SBI Two Wheeler Loan: In India, two-wheelers are not just a choice for commuting; they often serve as a necessity, especially given the challenges of poor and overcrowded public transport in most major cities. Owning a two-wheeler, SBI Bike Loan, Apply has become essential for many Indians. The State Bank of India’s (SBI) Two Wheeler loan is crafted to assist individuals across the country in acquiring a new motorcycle, scooter, moped, or battery-operated vehicle of their preference with minimal hassle.
As the leading bank providing Two Wheeler loans in various segments, SBI tailors its offerings to meet diverse customer requirements. If you’ve long harbored the dream of owning a Two Wheeler, SBI eliminates the need for extended waiting periods by providing you with the best deals available.
Turning the dream of owning a premium Two Wheeler into reality is within reach with SBI’s Two Wheeler Loan. The bank not only presents enticing deals in this loan segment but also boasts the lowest interest rates and EMIs, making it more affordable. With minimal paperwork requirements and prompt loan disbursement, SBI ensures a seamless borrowing experience. The bank extends Two Wheeler loans under different categories, including the New Two Wheeler Loan and the Super-Bike Loan Scheme.
The details for SBI Two Wheeler loan are as follows:
| Criteria | Range | Emoji |
|---|---|---|
| Interest rate | 11.80% – 17.60% | 💸 |
| Processing fees | 1.24% – 2.03% | 🔄 |
| Lowest EMI | Rs 361/ Thousand | 📉 |
| Prepayment charges | Nil | 🚫 |
| Min. Income | Rs. 5000/ month | 💰 |
| Loan repayment | 1 to 3 years | ⏳ |
इस पोस्ट में क्या है ?
Interest Rate Structure
The prevailing interest rates for SBI Two Wheeler loans in the year 2019 are outlined below:
For more detailed information, visit the SBI website by clicking here.
| Scheme | Rate of Interest | Emoji |
|---|---|---|
| SBI Two Wheeler Loan | 17.66% p.a. | 🏍️ |
| Super Bike Loan Scheme | 11.85% p.a. | 🚲 |
SBI Two Wheeler Loan: Key Features and Eligibility Criteria
Discover the noteworthy features of the SBI Two Wheeler loa. designed to make your vehicle ownership experience seamless:
- No Advance EMI: Experience the convenience of no advance Equated Monthly Installments (EMI) with SBI’s Two Wheeler loan.
- Lowest EMI: Enjoy the advantage of the lowest EMI options, making repayment more manageable.
- Lower Interest Rates: Benefit from competitive interest rates, ensuring affordability throughout the loan tenure.
- Free Accidental Insurance: Avail complimentary accidental insurance, adding an extra layer of protection.
- Optional SBI Life Cover: Choose to opt for SBI Life cover to safeguard against unforeseen circumstances.
- Robustness of Payment: Flexibility to make EMI payments at any time during the month, enhancing convenience.
- Interest Calculation: Experience interest calculated on a daily reducing balance, optimizing cost-effectiveness.
SBI Two Wheeler Loan Eligibility Criteria
To qualify for the SBI Two Wheeler loa., individuals must meet the following eligibility criteria:
- Age: Between 21 to 65 years.
- Employment:
- Permanent employee of state/central government, public sector undertaking, private company, or a reputed establishment.
- Professional or self-employed individual who is an income tax assessee.
- Person engaged in agriculture and allied activities.
- Minimum Net Income:
- Rs. 75,000 (for regular petrol/diesel/gas-operated scooters and motorcycles).
- Rs. 60,000 (mopeds and battery-operated two-wheelers).
Application Process for SBI Two Wheeler Loan
Individuals interested in availing the SBI Bike Loan can apply through the online or offline routes. SBI offers discounted loan rates for 2 wheelers, making it a preferred choice with its pan India presence and competitive interest rates.
Documents Required
To apply for the SBI Bike Loan, the following documents must be submitted:
- Bank account statement of the last six months.
- Two passport size photographs.
- Copy of passport, PAN, and voter ID.
- Address proof.
- Salary slip with details.
- Form 16 (income tax return) of the last two or three years, depending on employment status.
- Proof of official address for non-salaried individuals.
Terms & Conditions on SBI Two Wheeler Loan
- Margin: New/used vehicles require a 15% margin of the on-road price.
- Repayment: SBI offers a repayment period of up to five years for super bikes and 36 months for normal bikes.
- Reimbursement of Costs: SBI provides finance reimbursement at the applicable interest rate on a new two-wheeler for vehicles purchased from personal resources and less than three years old.
- Security: As per the bank’s existing instructions.
SBI Two Wheeler Loan FAQ
SBI finances all makes of new Two Wheelers and second-hand Two Wheelers that are less than five years old. This flexibility allows customers to choose any vehicle they desire.
SBI ensures complete transparency regarding the rate of interest and fee charges, setting it apart from other institutions. This transparency provides customers with a clear understanding of the financial aspects of the loan.
To be eligible for the SBI Two Wheeler loan, individuals must be between the ages of 21 to 65 years. They should be permanent employees of state/central government, public sector undertakings, private companies, or reputed establishments. Alternatively, professionals, self-employed individuals who are income tax assesses, and those engaged in agriculture and allied activities are also eligible.
The minimum net income criteria are Rs. 75,000 for regular petrol/diesel/gas-operated scooters and motorcycles, and Rs. 60,000 for mopeds and battery-operated Two Wheelers.
Yes, the SBI Two Wheeler loan offers an optional SBI Life cover, providing an additional layer of security and protection.
