SBI Online - SBI Bank Two Wheeler Loan - mymoneykarma

Benefits of Two-Wheeler Loan from SBI

• The loan can be taken to buy any two-wheeler such as a scooter, motorbike, moped, and the battery operated two-wheelers.
• EMI is not required in advance.
• Affordable and low-interest rates that result in lower EMIs.
• The bank pays 85% of the on-road price of the two-wheeler in the loan.
• Avail the flexibility in payments of EMIs at any day of the month.
• An optional SBI life cover is also provided to borrowers.
• Free Accidental insurance cover.
• For any salaried individual who avails the loan, the maximum loan amount is kept at 1/6th of the net monthly income of the borrower.
• For the borrower who is self-employed, the maximum loan amount is limited to half of the borrower's annual net income.
• The yearly net income for agriculturists is based on the nature of their activity like orchards, land holding, farming, dairy, poultry, cropping pattern, yield, etc.
• The repayment tenure of the loan is 36 months.
• The loan margin provided by SBI is 15% of the road price of the vehicle which includes vehicle registration charges, insurance, and one-time road tax.

SBI Bike Loan Eligibility
The two-wheeler loan applicant should be :

• At least 21 years to 65 years of age.
• Either a permanent employee of the Central/State Government, Public Sector Undertaking, or from a reputed private company or firm.
• A self-employed income tax assessee, or involved in agricultural and allied activities.
• The minimum net annual income of the applicant should be Rs. 75,000 to avail loan for buying regular petrol/diesel/gas operated scooters and motorcycles. To avail the credit for buying mopeds and battery-operated two-wheelers, the same should be Rs. 60,000.