…for Two-Wheeler Loan approval?
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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.
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.
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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
You May Like To Read : Two Wheeler Insurance Online.
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:
- 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.
- 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.
- 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.
- 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.
…for Two-Wheeler Loan approval?
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