Indian Overseas Bank Two Wheeler Loan

Indian Overseas Bank Two Wheeler Loan

Indian Overseas Bank is also known as IOB. It is a public sector bank and it is founded on 10 February 1937. This bank has been serving people for 81 years. M. Ct. M. Chidambaram Chettyar was the founder of this bank. Bank caters customers with its good financial services and products like loans, credit cards, and savings etc. Bank doesn’t limit its services only in India, it serves people in other countries as well. Two wheeler loans is a type of loan provided by the bank to the customers. Two wheeler loans is very quickly disbursed. A customer can get a two wheeler loan within a few minutes. Unlike other loans two wheeler loans requires very less documentation process. The process is hassle-free, there is no need to go bank. You can easily apply for Indian Overseas Bank Two wheeler Loan. The bank is very old and well reputed so there is no risk of fraud. You can easily trust the policies of the bank.

Two-wheeler loan

When you borrow money from the bank or any other non-banking financial organization to buy a two-wheeler specifically then this is known as a two-wheeler loan. You can’t use this amount of loan anywhere else. This loan comes under the secured loan. The bank or your lender can bound you two-wheeler for the recovery of the loan amount in case you fail to return the loan. Besides that, it is a secured loan so the rates of interest on a two-wheeler loan are quite low as compare to the personal loan.

What can you buy?

  1. Motorbike
  2. Scooter
  3. Super Premium Bikes

Why shouldn’t you get a personal loan to buy a two-wheeler?

  1. Lower rates of interest than the personal loan.
  2. Less income is required to be eligible.

Eligibility

  1. First of all the applicant should not be a minor. The minimum age of the applicant should be 21 years.
  2. After that he/she should be an Indian resident.
  3. The applicant should be employed.
  4. The applicant should have a good credit history.
  5. The age of the applicant should not be more than 65 years.
  6. The monthly income of the applicant should be more than Rs. 7000 per month at least.

Interest Rate

The rates of interest start at 11.50% per annum. It can be changed from time to time.

Documentation

One identity proof. (Voter ID card/ ration card/Aadhaar card/ PAN card/ passport/ driving license/rental agreement)

One proof of residence. . (Voter ID card/ ration card/Aadhaar card/ PAN card/ passport/ driving license/rental agreement)

One proof of income. (salary slips of last three months/ ITR of last two years)

Two passport sized colored photographs.

Steps to Apply

  1. Visit www.bookmyloans.in on google .
  2. Search for two-wheeler loan.
  3. Fill the online application form.
  4. You will get the complete guidance after that.
  5. For more information, you may call on 60011600.