Bank of India Two Wheeler Loan

Bank of India Two Wheeler Loan

Bank of India is a commercial bank. It is one of the top five nationalized banks in India. The bank is founded in 1906. It provides you financial products like banking, insurance, credit cards, internet banking, and wealth management. Two wheeler loan is also provided by the Bank of India. Not every bank provides you a two wheeler loan.

What is a Two-wheeler Loan?

If somebody wants to buy a two-wheeler than he/she can easily even he/she has a financial weakness. The bank provides you a two-wheeler loan to the people for this purpose, this is known as Bank of India two-wheeler loan. but unlike a personal loan, you can use this amount of loan only to buy the two-wheeler. You have to return this loan within tenure with some rate of interest.

Eligibility

  1. First of all the age of the customer should be 18 years at least.
  2. After that, the customer should be earning or self-employed.
  3. The salary of the salaried person should be Rs.7000 per month minimum.
  4. The income of the self-employed person should be Rs.6000 minimum.
  5. The applicant should be a resident of India.

Features of Two-Wheeler Loan

  1. The loan is easily accessible.
  2. The two-wheeler loan can be gotten anywhere in India.
  3. The rates of interest are very low in the IDFC Bank two-wheeler loan.
  4. The documentation process is very simple and easy, not that many documents are required.
  5. The bank doesn’t put any check on your credit history.
  6. Two-wheeler loan is approved easily.
  7. It provides full transparency and there are no hidden charges.
  8. The bank does financing of  90% of the cost of the vehicle.
  9. Bank of India provides doorstep installment collection also.

Rate of Interest

The rates of interest in the IDFC bank. It depends on the amount of loan that you require and the tenure of the loan. it starts at 11.50% per annum. A person can easily afford them.

Amount

A loan of amount starts from Rs. 20000 to 1.5 (in the case of superbikes)Lakhs. It depends on the two-wheeler you are going to buy and your income or salary.

Documents

Two recent passport-sized colored photographs. ( Aadhaar Card/ PAN card

A valid identity proof. (Aadhaar Card/ PAN Card/Voter ID Card/Passport/Driving License)

A valid proof of residence. (Aadhaar Card/ PAN Card/Voter ID Card/Passport/Driving License/ration card/rental bills/electricity bills/water bills)

Income proof. Salary slip of last three months for salaried and ITR statement for self-employed.

How to Apply?

  1. You can apply for a two-wheeler loan online on our website, it is www.bookmyloans.in .
  2. First of all visit www.bookmyloans.in
  3. After that apply for two-wheeler loan online.
  4. Fill the online application form online.
  5. Though the form is very basic everybody can put their basic information in it.
  6. Mention your name and contact number properly. (contact number is required so that we can contact you for the further process)