State Bank Of India Bike Loans

Find details of state bank of india bike loan through State Bank Of India EMI calculator. Just enter the loan amount of bike you want to get financed and rate of interest. State Bank Of India EMI calculator automatically calculates the installment on reducing balance and it does not have any other processing fee.

Also see:   Car Loan Emi Calculator
State Bank Of India
State Bank Of India

New Bike Loan Rates

Tenure3 Years
Down Payment
Processing Fee1.25% – 2.00% of loan amount
Interest Rate17.90
Document Charges

Loan Eligibility Calculator

State Bank Of India Bike loan process, interest rate, documents

SBI offers you:

  • No Advance EMI;

  • Lowest interest rates ;

  • Lowest EMI;

  • LTV 85% of On Road Price of vehicle;

  • Interest Calculated on Daily Reducing Balance;

  • Flexibility of payment of EMI anytime during the month;

  • Low processing fee (only 1.22% of loan amount);

  • Free Accidental insurance ;

  • Optional SBI Life cover;

The Scheme
Purpose
To provide finance for purchase of new Two-wheelers viz. scooter/motor cycle/ moped/battery-operated vehicles.
Eligibility
To avail an SBI Two Wheeler Loan, you should be:

  • Individual between the age of 21-65 years of age.

  • A Permanent employee of State / Central Government, Public Sector Undertaking, Private company or a reputed establishment or

  • A Professionals or self-employed individual who is an income tax assessee or

  • Person engaged in Agricultural and allied activities.

  • Minimum Net Annual Income Rs. 75,000 (for regular petrol/diesel/gas operated scooters & motor cycles) and Rs. 60,000 (mopeds and battery-operated Two-wheelers)-

Salient Features
Loan Amount

  • For salaried persons, the maximum loan amount is restricted to 6 times Net Monthly Income (NMI), i.e. net of all deductions including actual monthly tax deductions at source.

  • In case of others, the maximum loan amount is restricted to half of Net Annual Income (NAI), i.e. income as per latest income tax return filed less taxes payable.

  • For agriculturists, the net annual income should be arrived based on the nature of their activity (i.e. farming, dairy poultry, orchards, etc) land holding, cropping pattern, yield, etc., and average level of income derived there from in the area.

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

  • Statement of Bank account of the borrower for last 12 months.

  • 2 passport size photographs of borrower(s).

  • Signature identification from bankers of borrower(s).

  • A copy of passport /voters ID card/PAN card.

  • Proof of residence.

  • 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.

  • Proof of official address for non-salaried individuals

Margin
15% of the on the road price (which includes vehicle registration charges, insurance, one-time road tax).
Repayment
You can repay the loan within 36 months.
Interest
See the above table
Processing Fee
1.22% of Loan amount
Security
As per Bank's extant instructions.