State Bank Of India Two Wheeler Loan It has now become easier to take a two wheeler or bike loan from SBI (State Bank of India). Here in this article, it is explained how you can take a bike loan from SBI, what is the interest rate of this loan, loan amount, and processing charges.
Key Benefits of SBI Bike Loan:
- Loan Limit: You can get a bike loan of Rs 50,000 to Rs 3 lakh from SBI Bank.
- Loan Margin: You have to pay 15% of the on-road price of the bike, while 85% will be given by the bank as a loan.
- Interest Rate: The interest rate of the loan is 16.25% to 18% per annum.
- Time Period: You get a maximum of 5 years to repay the loan.
Processing Charge: The processing fee is 2% + GST of the total loan amount.
Eligibility Criteria:
- Age Limit: Should be between 21 years to 65 years.
Required Documents:
- Bank statement of last 6 months.
- Salary slip (if you are salaried).
- Form 16, Deduction and TDS Certificate (if required).
- Self-employment certificate and Income Tax Return (of last 2 years).
Application Process:
- Online: You can apply by visiting the official website of SBI.
- Offline: You can apply by visiting your nearest SBI branch.
Steps to apply for SBI bike loan:
Log in to the website and select the two wheeler loan option.
Upload the required information and documents.
After submitting the application, wait for confirmation from the bank.
