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Karnataka Bank Bike Loan eligibility, Interest Rate, documents and process
I. Individuals
Within the age limit of 21 to 55 years in case of salaried persons and 21 to 60 years in case of businessmen / professionals / self employed persons.
Confirmed employee in the case of salaried person. Businessman should be in business for minimum period of 1 year.
Salaried person must have gross monthly salary of Rs.4,500/- and businessman monthly income of Rs.3,500/- .
Undertaking letter shall be furnished to the effect that the vehicle will be driven by valid license holder only.
Amount of Loan:
Upto 15 times net take home salary (in the case of salaried person) / declared annual gross income (in the case of professionals / businessmen / self employed person), or 100% of the invoice value of the vehicle whichever is lower. Road tax and insurance to be borne by the borrower.
Maximum amount of loan Rs.1,00,000/-.
Time Period:
Upto 60 months.
Repayment:
By equal / equated monthly instalments.
Security:
Hypothecation of vehicle to be purchased.
Solvent co-obligant / guarantor.
Documents Required
Proof of income (Salary certificate, income tax returns / assessment orders, audited financial statements etc.).
