The individuals who want to purchase a new two-wheeler can apply through Kotak Mahindra bank. For both the new and used bikes, Kotak Mahindra is providing bike loans to their customers. Generally, these two-wheeler loans will be burrowed by the farmers, self-employed, salaried class, or small businessmen.
Two-Wheeler Loan Interest Rates
The individuals who are willing to take a bike loan from the Kotak Mahindra have to fulfill all the eligibility criteria required by the bank from the applicants. To know the details about the eligibility and the margins the bank is providing, individuals can follow the further post here. All the necessary information has given below.
Eligibility Required for Kotak Mahindra Bike loan-
- 18 years of age should be the minimum age of applicants while applying for the loan.
- At the time of loan maturity, the age of the salaried employees should be retirement age and for others, it should be 65 years of age.
- The applicants who are going to take these two-wheeler loans must have a driving license.
- The net income should be as per the Banks criteria.
- Even students who are with their mother/father/spouse as co-borrowers can apply for this bike loan.
Necessary documents to apply for the loan-
- ID Identity proof- Can be submitted one among the following Government department ID card/ Voter ID Card/ Driving License/ Aadhar Card/ PAN Card/ Passport.
- Proof of Income- Recent salary certificate along with the Form 16/ Along with the deductions latest salary slips.
- KYC documents.
- Filled in application form along with the photographs.
- Passbook of the bank and bank statements with the last 6 months entries.
- Income proof- ITR Income Tax returns of the two previous financial years.
- Address proof- latest electricity bill, bank account statement, latest telephone bill/mobile, existing house lease agreement, and latest credit card statement.
- Proof of age- Degree certificates/ marks sheets of SSC/ HSC anyone.
Kotak Mahindra Two-Wheeler/ Bike Loan Margin-
Along with the invoice value, first-time comprehensive insurance, cost of on-time road tax it gives 5% to 30% of the on-road price. This depends on the bank to the bank. Along with different banks, it also depends on the model of the bike and also the new or old bike purchasing by the applicant.
Repayment of the two-wheeler loan at Kotak Mahindra-
In the case of a new bike the bank allows a maximum of 60 EMI’s every month installments and for the used bike loans the bank allows a maximum of 36 EMI’s every month installments.
Kotak bike loan Security-
Collateral- A person’s net income or means of income should be kept as Third party guarantee. This depends on the bank.
The hypothecation of the bike is to be purchased.
Two-Wheeler/ Bike Loan Benefits from Kotak-
- Loan approval will also be done on the spot by the loan lenders. There will be quick approval and disbursal of the loan.
- The application procedure for applying for a bike loan at Kotak is very easy. Many of the lenders of Kotak also provide you the bike loan with the minimum documentation.
- As there are many lenders providing the bike loan with minimal documentation with competitive interest rates.
- The repayment time ranges from 12 to 60 months which is a very flexible option.
- Availing the two-wheeler loan reduces the burden on the budget of the applicants and the loan repayment is also in EMIs.
- For woman applicants, the loans will be offered with discounted rates. This is one of the best benefits for women applicants.
- Insurance and accidental covers can also be given by the bank for the bike loans.
How the interest rates of KOTAK BANK two-wheeler loan works –
The interest rates of the KOTAK BANK bank on two-wheeler depend on the model of the bike you are choosing for you. If the customer selects the model which values high rates on the bikes, then the interest rates will be lower.
Applicant’s relationship with the bank-
The salary account holders of the Bank itself will get the interest rates on the loan with special charges, offers, and rates.
The income of the applicant-
Depending on the monthly net income of the applicant the interest rates are decided. The applicants with higher salary brackets are offered the lowest interest rates.
Category of the employer-
The salary individuals list of the company categories will be with the KOTAK BANK for which they will avail bike loans. If the category of the employer is higher, they will get the loan with the low-interest rates.
Contact details of the Kotak Mahindra Bank-
- The official website of the bank is kotak.com
- There are a total of 684 branches.
- There are a total of 1273 ATMs of Kotak.
- Contact number is 18602662666