With operations spread across 18 states and 3 Union Territories, State Bank of Travancore stands to be one of the premier banking institutions of India. A subsidiary of the State Bank Group, State Bank of Travancore enjoys a widespread trusted presence in Kerala where it was founded as Travancore Bank, back in 1945. Currently, the bank operates with a network of over 1500 branches and about 1600+ ATMs located across India. The suite of products and services offered by the bank include investment banking, consumer banking, retail banking, private banking, asset management, pensions and mortgages.
Among its loan products, State Bank of Travancore offers two wheeler loans to customers who wish to seek financial assistance for the purchase of the same. These loans are accompanied by some great benefits and features, making them one of the more popular two wheeler loans available to customers.
Also Read: Two Wheeler Insurance.
Two Wheeler Loans by State Bank of Travancore:
With the rising costs of fuel, running a four wheeler has become quite a financial burden on oneâ€™s budget. Also, given that traffic congestion is only worsening with each passing day, a four wheeler may not be the best choice for commuting within the city. Each morning, many of us lose precious time, just commuting from home to our work places and back. It can be extremely stressful as well.
It is primarily for these reasons why two wheelers continue to be so popular among the masses. They are easy to maneuver in traffic and help cut down travel time within the city drastically. So, if you too are planning on purchasing a two wheeler for your daily commute, State Bank of Travancore has the ideal product for you. The SBT Two Wheeler Loan is a term loan which comes with a variety of benefits like high loan amount, low interest rates, easy monthly repayment and many other such benefits.
Features & Benefits:Purpose of Loan:
The State Bank of Travancore Two Wheeler Loan has been introduced to provide financial assistance to customers who wish to purchase a two wheeler.Quantum of Loan:
With the State Bank of Travancore Two Wheeler Loan, you have the benefit of availing high loan amounts. Customers can avail loan amounts 15 times their net monthly income, subject to a maximum amount of Rs 50,000.Loan Margin:
Loan margin is referred to the cost which must be borne by the customer for the purchase of the two-wheeler. For State Bank of Travancore Two Wheeler Loan, the loan margin has been set at 20% of the cost of the vehicle which includes the cost of life tax and insurance.Tenure of Loan:
Another benefit offered by the SBT Two Wheeler Loan is the long tenure it allows. Customers can take this two wheeler loan for a maximum period of 72 months.Repayment Tenure:
The SBT Two Wheeler Loan carries a repayment tenure of 72 months, within which the customer must repay the loan, along with the interest amount.Security:
With the SBT Two Wheeler Loan, customers are required to provide the following as security:
- Personal Guarantee provided by a person of sufficient worth.
- Hypothecation of the chosen two wheeler purchased with bank finance.
In order to purchase a vehicle with the help of the State Bank of Travancore Two Wheeler Loan, the customer must ensure that the vehicle is insured for its full value with a bank clause.Processing Fee:
The State Bank of Travancore charges a nominal processing fee of Rs 150 upfront for the purchase of its Two Wheeler Loan.
SBT Two Wheeler Loan Interest Rate:
The State Bank of Travancore offers Two Wheeler Loans at an attractive interest rate. Currently, the rate of interest applicable on the two wheeler loan is set at 16.70% per annum, which is 6.75% above the bankâ€™s Base Rate.
The State Bank of Travancore offers Two Wheeler loans to various categories of customers. This loan may be availed by the following customers:
- Persons who are salaried employees.
- Individuals who are executives employed with well-known organizations or establishments.
- Salaried pensioners
- Pensioners holding pension accounts with State Bank of Travancore where instalment recovery is possible at the source.
- What is the processing fee applicable on the State Bank of Travancore Two Wheeler Loan?
- What is the maximum tenure for which one may take a SBT Two Wheeler Loan?
This loan carries a processing fee of Rs 150 which must be paid upfront.
The SBT Two Wheeler Loan is available for a maximum tenure of 72 months.