Two-wheeler loans are relatively easier to obtain and it has become very easy to get a two-wheeler and pay off the loan. People who have the finances to pay for the bike in a single payment also go for two-wheeler loans because they see that by paying the loan in monthly installments, they can utilize the funds they have in various investments. Also, they continue to use the bike while paying for the loan where once the payment is done, the owner can sell the two-wheeler and go for another better motorcycle.
There are numerous benefits of State Bank of India loan for two-wheelers or bike loans. Any loans acquire from any banks or financial institutes are hassle-free nowadays but there is no doubt SBI is giving away with lot more ease. The first benefit is, two-wheeler loans are easy to get and easy to pay off. Some banks also provide zero down payment bike loans, which means you don’t have to put up your own money to buy the bike. Many do not know the fact that the resale value of bikes is high when it has been purchased on a loan. Once the buyer completes a loan, he can start thinking of a new bike immediately if he wants. Moreover, if you never fail to pay on loan installments, your credit score automatically increases and helps you build a great credit profile.
Benefits of Two-wheeler loan from State Bank of India
There are two ways to apply for two-wheeler loans. One way to apply a loan for TVS Apache 160 or any other two-wheeler is online and the other way is offline.
How to get two-wheeler loans from banks/financial institutes?
1) Online Loan Application to SBI:Most of the banks and NBFCs accept online application for a two-wheeler loan. If you’re willing to buy TVS Apache 160 and want to take SBI loan for TVS Apache 160, there is a simple procedure need to be followed. State bank of India official website also shows EMI calculators to calculate your EMI amount for each month. For that, choose your desired motorbike i.e. loan for TVS Apache 160, you will know how much loan amount you need, and based on that you can vary your tenure and interest rate to know which will suit you.
2) Offline Loan Application to SBI:This is the easiest way if you’re not a digital nomad. Go directly to any branch of any bank or NBFC, and meet their representative to apply for a loan. It will be easy to choose the tenure and rate of interest for the applicant; also, there are chances of negotiation.
However, most of the dealers have tie-ups with banks or NBFCs. You do not need to personally go to the banks to avail of the loan and stand in a long queue. At the time of purchase, you can avail of a loan for a two-wheeler from a dealer.
SBI Two-Wheeler Loan Eligibility Criteria
- The age of the applicant should be between 21 and 65 years.
- Minimum income of the applicant should be Rs.1.5 lakh for bikes and Rs.2.5 lakh for superbikes.
- If the applicant is agriculturists, the net annual income should be Rs.4 lakh and have maintained an SB/CA/time deposit for one year.
- For the criteria of employment, employees like permanent employees of state and central government departments, PSUs, listed private sector companies, and corporations who maintain salary accounts can apply for SBI loan for two-wheelers.
- Self-employed or professionals who have maintained an SB/CA/time deposit for one year
- IT assesses who have maintained an SB/CA/time deposit for one year
- Applicants who own proprietary or partnership firms.
- Existing customers of SBI loans with satisfactory repayment history.
All the above criteria meet the eligibility of applying for a loan from the state bank of India for TVS Apache 160.
Apart from the eligibility criteria, some factors that affect your SBI loan application. There are multiple factors that banks consider before approving any two-wheeler loan. Let us look at the Two-wheeler Loan offered by State Bank of India (SBI) for TVS Apache 160.
Factors Affecting Two-wheeler Loan Application
- Income: The loan is also given to people with an annual income of Rs. 50,000. Thus, income is not a major factor when you apply for a two-wheeler loan.
- Location: the place where you live plays an important part in the SBI loan application for two-wheeler. It determines the minimum salary amount you are to be eligible for a two-wheeler loan.
- Employment: The better the rating of the company, the better the interest rate can be negotiated. Working for a reputed company could indicate to the lender you are in a stable job.
- Existing credit: If you already have another loan or credit card, it will be a factor in determining your loan amount and interest rate.
- Credit score: Credit score or CIBIL score is a credit score of repayment of the existing loans and credit cards. A credit score is not a major factor but if considered, a score of 750 is preferable. A regular repayment record can enhance chances to get a two-wheeler loan at the maximum amount with ease.
The SBI two-wheeler loan is now calculated based on the 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 Interest Rate for TVS Apache 160
The SBI Loan processing fees for two-wheelers or personal loans are different in the case of the standard SBI two-wheeler and the superbike loan. These are as follows: SBI two-wheeler loan 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 Two Wheeler Loan Processing Fees for TVS Apache 160
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.
The State Bank of India (SBI) two-wheeler loan EMI can be repaid in three ways.
Ways to Repay State Bank of India (SBI) Two-Wheeler Loan EMI
- Standing Instruction (SI): If you are an existing account holder with State Bank of India, standing instruction is the best mode of repayment of your bike loan. Your EMI amount will be debited automatically at a specified date.
- Electronic Clearing Service (ECS): This mode can be used if you don’t have an SBI account but you would like your EMIs to be debited automatically at the specified date of the month.
- Post-Dated Cheques (PDCs): You can also submit post-dated EMI cheques at your nearest State Bank of India Loan Centre. Note that Post Dated Cheques will be collected at non-ECS locations only.
Documentation Required for State Bank of India (SBI) two-wheeler loan application
- Loan application form duly signed
- 3 Passport size photographs
- Statement of Bank Account/ Pass Book for the last six months
- Proof of identify (photocopies of Voters ID card/ Passport/ Driving licence/ IT PAN card)
- Proof of residence (photocopies of recent Telephone Bills/ Electricity Bill)
- IT returns for the three years for self-employed professionals
- Form 16/IT returns for the last two financial years for salaried employees