SBI Two Wheeler Loan

Features and Benefits of SBI 2 Wheeler Loan:

  • This loan can be availed to buy new two wheelers like scooter, motorbike, moped, battery operated two wheelers.
  • Advance EMI is not required
  • Affordable and low EMI and interest rates
  • 85% of on road price of the two wheeler is provided as LTV
  • The bank provides flexibility in payment of EMI. This can be done any time during the month.
  • There is an optional SBI life cover which borrowers can choose to avail
  • Accidental insurance cover is provided for free.
  • If the loan is availed by a salaried individual, then the maximum loan amount is restricted to 6 times of the borrower’s Net Monthly Income.
  • If the borrower is not a salaried individual then the maximum loan amount is restricted to half of Net Annual Income of the borrower.
  • For agriculturists, the net annual income should be decided depending on the nature of their activity like farming, dairy, poultry, orchards, land holding, cropping pattern, yield, etc.
  • The repayment period of the loan is a maximum of 36 months.
  • The loan margin provided is 15% of the on the road price of the vehicle. This also includes vehicle registration charges, insurance, one-time road tax.