SBI Bank Bike/ Two-Wheeler Loan

SBI bank is now providing the two-wheeler loan for their customers. The individuals who want to buy a new bike and want to get it by taking a loan can step ahead from SBI bank. With their simple terms and conditions, the bank is providing the loan to their customers.

 SBI Bank Bike/ Two-wheeler Loan

To know all the details like required eligibility, EMI, needed documents, and more can be known here to apply for an SBI two-wheeler Loan.

sbi two-wheeler loan

Required Eligibility Criteria for SBI bike loan-

The applicant’s eligibility will be depended on many factors. The eligibility of repayment of loans will be the priority of the banks to check with their customers. Here are some of the required eligibility details to avail of an SBI bike loan.

  • CIBIL Score
  • Age
  • Income

CIBIL Score-

If the repayment record and the past CIBIL score with the credit cards and existing loans are good, this will give a good impact on including the eligibility criteria. Leading the previous loans with the poor repayment history may create problems in taking the new loans or bike loans or the banks may hesitate to give you the loans. Hence maintain a good CIBIL score.

Age

The age of the applicants also plays an important role in giving the loan by the bank. The bank considers 21 years should be the minimum age at the time of taking a loan and 65 years should be the maximum age at the time of loan maturity.

Income-

As depending on the income of the applicant only the SBI will calculate the loan repayment eligibility. As per the SBI bank rules, the minimum income of the salaried applicant, for taking the bike loan should be Rs.10,000/- per month.

Plan of SBI Two-Wheeler Loan with Interest Rates-

  • For the Loan amount of Rs.10,000/- the lowest EMI (Every month Installment) is Rs.335/-.
  • 3 years is the maximum loan tenure.
  • 65% is the interest rate.
  • The processing fee for this loan amount will be 1.25% with the minim amount of Rs.250/- and maximum Rs.500/-.
  • Interest calculation will be based on the Monthly reducing balance of the EMI.
  • The applicant’s age should be between 21 years of age to 65 years of age.
  • The maximum loan amount eligibility is 85% on-road price.

How the Interest Rates of SBI Two-Wheeler Loan works –

Two-Wheeler Model-

The interest rates of the SBI 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 major deciding factor of the interest rates is determined by the employer category of the burrower. The salary individuals list of the company categories will be with the SBI 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.

EMI Calculation of SBI for bike loan-

EMI is the Every Month Installment which you have to pay each month to the SBI or any other banks to repay the loan amount. This EMI amount should be paid till the tenure of the loan ends. For the loan amount of Rs.10,000/-, the EMI of the SBI bank will be Rs.335/- which is the lower interest rate of the bike loan with 12.65%. The factors which involve in calculating the loan AMI of SBI are as follows

  • The important factors which affect the SBI loan interest are the EMI. The EMI will be higher if your interest rate is higher.
  • The longer tenure of loan repayments will reduce the monthly EMI per lakh.
  • Depending on the burrowing amount of the loan, the EMI will be decided.
  • EMI of the bike loan will be different from bank to bank. It all depends on the calculation of the methods by banks.

Advantages of taking SBI bike loan-

  • The accidental insurance is free from SBI to their two-wheeler loan customers.
  • Advance EMI should not be paid to the bank.

Documents required applying for SBI two-wheeler loan-

The following documents should be submitted by the Self-employed candidates

  • Passport-sized photographs.
  • Copy of Income-tax PAN
  • Application forms should be signed by the applicants.
  • ID Identity Proof which can include PAN/ Voter ID/ Passport/ Driving License.
  • Address proof which can include Passport/ license/ utility bill/ Registered rent agreement.
  • Income documents- ITR of last two years
  • Business existence proof- Under this you can submit VAT/ Service tax registration/ incorporation details if having companies/ Business address proof.

The following documents must have to be submitted by the salaried candidates.

  • Passport-sized photographs.
  • Copy of Income-tax PAN
  • Application forms should be signed by the applicants.
  • ID Identity Proof which can include PAN/ Voter ID/ Passport/ Driving License.
  • Address proof which can include Passport/ license/ utility bill/ Registered rent agreement.
  • Income documents- in this you can submit form 16/ bank statement of three months which shows the EMI debits and salary credits.