State Bank of India Two Wheeler Loan

State Bank of India Two Wheeler Loan

SBI is the one of the old financial organization in India. It is founded in India in 1806. Its name was a bank of Calcutta initially. On 1 July 1955, it came into the role as State Bank of India. It is a government-owned corporation and it’s headquartered is in Mumbai, Maharashtra. State Bank of India is the one of the largest or you can say biggest corporation in India having 23% market shares as assets. It gives its services worldwide. It includes car loan, gold loan, personal loan and two wheeler loan at very easy rates of interest.

Two Wheeler Loan

In a two wheeler loan, we get financial help to buy a two wheeler. Generally, customers prefer to get a two wheeler loan from banks rather than non-banking financial companies but in case if there is some problem in sanctioning the loan from the bank you can go for non-banking financial companies. Your loan will be sanctioned very easily. the lender, whether it is a bank or non-banking company provides you a two wheeler loan at some rate of interest.

Category of Two wheeler Loan

Two wheeler loan generally comes in the category of secured loans. In this loan, you generally pledge your two wheeler to the bank as a security. That’s why it comes in the category of secured loans. The lender has less risk of recovery while providing the two wheeler loan. If a customer shows any irregularity in returning the two wheeler loan or customer stop paying the loan in between the bank or the lender is liable to bound his/her two wheeler. Besides that it unlike a personal loan you can’t use this amount of loan anywhere you want, you specifically get this loan to buy a two wheeler.

Eligibility

The applicant should be a citizen of India. This is the first condition that a customer has to fulfill. If it is not so that the applicant can’t apply evenly.

After that, the age of the applicant should be more than 21 years. If he/she is not meeting this requirement then he/she can’t apply for a two wheeler loan.

After that, the maximum age of the applicant can be 65 years. A person older than that then he/she is not eligible for a two wheeler loan.

The applicant should have some stable source of income. It obvious that if someone is lending you money then he/she wants to be assured that whether he/she is going to get back that money in the future or not. This is the reason why unemployed persons are not eligible to get a two wheeler loan.

Documents Required

However the documents required in a two wheeler loan are not that much but still, we have to submit some documents to the bank or non-banking company while applying for a two wheeler loan.

First of all, a proof of identity is necessary. Every applicant has to submit this if he/she wants to apply for a two wheeler loan.

After that, a proof of residence is also required while applying for a two wheeler loan.

Two passport sized colored photographs are needed to get a two wheeler loan.

One proof of income is required to check the applicant’s income status.

Rates of Interest

11.50% per annum onwards. Rates of interest are not fixed they vary from person to person and your income or the tenure of the loan.

How can you Apply?

You can apply for a two wheeler loan online on www.bookmyloans.in .

The process is very easy and hassle-free.