All the Banks in India are offering easy Two wheeler loan which can be paid in the monthly interest rate. Most of these banks have tie-ups with the 2 wheeler showrooms of India and the buyer can get an immediate loan at the time of purchase instead of going to the bank.
- What are Eligibility Criteria to avail a Two Wheeler Loan
- Documents to be Submitted for Two wheeler Loan
- The different ways to apply for two wheeler loan
- How to Apply for two wheeler loan in person
- What are the rates of interest for two wheeler loan?
- Phone Numbers and Contact Address of Banks in India offering two Wheeler Loan
What are Eligibility Criteria to avail a Two Wheeler Loan
- You should be a salaried person or a self-employed person.
- The age should be greater than 18 years (16 for two-stroke bikes and mopeds).
- The minimum of annual income is around 54000 per year or above.
- You should have a valid driving license or a learners license (it is assumed that you will apply for it immediately at the moment of purchase).
- As two wheeler loan is often small, banks do not bother about too much background check and give the loan to self-employed people also provided they can show Income tax return.
Documents to be Submitted for Two wheeler Loan
- You should submit your proof of identity. This might include passport copy, photo credit card, voter ID, driving license, PAN Card, a copy of company ID card of your MNC etc.
- A copy of address proof. This address proof should be in the name of applicant or parents name if acceptable.
- If you are a salaried person latest salary slips copy. This should contain your name and designation of the authorized signatory.
- If you are a self-employed person a copy of the latest I.T Return copy.
There will be no guarantor received from the two wheeler loan borrower. The demand for the guarantor might arise in the case of not meeting the eligibility criteria. The guarantor may be to submit your vehicle legal papers to the bank and bank would possess it till the completion of the repayment.
A standard bank would release a maximum amount of Rs.60,000 to 80,000 as a two wheeler loan amount.
The tenure of the repayment can be from 12 months to maximum of 48 months of time.
The different ways to apply for two wheeler loan
Apply online for two wheeler loan
- One can log on to any of the above websites and submit the online application form.
- Then you will be called to your personal contact number for the further procedure completion and document submission.
- It takes the maximum of 6 to 7 working days of time for the issue of the loan.
How to Apply for two wheeler loan in person
- One can visit the nearby branch and apply for two wheeler loan.
- You need to submit all the documents mentioned above for the further completion of the process.
What are the rates of interest for two wheeler loan?
- For ICICI Bank rate of interest and the service charge of two wheeler loan log on to http://www.icicibank.com/Personal-Banking/loans/two-wheeler-loan/services-charges.html
- For SBI bank rate of interest log on to http://www.sbi.co.in/user.htm?action=viewsection&id=0,16,393,395
- For Syndicate rate of interest log on to http://syndicatebank.in/scripts/SyndVahan.aspx