Union Bank of India Two Wheeler Loan

Union Bank of India Two Wheeler Loan

This bank was founded on 11th November 1919. This bank is serving people for 98 years. This bank is owned by the government of India. Union Bank of India gives its services overseas also. This bank is inaugurated by the Mahatma Gandhi. Bank provides so many financial products to the customers like personal loan, home loan, car loan, gold loan, credit cards, banking and two wheeler loan etc. But the gold loan is the most popular product given by the bank. The process to apply for a two wheeler loan is very easy and quick. You can apply for a two wheeler loan by your mobile right now without going to the bank.

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.