SBI Two Wheeler Loan: In India, two-wheelers are more than just a commuting choice; they are in many cases a necessity. Especially due to poor and mostly overcrowded public transport in most major cities, owning a two-wheeler has become a necessity for Indians. State Bank of India’s 2 wheeler loan is designed to help individuals all over India purchase a new motorcycle or scooter of their choice with minimum hassle. Apart from scooter/motorcycle other 2 wheeled transport including moped and battery-operated vehicles.
SBI is the leading bank that offers Two Wheeler loans in different segments to meet customer’s requirements. The SBI offers you the best deals on your dream Two Wheeler, if you are planning to buy a Two Wheeler and dreaming of this for a long, now you need not have to wait for years as SBI offers you the best deal.
The dream of owning a dream machine could soon be a reality with the help of SBI’s Two Wheeler Loan. With the best of deals in the Two Wheeler loan segment, the bank also offers and charges the lowest of interest rates and the lowest EMI’s. Also, the bank requires minimal paperwork and quick disbursement of the loan. The bank offers Two Wheeler loans in different categories such as New Two Wheeler Loan and Super-Bike Loan Scheme.
The details for SBI Two Wheeler loan are as follows:
|11.80% – 17.60%
|1.24% – 2.03%
|Rs 361/ Thousand
|Rs. 5000/ month
|1 to 3 years
Current SBI Two Wheeler loan interest rates for the year 2019 are as follows:
Click Here for more details at SBI Website…
|Rate of Interest
|SBI Two Wheeler Loan
|Super Bike loan Scheme
Some Important features of SBI Two Wheeler loan are as follows:
- No Advance EMI
- Lowest EMI
- Lower Interest Rates
- Free accidental insurance
- Optional SBI Life cover
- Robustness of payment of EMI anytime during the month
- Interest calculated on daily reducing Balance
SBI Two Wheeler Loan Eligibility Criteria
The eligibility criteria to avail the SBI Two Wheeler loan are as follows:
- The individual must be between the age 21 to 65 years
- He/ she must be permanent employee of state/ central government, public sector undertaking, Private company or a reputed establishment
- A professional or self-employed individual who is an income tax assessee
- A person engaged in Agriculture and allied activities
- With minimum net income Rs. 75000 (for regular petrol/diesel/gas operated scooters/ and motor cycles) and 60000 (mopeds and battery-operated Two wheelers)
Before finalizing your lender, you should calculate the total amount payable and not only compare the rate of interest or EMI. The SBI charges 0.51% of loan amount as processing fee on certified pre-owned Two Wheeler loan. The minimum processing fee is Rs. 510 while the maximum payable amt is Rs. 10,530.
How to Apply For SBI Two Wheeler Loan:
An individual applicant interested in availing the SBI 2 wheeler loan can do so either through the online route or the offline route at an SBI branch of their choice. In case of individuals who are seeking discounted loan rates for financing their 2 wheeler, SBI remains one of the top choices as it has a pan India presence along with the most reasonable rate of interest of its two wheeler vehicle loans.
To apply for SBI Two Wheeler loan, the following document must be submitted to the bank:
- Bank account statement of last six month
- Two passport size photographs
- Copy of passport, PAN and voter ID Two Wheelerd
- Address proof
- Salary Slip mentioning details
- Form 16 (of income tax return) of the last two years if you belong to salaried class and three years if you are a professional, self-employed person or a businessman. The form should be duly accepted by the ITO.
- If you are a non- salaried individual, you will also have to submit proof of official address.
Terms & Conditions On SBI Two Wheeler Loan:
MARGIN: New/ used vehicles: 15% of the On road price (which includes insurance of the Two Wheeler, one time road tax, accessories and registration charges.)
REPAYMENT: SBI offers longest repayment period in the industry, i.e., of up to five years for super Bikes and 36 months for normal Bikes.
REIMBURSEMENT OF COSTS OF TWO WHEELER BY OWN SOURCES:
SBI offers finance reimbursement at the interest rate applicable on a new Two-Wheeler, i.e, if you have purchased a Two Wheeler from your own resources and if it is not more than three old.
SECURITY: As per the bank’s extant instructions.
FAQ’S ON STATE BANK OF INDIA (SBI) TWO WHEELER LOAN:
What makes of Two Wheelers does SBI finance?
SBI finance all makes of new Two Wheelers, and second hand Two Wheelers which are all less than five years old. Thus, the customer is free to choose any vehicle they want to own.
How does SBI Two Wheeler loan compare with those offered by other institutions?
There is total transparency with regards to the rate of interest and the fee charges which are applied by SBI.