Saturday, May 4, 2013

SBI Two Wheeler Loans : An Overview

Among various loans from SBI i.e. personal loans, home loans, education loans, car loans and loan against various deposits / property / gold etc, State Bank of India Two-Wheeler Loans are first choice of consumers.

State Bank of India provides two-wheeler loans to eligible applicants on production of required documents and verification through its branches and online.

SBI offers 2 wheeler loan to purchase new bikes, scooters, mopeds and battery operated two-Wheeler. Special features of 2 wheeler loan from SBI makes it best seller in the two-wheeler loan segment comparing to other banks.

Features of SBI 2 wheeler Loan:

  • EMI need not to pay in Advance (Loan seeker need to pay advance amount as down payment over LTV percentage).
  • SBI offers lowest Interest rate less than other banks
  • Lowest EMI ease in repayment of borrowed amount
  • Loan-to-value ratio is 85% of the two wheeler ex-showroom price
  • Calculation of interest made on daily reducing balance method
  • Schedule of EMI repayment provided in advance to borrower
  • Minimal loan processing fees i.e. 1.20% of loan amount least among other banks
  • Two wheeler accidental Insurance coverage included in loan offer
  • Borrower of SBI two wheeler loan may opt for life insurance cover at time of loan agreement.
  • Quick approval of loan amount
  • Flexible tenor period of loan from 12 months to 60 months

Documents required for two-wheeler loan:

Applicants of two wheeler loans need to submit following documents:
  1. Bank account statement copy of any bank (Current account or Saving Account) for last 6 months to 1 year.
  2. Two recent passport size photograph of borrower
  3. Identity proof (Any of the following)
    1. Copy of passport
    2. Voter ID
    3. PAN card
    4. UID Card
    5. Driving license etc.
  4. Residence proof (Any of the following)
    1. Electricity Bill
    2. Telephone bill
    3. Rent agreement
    4. Ration card etc.
A: In case of Salaried person :
  • Salary slip from employer including Form 16 (TDS certificate)
  • ITR (Income tax return) of last two financial years. (optional)
B: In case of Self Employed, Businessmen, Professionals (Doctors, CA, Architects etc)or Non-salaried employees:
  • Income tax return (ITR) copy of last two financial years
  • Office address proof of self employed person

Eligibility of Two-wheeler loan for Prospective Borrowers:

Age Limit: Loan applicant should be not minor and not of age more than 65 years.

Source of Income:

  1. For Salaried Individuals: An Employee of Central/ State Government, Public sector or private sector employee having salary account or not-having such account can apply for SBI two wheeler loan. State Bank of India make it clear before disbursement of loan amount that whether borrower will be able to pay EMI on amount of 2 wheeler Loan.
  2. For Professional / Businessmen/self employed individuals: The individual applying for 2 wheeler loan should be income tax assessee. Bank will ask for ITR of borrower.
  3. For Others: Other individual like who are engaged in agriculture activities or any allied activities will be provided loan only after Bank will satisfy on their regular source of Income.
Net Annual Income :
State bank of India may ask minimum net annual income of borrower before loan sanction order. This amount of annual income may vary from Rs. 50,000 to Rs.75,000 or more.

Repayment of Loan amount: 

Loan amount to be paid by borrower depend on Tenor and EMI. EMI calculator can provide estimate regarding installments to be paid. 

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