SBI Two-Wheeler Loan Interest Rate
|SBI Two Wheeler Loan||Bikes||Super Bikes|
|Interest Rate||16.25% p.a. onwards||10.25% p.a. onwards|
|Maximum Loan Amount||Rs.2.5 lakh||No upper limit|
|Minimum Loan Amount||Rs.30,000||Rs.2.5 lakh|
|Minimum Income Requirement||Rs.1.5 lakh||Rs.2.5 lakh|
|Repayment Period||Up to 3 years||Up to 5 years|
|Processing Fee & Prepayment Charges||2% of the loan amount plus taxes||1% of the loan amount plus taxes|
Compare with: Lowest two wheeler loan interest rate
Features and Benefits of SBI Two-Wheeler Loan:
- Can be used to purchase any kind of new two-wheeler
- Can be used to purchase scooters, motorcycles, mopeds, super bikes, and battery-operated two wheelers
- Income of co-applicants can be clubbed to increase eligibility
- Minimal documentation required
- Super bike loan applicants get up to 90% funding if they are SBI salary package/Wealth/HNI customers
SBI Two-Wheeler Loan EMI Calculator
It is helpful to get a clear picture of what your Equated Monthly Instalment will be before you take out a loan. This will help you plan your finances and budget better, ensuring that your EMI is an amount that you can pay back in a regular and stress-free manner.
You can get a detailed amortisation table through an online two wheeler loan EMI calculator. All you have to do is enter the relevant data in the required fields or adjust the sliders to reflect the correct data, which would include your desired loan amount, the given interest rate, as well as your desired loan repayment tenure.
The exact EMI that you have to pay, based on the factors given, will be instantly displayed on the same page, making it easier for you to calculate your budget and expenses.
SBI Bike Loan Eligibility Criteria
The eligibility criteria for SBI bike loan is as given below:
- Age: Between 21 and 65 years
- Salaried: Minimum Rs.1.5 lakh for bikes and Rs.2.5 lakh for super bikes
- Agriculturists: Net annual income of Rs.4 lakh
- Permanent employees of state and central government departments, PSUs, listed private sector companies, and corporations who maintain salary accounts
- Self-employed or professionals who have maintained an SB/CA/time deposit for one year
- IT assesses who have maintained an SB/CA/time deposit for one year
- Agriculturists who have maintained an SB/CA/time deposit for one year
- Existing customers of SBI loans with satisfactory repayment history
- Proprietary or partnership firms
How to Apply for SBI Bike Loan
To apply for an SBI bike loan, follow the steps given below:
- Visit the official website of State Bank of India
- Click on ‘Loans’
- In the drop-down menu, select ‘Auto Loans’
- On the next page, you will see options for ‘SBI Two Wheeler Loan Scheme’ or ‘Super Bike Loan Scheme’
- Click on the ‘Apply Now’ button under the scheme of your choice
- You will be redirected to a page where you can fill in your contact details
- An SBI representative will get in touch with you by phone or email
You can also apply for a two-wheeler loan on BankBazaar. You can get a comparison of different two-wheeler loans from leading banks and NBFCs and apply instantly for the bike loan that’s right for you.
Documents Required for SBI Two-Wheeler Loan:General:
- Loan application form filled up accurately
- Bank account statements for the last 6 months
- Identification of signature from records of the bank
- Valid identity proof such as voters ID/passport/PAN card
- Proof of residential address such as utility bills, passport, tax receipts, etc.
- 2 passport size photographs
- Income Tax Return copies for the two preceding financial years acknowledged by ITO
- Proof of official address for non-salaried individuals
- Latest salary-slip showing TDS certificate, Form 16, and all deductions
- Does the maximum loan amount depend on my salary?
The maximum loan amount for bikes is up to 6 times the net monthly income of salaried individuals (this is the net of all deductions including the monthly TDS).
- If I am self-employed, does the loan amount depend on how much my business makes?
For self-employed individuals, the maximum loan amount is limited to 50% of your net annual income as per your income tax returns (after repayment of existing loans and netting off the depreciation).
- Will I get a loan if I want to buy a battery-operated bike?
Yes, you can get a loan to buy a battery-operated bike if it is of a reputed brand.
- How do I increase my loan eligibility?
You can increase your loan eligibility by adding a co-applicant whose income can be added to yours.
- What is the margin that I have to pay?
For bikes, the margin is 25% of the on-road price of the bike. For super bikes, the margin is 15% of the ex-showroom price of the bike.