Karnataka Bank Two Wheeler Loan

Karnataka Bank Two Wheeler Loan

Karnataka Bank is one of the best banks in India. The bank caters to the customer with so many financial services. It includes banking, insurance, credit cards, loans, internet banking and wealth management. The bank was founded in 1924 and is very good in providing financial services and Karnataka Bank Two Wheeler Loan to the customers.

Two-wheeler Loan

Like other loans, two-wheeler loan also gives us a financial aid but this time this aid is only to buy a two-wheeler. The loan comes under the secured loans. The loan has very low and reasonable rates of interest.

Eligibility Criteria for Karnataka Bank Two Wheeler Loan

  1. Age

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.

  1. Income

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.

  1. Citizenship

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.

Documents Required

  1. First of all 2 colored d photographs. (without glasses)
  2. 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)

  1. 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)

  1. 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

  1. HDFC Bank
  2. ICICI Bank
  3. YES Bank
  4. 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.