An associate bank of the State Bank group, State Bank of Patiala was founded in 1917 by the Maharaja of Patiala. Established with the objective of promoting the growth of industry, trade and agriculture, the bank currently functions with a widespread network of over 1300 branches located across India in states like Punjab, Himachal Pradesh, Haryana, Rajasthan, Gujarat, Jammu & Kashmir, Chandigarh, Delhi, etc.
Among /wide range of products like investments, savings, loans, insurance, etc., offered by the State Bank of Patiala, one of the most popular would be two wheeler loans two wheeler loans. These loans offer a range of features and benefits to customers who are seeking financial assistance for the purchase of two wheelers.
Also Read: Two Wheeler Insurance.
Two Wheeler Loans from State Bank of Patiala:
Given todayâ€™s rather impossible traffic conditions, two wheelers can prove to be of immense help. Being easy to maneuver, they help us save precious time, which one would otherwise spend while stuck in traffic travelling by car or by public transport. State Bank of Patiala offers two wheeler loans with flexible terms of repayment, low interest rates and a host of other benefits.
Features & Benefits:Loan Amount:
Under the State Bank of Patiala Two Wheeler Loan, customers can avail loan amounts which are 18 times their net monthly income or 1.5 times their net annual income or 90% of the cost of the chosen vehicle, whichever amount is less (ex-showroom price, inclusive of the accessories).Term of Loan Available:
The State Bank of Patiala Two Wheeler loan can be availed for a tenure of a maximum of 5 years.Interest Rate Options:
To further help you to purchase your preferred two wheeler, the State Bank of Patiala Two wheeler loans offer dual interest options for you to choose from. You may opt for a floating interest plan where the rate of interest varies with the changing market conditions, allowing you to take advantage of the same. You may also opt for a fixed rate plan where the rate of interest remains fixed throughout.Processing Fee:
The State Bank of Patiala Two Wheeler Loans carry a very nominal processing fee charged at the rate of 1.22% of the amount of loan. The minimum processing fee chargeable is Rs 255 while the maximum processing fee chargeable shall not exceed Rs 510.
State Bank of Patiala Two Wheeler Loan EMI:
For non-agriculturist borrowers, the loan must be repaid in equal monthly installments over a maximum span of 5 years. EMI repayment of borrowers who are agriculturists shall also be for a maximum period of 5 years. However, in their case, the schedule of EMI repayment will be carried out on a yearly/bi-yearly/quarterly/monthly basis which will be dependent on the generation of income which in turn is dependent on the harvest of crops or other related agricultural activities.
Charges & Fees - State Bank of Patiala Two Wheeler Loan:
The State Bank of Patiala Two Wheeler Loans have been among the most sought after two wheeler loans across the country for a variety of reasons, one of which is the minimum fee and charges it levies. The bank does not charge any fee for loan application or when the customer wishes to pre-close a loan. In case of delayed payments, where the irregularity of the installment or EMI amount exceeds the duration of one month, the bank shall levy a penalty at the rate of 2% (in addition to the applicable interest rate) on the whole loan amount. In addition to this, the bank may also charge a penalty fee for every bounced cheque, over the enhanced interest rate.
Interest Rate - State Bank of Patiala Two Wheeler Loan:
When it comes to two wheeler loans, the State Bank of Patiala offers attractive rates of interest to its customers wishing to purchase 2 wheelers. The bank offers dual interest rate options â€“ fixed interest rate plan and a floating interest rate plan. Under its Floating Interest Plan, the bank charges interest at the rate of 15.90%, which is 6.25% above the Base Rate. For the Fixed Interest Plan, the bank charges interest at the rate of 16.15%, which is 6.50% above the applicable Base Rate.
- Is there any application fee associated with the State Bank of Patiala Two Wheeler Loan?
- Does the SBP Two Wheeler Loan carry any Foreclosure fee?
- For the SBP Two Wheeler loan, what is the penalty chargeable for a bounced cheque?
No, you neednâ€™t pay any fee towards your application of a State Bank of Patiala Two Wheeler Loan.
No, you do not have to pay any Foreclosure Fee is you when to pre-close your SBP Two Wheeler Loan.
For any bounced cheque, the bank may charge a penalty at a desired rate, which will be over the applicable rate of interest. Currently, the bank charges a penalty of Rs 281 for every bounced cheque.