Friday, June 14, 2013

Students Eligibility for SBI Two-Wheeler Loan

Students Eligibility for SBI Two-Wheeler Loan

Student seeking two-wheeler loan from SBI to purchase new bike/super bike, scooter, moped or sooty or any other loan, State Bank of India is with them to provide easy finance options even with zero percent interest rates in some cases.

Once student have selected a bike of their choice from a dealer of motorcycles/ showroom in city/locality, next step becomes necessary to arrange funds for financing two-wheeler. If the willing buyer is salaried employee in an organization or self-employed business men, financing from SBI is much easy. However, for students, getting two-wheeler financed from State Bank of India requires following formalities to be completed before sanction of two-wheeler loan.

Steps for students to get SBI Two Wheeler Loan

  1. Two wheeler loan from SBI cannot be availed by minor (Age below 18 Years), it means age of loan seeker must be more than 18 years.
  2. Get quotation from the two-wheeler dealer to satisfy bank about loan amount to be disbursed if all conditions would met by loan seeker.
  3. Contact bank online or nearby bank branch to get application of two wheeler loan.
  4. Fill the details correctly and submit to bank, bank will suggest for any correction if required in application form.
  5. Now, student need to provide necessary documents as applicable to salaried employee or businessmen as the SBI two wheeler loan cannot be sanctioned to person having no income proof.
  6. As mentioned in step number 5 above, student need to provide details of their Father or Mother or anyone else who should have income proof.

Documents required

  • 3 years Income tax return
  • Copy of last six months bank account statement
  • Address Proof
  • ID proof
  • Other relevant documents as required by SBI for two-wheeler loan to Students.

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