State Bank Of India Two Wheeler Loan

Explore SBI’s Two-Wheeler Loan options offering competitive interest rates, flexible repayment terms, and minimal documentation to make your dream ride a reality.

Owning a two-wheeler in India is not just about convenience; it’s a necessity for many. Recognizing this, the State Bank of India (SBI) offers tailored two-wheeler loan schemes to help individuals purchase their desired vehicles with ease. This article delves into the features, benefits, eligibility criteria, and application process for SBI’s two-wheeler loans.

Features of State Bank Of India Two Wheeler Loan

Loan Amount: SBI provides loans ranging from ₹50,000 to ₹3,00,000, covering up to 85% of the on-road price of the vehicle.
Interest Rates: Competitive rates starting from 12.80% per annum for regular two-wheeler loans.
Repayment Tenure: Flexible repayment options up to 60 months, allowing borrowers to choose a tenure that suits their financial planning.
Processing Fees: Nominal processing fee of 2% of the loan amount plus applicable taxes.
Loan-to-Value Ratio: Finance up to 85% of the on-road price of the vehicle, making it easier to afford your desired two-wheeler.

Eligibility Criteria

Age: Applicants must be between 21 and 65 years old.
Income:
Salaried Individuals: Minimum net annual income of ₹1.50 lakhs.
Self-Employed Professionals: Minimum net annual income of ₹1.50 lakhs.
Employment:
Salaried Employees: Permanent employees of State/Central Government, PSUs, listed private sector companies, and reputed establishments.
Self-Employed Individuals: Professionals, businesspersons, and agriculturists with a stable income.

Documents Required

Identity Proof: Passport, Voter ID, PAN card, or Aadhaar card.
Address Proof: Utility bills, passport, or tax receipts.
Income Proof:
Salaried Individuals: Latest salary slip and Form 16.
Self-Employed Individuals: Income Tax Returns for the last two financial years.
Bank Statements: Statements for the last six months.
Photographs: Two recent passport-sized photos.

Application Process

Online Application:

Visit the official SBI website.
Navigate to the ‘Loans’ section and select ‘Auto Loans’.
Choose the ‘SBI Two-Wheeler Loan Scheme’ and click on ‘Apply Now’.
Fill in the required details and submit the application.

Offline Application:

Visit the nearest SBI branch.
Collect the two-wheeler loan application form.
Submit the duly filled form along with the necessary documents.

Benefits of SBI Two-Wheeler Loans

Minimal Documentation: Simplified process with minimal paperwork.
Quick Disbursal: Efficient processing ensures timely disbursal of funds.
Flexible Repayment Options: Choose a repayment tenure that aligns with your financial situation.
High Loan Quantum: Finance up to 85% of the vehicle’s on-road price.