Tired of haggling with auto-wallahs? Exhausted from waiting for bus? A two-wheeler will offer you complete freedom from all worries related to transportation. But, purchasing a two-wheeler is not an easy task. With mounting costs, buying a two wheeler can turn out to be a costly affair if the expenses are not planned. A two-wheeler loan will help you afford a two-wheeler with no hassles. You don’t have to make out-of-pocket expenses and you can pay back the loan through easy instalments.
A pioneer in motor loans portfolio, Syndicate Bank two-wheeler loan “SyndVahan” will help you buy the vehicle of your dreams. With customer-centric benefits like high financing quantum and affordable rate of interest, two-wheeler loans offered by Syndicate Bank will be of immense help to the borrower.
Features and Benefits of Syndicate Bank Two Wheeler Loan:
The following advantages that accompany Syndicate Bank Two Wheeler Loan makes it a very popular contender in the auto loans market.
- High Quantum of Finance:
- Easy Eligibility:
- Affordable Interest Rates:
- Flexible Repayment Options:
Syndicate Bank offers up to 95% of the on-road price of the vehicle inclusive of registration charges, insurance and road-tax plus the cost of accessories for up to Rs.500 or 6 times the gross monthly salary of the applicant whichever is low. There is no maximum ceiling for the finance quantum.
Customers with a minimum annual income of Rs.50,000 are eligible to apply for the “SyndVahan” two-wheeler loan offered by the Syndicate Bank. Also, all salaried and self-employed class of people are eligible to apply for this loan.
The interest rates are linked to the base rates. For two-wheeler loans, the rate of interest is base rate+2% per annum which will be compounded monthly.
Customers can choose up to 60 EMIs for repaying the loan depending on the vehicle type and age of the vehicle.
Eligibility for Syndicate Bank Two Wheeler Loan:
- All customers with a minimum annual income of Rs.0.5 lakhs are eligible to avail the “SyndVahan” loan.
- Individuals, partnership firms, proprietorship, trusts, societies, agriculturists, directors and employees of corporates and legal entities excluding HUF are eligible to apply for the loan.
Documentation for Syndicate Bank Two Wheeler Loan:
The documents required will vary depending on the type of employment and income source of the borrower. Keep the following documents handy.
- Passport size photos with duly filled loan application form.
- Proof of identity and address proof.
- Salaried applicants will have to submit the salary slips for last 3 months.
- Bank account statements.
- Salaried and self-employed applicants must submit the latest IT return statements.
Do enquire with Syndicate Bank about the list of documents required for your employment and income type.
Syndicate Bank Two Wheeler Loan Interest Rates:
The interest rates for Syndicate Bank loans for two-wheeler is as follows.
Syndicate Bank Two-Wheeler Loan Interest Rate per annum
Base Rate + 2% (Compounded Annually)
- Can I purchase a second hand two-wheeler with the “SyndVahan” loan?
- Will I incur any service charges for the two-wheeler loan offered by Syndicate Bank?
- I have purchased accessories worth Rs.3000 for my new two-wheeler. Will the loan cover those charges also?
- Will the insurance charges be covered by the Syndicate Bank two-wheeler loan?
- How do I get more information on Syndicate Bank two wheeler loan?
No, this loan is offered only for the purchase of new two-wheelers.
Yes, service fees will be charged as applicable for Syndicate Bank two-wheeler loans.
Under the quantum of loan, 95% of the on-road price including the cost of accessories up to Rs.500 will be covered by the loan.
Yes, 95% of on-road price including two-wheeler insurance, road tax and registration charges will be covered by the loan.
To obtain more information on “SyndVahan”, you can refer to their website or contact the nearest branch for more details.