The bike has become an important need for every individual. But buying a bike is not an easy task. If the expenses are not planned in a proper manner with the mounting costs, having a bike is a bit difficult. Among all this one can fulfill the dream of having your own bike.
Syndicate Bank Two-Wheeler Loan/ Bike Lowest Rate
Syndicate bank bike loan which is also known as ‘SyndVahan’ will help you in purchasing the two-wheeler by providing the loan. Loans are offered with affordable interest rates.
Needed Eligibility Criteria to avail bike loan at syndicate bank-
- The customers who are willing to purchase a bike with a bike loan must have a minimum of Rs.10000 income per month.
- The individual who is taking loans can be proprietorship, agriculturists, directors, employees, partnership firms, trusts, societies, legal entities, and employees of corporates can apply for the loan. HUFs are excluded from the list.
Required documents-
Depending on the income source and type of employment the documentation may vary. On handy the following documents have to keep ready.
The following documents should be submitted by the Self-employed candidates.
- Passport-sized photographs.
- Copy of Income-tax PAN
- 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
- 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.
Interest Rates-
Interest rates of Syndicate bank two-wheeler loan per anum are 2% + base rate.
Benefits of Syndicate Bank bike loan-
- Affordable Interest Rates
- Easy eligibility
- High Quantum of finance
- Repayment options are flexible
Affordable Interest Rates-
Depending on the base rates only interest rates are decided. The base rate + 2% is the interest rate of the bike loan from the syndicate bank per year which will be monthly compounded.
Easy Eligibility-
The individuals who are earning Rs.50,000/- per year are eligible for applying for the two-wheeler loan at the syndicate bank. All the self-employed and salaried candidates are eligible for applying for the bike loan.
High Quantum of Finance-
95% of the on-road prices of the vehicle are offered by the Syndicate bank. Along with this registration charges, road tax, insurance, and the cost of the accessories up to rs.500/- or six times the gross monthly salary are offered by the bank along with the bike loan. The maximum ceiling for the finance quantum is not there.
Repayment options are flexible-
The bank is offering EMI up to 60 months for the repayment of the loan. The loan applying individuals can choose the tenure of the loan repayment.
How the Interest Rates of SYNDICATE BANK Two-Wheeler Loan Works –
Two-wheeler Model-
The interest rates of the SYNDICATE 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 Income-
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 –
The salary individuals list of the company categories will be with the SYNDICATE 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.
Some of the common faqs about syndicate bank bike loan-
- What is the way of getting complete information about the syndicate bank two-wheeler loan?
To know the complete information about the synd-vahan visit the official website of the bank or can also contact the nearest branch of the syndicate bank.
- Does SyndVahan provide the used bikes, bike loans?
SyndVahan loan is not applicable for the second-hand bikes. It offers loans for only new bikes.
- In the two-wheeler loan, will the insurance charges are also covered or not?
Yes, along with the 95% of the loan amount of the on-road price of the bank, it also includes the two-wheeler insurance, registration charges, and road tax.
- When an individual purchase any accessories for the bike, will that amount cover in the loan?
As per the quantum loan, 95% of the on-road price of the bike includes the cost of the accessories up to Rs.500/- will be covered.
- If the bike loan offered by the syndicate bank, can we incur any service charges under that loan?
Syndicate bank bike loan charges the service fee as applicable.