Federal Bank Two Wheeler Loan
The Federal Bank is a commercial bank in India. The headquarter of the bank is in Kochi, Kerala, India. The bank was founded on 23 April 1923. The bank has 1252 branches all over India. The Federal Bank Two Wheeler Loan is provided to the customers at very low rates of interest.
Two Wheeler Loan
Two wheeler loan is provided by the banks to the customers who want to buy a two wheeler. One thing to note that two wheeler loan is given especially to buy a two wheeler. You can’t make use of this loan amount anywhere else.
Eligibility for Federal Bank Two Wheeler Loan
Age is the major factor that banks check while providing you a two-wheeler loan. Bank or any other lender checks that whether the age of the applicant is more than21 years or not. If it is not so you won’t get a two-wheeler loan.
It is obvious that if someone is lending you the money then he/she will put some checks on your income as well, to check whether you are eligible to repay the loan amount or not. If you don’t have any source of income then you are not eligible to get a two-wheeler loan.
One more important thing is that the applicant should be a citizen of India. He/she should be residing in India as well. If it is not so then he/she isn’t eligible to get a two-wheeler loan.
Rates of Interest
Basically, the interest rates are 11.50% and onwards, but the rates can vary from time to time.
- First of all 2 colored d photographs. (without glasses)
- Identity Proof
One identity proof is necessary. This identity proof can be an Aadhaar card /PAN card/voter ID card/Ration Card / Driving Licence/ Passport)
- Resident Proof
The bank will ask for a proof of residence, it is mandatory. It can be an Aadhaar card /PAN card/voter ID card/Ration Card / Driving Licence/ Passport/electricity bills of last three months on the name of the applicant with the rental agreement)
- Income Proof
One income proof is also needed if you want to apply for a two wheeler loan. (salary slips of last three months / ITR of last three years for self-employed).
Major Banks Providing Two-wheeler Loans
- HDFC Bank
- ICICI Bank
- YES Bank
- PNB Bank
Among all the above the HDFC Bank is best for providing two-wheeler loan. the rates of interest are very low in HDFC Bank as compare to other banks.
An easy way to Apply for Federal Bank Two Wheeler Loan
- You just have to search www.bookmyloans.in online on goggle.
- After that, search for Two Wheeler Loan.
- An application form will open up.
- Fill the application form.