SBI Loan for TVS Jupiter - Down Payment, EMI, and SBI Interest Rate



In India, it’s a dream of many youngsters to own and ride a two-wheeler or scooter as soon as they come of age. Thanks to loan facilities and easy financing provided by major banks such as SBI two-wheeler loan to make it affordable and convenient for people.
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Before going ahead and choosing the mode of finance, it’s important to know the features, interest rates, down payment, processing fees, and other factors of two-wheeler loans prevailing in the market.

Why Two-wheeler loan is necessary?



A country like India, where two-wheelers are not just a commuting choice but they are in many cases a necessity. In most major cities, owning a two-wheeler has become a necessity for Indians' daily commuters. A two-wheel is a cheaper alternative to owning a car or hiring a cab. Also, in rural areas, narrow roads make using a motorcycle or scooter the preferred transportation option.

Looking into the sales figures, major units of the motorcycle and scooters are transporting to rural areas. But, with the rising prices, two-wheelers are still an expensive proposition for certain sections of Indian society. Two-wheeler loan is the boon for those who come under economically weaker sections and for young individuals who are just starting on their job.

Several leading banks and financial institutions are offering two-wheeler loans across India including State Bank of India (SBI).

Why you should take two-wheeler loans from SBI?

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State Bank of India has designed a scheme of SBI two-wheeler loan for students and others in a way that everyone can purchase a new motorcycle or scooter of their choice with minimum hassle. One can expect the lowest two-wheeler loan interest rate for the state bank of India starting from 9.05per cent above 1 year MCLR i.e. 16.05per cent per annum. Moreover, moped and battery-operated vehicles are also eligible to get the loan. One can also check for the SBI two-wheeler loan for students for the lower interest rate.

SBI Two-wheeler Loan Eligibility Criteria



There are some eligibility criteria on which basis SBI approves two-wheeler loan or TVS Jupiter loan, they are:

1) Age of the applicant: Applicant’s age to apply for Two Wheeler Loan from SBI should be between 21 to 65 years.

2) Income of the applicant: Income helps in determining an applicant’s capacity to repay the loan. As per the criteria, the minimum monthly income should be Rs. 12,500/- and minimum annual income should be Rs. 1, 50,000/- to apply for SBI two wheeler loan apply online or offline. In case your individual two-wheeler loan eligibility as calculated by the Two Wheeler Loan eligibility calculator is less than the loan you need, you can add the income of earning family members too.

3) Loan Amount: Generally SBI offers 85 percent of the on-road price of the vehicle as a loan. The loan amount depends upon the value of the scooter.

4) CIBIL Score: CIBIL score is a credit score of repayment of the existing loans and credit cards. A regular repayment record can enhance chances to get a two-wheeler loan at the maximum amount with ease.

SBI Loan Features- SBI Two Wheeler Loan for TVS Jupiter:



  • SBI Two Wheeler Loan can be used to purchase any kind of new two-wheeler including TVS Jupiter
  • Best interest rates and Interest calculated on daily reducing balance
  • Lowest EMI on scooters
  • Overdraft facility available easily
  • Free accidental insurance
  • Minimum documents are required to apply for a loan
  • Two applicants can apply fora clubbed loan to increase loan amount
  • Longest repayment tenure up to 7 years with optional SBI life cover
  • No pre-payment penalties on TVS Jupiter loan.
  • The flexibility of payment of EMI anytime during the month.


SBI Two-wheeler Loan Interest Rate for TVS Jupiter



The SBI two-wheeler loan is now calculated based on a 1-year MCLR rate of the State Bank of India. As per the official website shows, two-wheeler loans from SBI are available from as low as 9.05% above 1 year MCLR i.e. 16.05% p.a. onwards. Lower rates may, however, be applicable in the case of SBI salary account individuals or for those who have other previous relationships with SBI or its Associates.

SBI Two Wheeler Loan Processing Fees



The SBI Loan processing fees for two-wheelers or personal loans are different in case of the standard SBI two-wheeler and the superbike loan. These are as follows:
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SBI two-wheeler loan or TVS Jupiter loan from SBI has the processing fees range from Rs. 250 to Rs. 500 along with applicable taxes and service charges. The amount is calculated as 1.50 percent of the two-wheeler loan amount sanctioned by SBI for purchase of the vehicle.

SBI superbike loan has the processing fees chargeable at 2 percent of the loan amount sanctioned by the bank plus all applicable charges and taxes.

Maximum loan amount offered by SBI for TVS Jupiter



A person can apply for a minimum loan of Rs. 30000/- and maximum loan up to 2.50 lacs as per the SBI two wheeler loan scheme. However, there is a facility to apply for more than 2.50 lacs for Super Bike Scheme.

For salaried individuals, the maximum loan amount that can be granted would be restricted to 6 times the net monthly income of salaried persons i.e., net of all deductions including actual monthly tax deductions at source.

For other individuals, the maximum loan amount that can be granted would be restricted to 50% of the net annual income as per ITR after netting off depreciation and repayment of all existing loans.

SBI Loan down Payment for TVS Jupiter



Down Payment is a value upfront you need to pay while taking a loan for high-value purchase like a car or a two-wheeler. This down payment is anywhere between 5 percent and 30 percent of the value of the total purchase. The bank provides a balance of 70 percent – 95 percent of the value as a loan. A down payment requires you to have some liquidity at the time of purchase.



While taking an SBI loan for TVS Jupiter, we are counting the down payment Rs. 17952 (which is 30 percent of the total amount) needs to be pay while purchasing a scooter. The rest of the vehicle amount will be taken as a loan. Compare and check the ex-showroom price for TVS Jupiter, approximately on-road price, and State Bank of India loan interest rate, SBI loan for TVS Jupiter down payment, etc.

SBI loan for TVS Jupiter Repayment Period



The repayment period for two-wheeler loan by SBI maximum up to 3 years. The applicant has to return the SBI scooter loan amount with interest in a required repayment period of three years.

SBI two wheeler loan Apply Online



Apply for any two-wheeler loan at SBI is a simple task. To apply for an SBI bike loan, visit the official website of State Bank of India, Click on ‘Loans’ and select ‘Auto Loans’ in the drop-down menu. On the next page, you will see options for the ‘SBI Two Wheeler Loan Scheme’ or ‘Super Bike Loan Scheme’. Apply under the scheme of your choice.
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You can also check your two wheeler loan status, two wheeler loan online approval and two wheeler loan EMI calculator prevailing on the website under drop-down options.

Documents Required for SBI Loan for TVS Jupiter



General Document list:

  • The below list of documents is a general list to apply for SBI Loan for TVS Jupiter.
  • Signed loan application form filled up accurately
  • Valid identity proof such as voters ID/Passport/PAN card
  • 2 passport size photographs
  • Identification of signature from records of the bank
  • Bank account statements for the last 6 months
  • Proof of residential address such as utility bills, passport, tax receipts, etc


Document list for self-employed/professionals:

  • The below list of documents is a general list to apply for SBI Loan for TVS Jupiter.
  • Signed loan application form filled up accurately
  • Valid identity proof such as voters ID/Passport/PAN card
  • 2 passport size photographs
  • Identification of signature from records of the bank
  • Bank account statements for the last 6 months
  • Proof of residential address such as utility bills, passport, tax receipts, etc
For more loan details : Car and Bike Loans



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