With SBI two wheeler loans you get financial assistance to go ahead, and realise your dream of owning a two wheeler. SBI provides two wheeler loans at affordable interest rates, and with a wide array of lucrative features and benefits.
Features and Benefits of SBI 2 Wheeler Loan:
- This loan can be availed to buy new two wheelers like scooter, motorbike, moped, battery operated two wheelers.
- Advance EMI is not required
- Affordable and low EMI and interest rates
- 85% of on road price of the two wheeler is provided as LTV
- The bank provides flexibility in payment of EMI. This can be done any time during the month.
- There is an optional SBI life cover which borrowers can choose to avail
- Accidental insurance cover is provided for free.
- If the loan is availed by a salaried individual, then the maximum loan amount is restricted to 6 times of the borrower’s Net Monthly Income.
- If the borrower is not a salaried individual then the maximum loan amount is restricted to half of Net Annual Income of the borrower.
- For agriculturists, the net annual income should be decided depending on the nature of their activity like farming, dairy, poultry, orchards, land holding, cropping pattern, yield, etc.
- The repayment period of the loan is a maximum of 36 months.
- The loan margin provided is 15% of the on the road price of the vehicle. This also includes vehicle registration charges, insurance, one-time road tax.
SBI Bike Loan Eligibility:
The two wheeler loan applicant should be :
A minimum of 21 years old and maximum of 65 years of age.
- An employee of Central/state Government or Public Sector Undertaking. He has to be a permanent employee. He can also be from a reputed private company or firm.
- Self-employed people or professionals. They have to be an income tax assessee, and individuals doing agricultural and allied activities are also eligible to avail this loan.
- To avail the loan to buy regular petrol/diesel/gas operated scooters and motorcycles, borrower’s minimum net annual income should be Rs. 75,000. The same should be Rs. 60,000 if the loan is availed to buy mopeds and two wheelers working on battery.
Documentation SBI Two Wheeler Loan:
- Duly filled two wheeler loan application form
- Borrower’s bank account statement for last 12 months
- 2 passport size photographs
- Identification of signature from bankers of the applicant.
- Valid identity proof like voters ID card/PAN card.
- Residential address proof- electricity bill, passport, telephone bill, ration card, etc.
- Proof of official address for non-salaried individuals
- Latest salary-slip showing all deductions, and TDS certificate-Form 16 in case of salaried persons
- Income Tax Return copies for the two preceding financial years
SBI Two Wheeler Loan Interest Rates:
The bank lends out two wheeler loans to borrowers at an affordable interest rate of 8.60% above Base Rate i.e. 17.90% per annum. The interest is calculated on daily reducing balance.
