Two Vehicle Loan SBI

Can you tell me about the eligibility requirement and documents required for Two- Wheeler Loan in SBI or State Bank of India?

[shikha]

SBI or State Bank of India provides the best Two- Wheeler loan scheme to take a loan for purchase of new Two- Wheeler. SBI provides two wheeler loans at affordable interest rates, and with a wide array of lucrative features and benefits.

SBI offers:
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;

Eligibility:

The two wheeler loan applicant should be:

A minimum of 21 years old and maximum of 65 years of age
• An employee of Central/state Government or Public Sector Undertaking. One has to be a permanent employee. One can also be from a reputed private company or firm.
• Self-employed people or professional. One has to be an income tax assessee, and individuals doing agricultural and allied activities are also eligible to avail this loan.
• To avail the loan to buy regular petrol/diesel/gas operated scooters and motorcycles, borrower’s minimum net annual income should be Rs. 75,000. The same should be Rs. 60,000 if the loan is availed to buy mopeds and two wheelers working on battery.


Documentation SBI Two Wheeler Loan:

• Duly filled two wheeler loan application form
• Borrower’s bank account statement for last 12 months
• 2 passport size photographs
• Identification of signature from bankers of the applicant.
• Valid identity proof like voters ID card/PAN card.
• Residential address proof– electricity bill, passport, telephone bill, ration card, etc.
• Proof of official address for non-salaried individuals
• Latest salary-slip showing all deductions, and TDS certificate-Form 16 in case of salaried persons
• Income Tax Return copies for the two preceding financial years