South Indian Bank Two Wheeler Loan
An established public sector bank, South Indian Bank has always had its focus firmly fixed on rural empowerment. All their financial products and services including their vehicle loans are designed to cater to people from all walks of life. Mobility for agriculturalists forms the crux of the intent.
Types of South Indian Two Wheeler Loan:
South Indian Two Wheeler Loan is largely categorized into six, based on the nature of target consumers. They are:
- Mobi Loan (Salaried Group) - Employees of multinationals, State/ Central Government, IT Firms and any registered organization.
- Mobi Loan (Business Group) - Self Employed, Business people
- Mobi Loan (Next Generation) â€“ young professionals with a steady and overall income of INR 60,000 per month.
- Mobi Loan (NRI) â€“ Non Resident Indians can avail this loan by himself/ herself or together with an NRI or resident spouse.
- Mobi Loan (Agriculturist) - People whose predominant source of income is Farming or related activities.
- Mobi Loan (Senior Citizen/ Pensioner) â€“ Pensioners or HNIs without pension.
Also Read: Two Wheeler Insurance.
Features & Benefits of South Indian Bank Two Wheeler Loan:
Purpose of the loan:
- To buy a new two wheeler or bike.
- To carry on with prevalent two wheeler loans.
- To refund the Purchase Cost limited within 3 months from the day of buying it.
- To buy a used motorcycle or bike.
- The minimum two wheeler loan sum given by the bank is INR 50,000. There is no upper limit.
- It is 5 to 15 percent for new vehicles, whereas for second hand ones, it is 25 percent.
- Repayment Tenure:
- You can take up to five years to repay the loan completely. But you will be allowed seven years with 100 percent collateral security)
- Collateral could be deposit, property, gold, NSC or Life Insurance Policy.
- Guarantor is required when there is no collateral security. And the average worth of the participants to the bike loan papers should be double than that of the loan sum.
- If the applicant is married, the spouse can be the co-borrower.
South Indian Bank Two Wheeler Loan. Interest Rates:
|Vehicle Loan Type||Interest Rates|
|Mobi loan (Agriculture)||BR + 0.30 percent|
|Mobi loan (Other priority )||BR + 0.55 percent|
|Mobi loan (Other priority ) With 100 percent collateral||BR + 0.30 percent|
|Mobi loan (Non priority)||BR + 0.80 percent|
|Mobi loan (Non priority) With 100 percent collateral||BR + 0.30 percent|
South Indian Bank Bike Loan Eligibility Criteria for :
- The applicant should have to be of age 18 and above and must hold a valid driving license.
- The age of the debtor must not exceed 75 years, on maturity of the loan tenure.
Documentation for South Indian Bank Vehicle Loan:
- Photocopy of any of your ID Proof such as Driving License, Voters ID, Aadhar Card or Passport.
- Photocopy of your residential address proof such as any address bearing Identity Card, Rental/ Lease Agreement or Ration Card.
- Income Papers such as bank statements, salary slips and IT Return Papers.
Fees & Charges:
- There are no inspection and documentation fee levied.
- But the processing fee is .25 percent of the sanctioned loan sum or INR 5000 (whichever is lower).
- There is no fine for pre-payment.