, they provided door step service to collect the documents.
      Was this review helpful? 0
      , bangalore
      Reviewed on Oct 24, 2017
    • SBI Two Wheeler Loan
      "SATISFACTORY"
      STATE BANK OF INDIA
      0.5 3.0/5 "Satisfactory"
      The net banking has been very good in the savings account at SBI, and the customer services are good. I use the online banking often and it helps me to keep track on my applications. The branch services are also good and there are no hassles in banking with them Initially i was holding this as salary account later it got converted to savings.
      Was this review helpful? 0
      , bahadurgarh
      Reviewed on Aug 30, 2017
    • SBI Two Wheeler Loan
      "Satisfied with the process"
      STATE BANK OF INDIA
      0.5 5.0/5 "Blown Away!"
      I had earlier taken a two wheeler loan from State Bank of India and that process is good. Though it is long back, the experience has been nice and since I am a existing customer the documentation was normal and the disbursement happened as promised.
      Was this review helpful? 8
      , bangalore
      Reviewed on Jun 08, 2017
    • SBI Two Wheeler Loan
      "Supportive Service"
      STATE BANK OF INDIA
      0.5 5.0/5 "Blown Away!"
      Last month I had taken a two wheeler loan from State bank of India. Interest rate is pretty normal and they had processed the loan on the given time even they disbursed it on time. They provided a enough support for me while processing the loan.
      Was this review helpful? 10
      , mahabubnagar
      Reviewed on May 03, 2017
    • SBI Two Wheeler Loan
      "Good"
      STATE BANK OF INDIA
      0.5 4.5/5 "Excellent!"
      I had taken a two wheeler loan from SBI. It has been ten years now. The process is very simple. There were no hassles while processing two wheeler loan. I do not remember the exact interest rate and processing fees but it was nominal at that time.
      Was this review helpful? 8
      , burdwan
      Reviewed on May 01, 2017
    • SBI Two Wheeler Loan
      "Better service"
      STATE BANK OF INDIA
      0.5 3.0/5 "Satisfactory"
      I had taken a two wheeler loan from SBI. It had been ten years. The process was very simple. There were no hassles while processing two wheeler loan. I do not remember about the exact interest rate and processing fees but it was nominal at that time.
      Was this review helpful? 18
      , nellore
      Reviewed on Apr 04, 2017
    • SBI Two Wheeler Loan
      "Quick processing "
      STATE BANK OF INDIA
      0.5 4.5/5 "Excellent!"
      Almost 2-3 months back I took a two wheeler loan from State Bank of India. I accessed this through an online platform after comparing my best options. The rate of interest was affordable and it was sanctioned on the same day. I got the soft copies sent to my mail and received the hard copy later. They did not collect any processing charges and the overall experience was pretty good.
      Was this review helpful? 86
      , thane
      Reviewed on Jul 04, 2016
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