SBI Two Wheeler Loan Scheme

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Two Wheeler Loan Lite

Features

  • Scheme : SBI TWO-WHEELER LOAN SCHEME
  • Purpose : Purchase of new two-wheelers viz. Scooter, Motorcycle, Moped, Battery operated two-wheelers of reputed make
  • Margin required : 25% of “On Road Price” of the vehicle
  • Age Criteria : Age of the applicant should be between 21-65 years.
  • Minimum Income Criteria : Min. NMI Rs. 12,500/- and Min. NAI Rs. 1,50,000/-
  • Maximum loan amount :
    • Min Rs.30,000/-, Max : < Rs.2.50 lacs (For Loan Amount > 2.50 lacs Super Bike Scheme)
    • For salaried: The maximum loan amount that can be granted would be restricted to 6 times the net monthly income of salaried persons (i.e., net of all deductions including actual monthly tax deductions at source).
    • For others: The maximum loan amount that can be granted would be restricted to 50% of the net annual income as per ITR after netting off depreciation and repayment of all existing loans
  • Repayment period : Maximum up to 3 years
  • Interest Rate : Click here to view the interest rates
  • Processing fee : Click here to view the Processing Fee

Eligibility

Existing SBI customers under the following categories :

  • Permanent employees of State/ Central Govt, PSUs, Corporations, and Listed Pvt Sector companies maintaining salary accounts.
  • Professionals/ self-employed & other IT assesses maintaining SB/CA/Time Deposit with satisfactory conduct for minimum 1 year.
  • Persons engaged in Agriculture with SB/CA/Time Deposit maintaining satisfactory conduct for minimum 1 year.
  • Existing borrower customers with satisfactory repayment history may be considered selectively.
  • Loans will be sanctioned at home branches only.

Documents required

The following papers are to be submitted along with loan application :

  • Statement of Bank account of the borrower for last 6 months.
  • 2 Passport size photographs of borrower/guarantor (s).
  • Signature verification from Bank’s record.
  • A copy of passport /voters ID card/PAN card.
  • Proof of residence by way of tax receipts, telephone bill, electricity bill or any other document that comply with the regulatory and/or KYC requirements.
  • Latest salary-slip showing all deductions and TDS certificate-Form 16 in case of salaried persons.
  • Copy of Income Tax Return for last two financial years, duly acknowledged by ITO for professionals, self-employed and others.IT Return is not mandatory in case of agriculturists.
  • Proof of official address for non-salaried individuals.

Interest Rates

7.75% p.a.

(On Applying through YONO)

8.00% p.a.

 

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