Ujjivan Small Finance Bank Two-Wheeler Loans
Consider applying for a two-wheeler loan from Ujjivan Small Finance Bank if you want to buy a two-wheeler vehicle for yourself. Both online and offline methods are available for applying for this kind of loan.
We'll examine the characteristics of a Ujjivan Small Finance Bank two-wheeler loan.
Two-Wheeler Loan/Chakra Loan
Make your daily commute easy with the Chakra Loan – a two-wheeler loan that offers financing up to 95% of the on-road price of the vehicle. The interest rates are affordable along with adjustable payback terms, less paperwork, and many more.
Features and Benefits of Two-Wheeler Loan by Ujjivan Small Finance Bank
The features and benefits of Two-Wheeler Loan by Ujjivan Small Finance Bank are given below:
- Up to 95% of the on-road cost can be financed.
- Interest rates that are competitive
- Very little documentation
- Repayment terms that are flexible for up to 48 months.
- Personalised financing choices
Ujjivan Small Finance Bank Two-Wheeler Loan Eligibility Criteria
The eligibility criteria required to be fulfilled to apply for a two-wheeler loan from Ujjivan Small Finance Bank are given below:
- Age of eligibility between 18 years and 59 years.
- Self-employed or salaried, with at least one year of work experience
Documents Required for Ujjivan Small Finance Bank Two-Wheeler Loan
Given below are the documents required to apply for a two-wheeler loan from Ujjivan Small Finance:
- Passport-Size Photograph: A recent photo of the applicant.
- KYC Documents: Identity, address, and age proof (Aadhaar, PAN Card, Passport, Voter ID, or Driving License).
Ujjivan Small Finance Bank Two-Wheeler Loan Fees and Charges
Fees | Charges |
Loan Amount | Rs.26,000 – Rs.2.75 lakh |
Loan Tenure | 12 - 48 months |
Rate of Interest | 20% - 26% p.a. (diminishing balance method) |
Processing Fee | Up to 4% of the loan amount + GST |
Documentation Charges | Rs.500 + GST |
Stamp Duty | As per state by-laws |
CERSAI Charges | At actuals |
Late Payment Charges | 2.5% on the overdue amount + GST |
Bounce Charges | Rs.500 + GST |
Pre-closure Charges | - 2% of principal outstanding if pre-closed on or before 12 months from disbursement. - 1% of principal outstanding if pre-closed after 12 months from disbursement. |
Note: The new fees and charges offered by the bank are effective 1 April 2024.
How to Apply for Ujjivan Small Finance Bank Two-Wheeler Loan
Online
You can fill out the necessary information and submit it by clicking on this link https://www.ujjivansfb.in/two-wheeler-loan-online . Fill in the form and ensure all the details you have mentioned are correct and then proceed to submit it. Once you have submitted the form, you will be contacted by a bank representative who will walk you through the application procedure.
Offline
You can bring the application form and all the required paperwork to the closest Ujjivan Small Finance Bank location. Complete the form and send it in with all of your supporting documentation.
FAQs on Ujjivan Small Finance Bank Two-Wheeler Loan
- A two-wheeler loan: what is it?
Customers can buy the vehicle of their desires with the aid of a two-wheeler loan. Equated Monthly Installments [EMIs] are the next option for him to pay it.
- How long is the loan term?
The loan term ranges between 12 months to 48 months
- How much is the two-wheeler loan granted by USFB?
The bank provides up to Rs.2.75 lakh in funding for your ideal vehicle.
- What interest rates are in effect?
The interest rate ranges between 20% to 26% p.a. using the declining balance technique
- Can someone with a low credit score get a loan for a two-wheeler?
Maintaining a high credit score, usually around 750, is crucial. You might be able to get your loan more quickly if your credit score is higher.
- How is the EMI for a two-wheeler loan determined?
P * r * (1 + r)^n / ((1 + r)^n - 1) is the mathematical formula for calculating the EMI for a two-wheeler loan, where P is the principal loan amount, r is the monthly interest rate (annual rate divided by 12), and n is the loan tenure in months. Manual computations, however, take a lot of time and could be inaccurate. A better option is to check your monthly payments responsibilities using our two-wheeler loan EMI calculator.
- How much can I borrow for a bike from Ujjivan SFB?
You can avail financing up to 95% of the car's on-road cost, with a maximum of Rs.2.75 lakh. Get in touch with the bank to find out whether you qualify.
- What are the penalties for late payments?
For each late EMI, there will be a 2.5% late payment fee plus GST on the loan amount.
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