Oriental Bank of Commerce Two Wheeler Loan


Oriental Bank of Commerce Two Wheeler Loan

Many banks provide a two wheeler loan but Oriental Bank of Commerce provides a two wheeler loan at very cheap rates of interest. This is a public sector bank in India. It was founded on 19TH February 1943. Oriental Bank is ranked on 7th number in India. It provides so many financial products to the customers two wheeler loan is one of them.

Two Wheeler Loan

Two wheeler loans are 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

  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).

Other Major Banks Providing Two wheeler Loans

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

An easy way to Apply

  1. You just have to search www.bookmyloans.in online on google.
  2. After that, search for Two Wheeler Loan.
  3. An application form will open up.
  4. Fill the application form.