SBI Two Wheeler Loan Scheme

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Two Wheeler Loan Lite

Features

  • Scheme: SBI TWO-WHEELER LOAN SCHEME
  • Purpose: Finance for purchase of new Two-wheeler
    • viz. scooter/motorcycle/ moped/battery operated/electric vehicles of reputed make (Registration with RTO is mandatory)
  • Loan to Value of vehicle: 85% of On-Road Price of vehicle
  • Age Criteria: 21-57 years
  • Minimum Income Criteria: Net Monthly Income Rs. 12,500/- (i.e., Rs. 1,50,000/- Net Annual Income)
  • Loan amount:
    • Min Rs.20,000/-, Max Loan Rs 3,00,000/-
    • Subject to maximum 4 times of Net Monthly Income and applicable EMI/NMI Ratio
  • EMI/NMI Ratio:
    • Up to 50% for all applicants
    • Up to 60% for Existing salary package customers of SBI
  • Repayment period: 36 and 48 Months. (Subject to condition, Loan account must be closed before the borrower attaining the age of 60 Years)e

Eligibility

  • Salaried customers of following categories
    • Existing Salary package customer of our bank.
    • Existing, Salaried customer of our Bank, and New to Bank customer.
  • Professionals, self-employed and other IT assesses.
  • Person engaged in Agriculture and Allied activities.

Documents required

The following papers are to be submitted along with loan application :

  • Statement of Bank account of the borrower for last 6 months.
  • 2 Passport size photographs of borrower/guarantor (s).
  • Signature verification from Bank’s record.
  • A copy of passport /voters ID card/PAN card.
  • Proof of residence by way of tax receipts, telephone bill, electricity bill or any other document that comply with the regulatory and/or KYC requirements.
  • Latest salary-slip showing all deductions and TDS certificate-Form 16 in case of salaried persons.
  • Copy of Income Tax Return for last two financial years, duly acknowledged by ITO for professionals, self-employed and others.IT Return is not mandatory in case of agriculturists.
  • Proof of official address for non-salaried individuals.

Last Updated On : Monday, 09-05-2022

Interest Rates

7.85% p.a.

 

*T&C Apply.

 

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