Latest Update as on 01 September 2020: No EMI’s for 6 Months as per RBI. Your CIBIL Score will also not be impacted by this EMI waiver on your Personal / home/car loans. so your credit report will not take hit also but if you don’t pay interest will increase.
SBI provide the best Two- Wheeler loan scheme for you to take a loan for purchase of new Two- Wheeler.
SBI two wheeler loan details
|Interest Rates||11.35% – 17.15%|
|Processing Fees||Upto Rs.1500/- + GST|
|Pre payment Charges||Nil|
|Min. Income||Rs.12500 per month|
|Loan Repayment||1 to 3 years|
SBI Bike Loan Interest Rates 2020
Rate of Interest
SBI Two wheeler loan
Super Bike Loan Scheme
SBI offers Best in Class Two wheeler Loans in India:
- No Advance EMI
- Lower interest rates Lowest EMI
- LTV 85% of ‘On Road Price’ of vehicle
- Interest Calculated on Daily Reducing Balance
- Flexibility of payment of EMI anytime during the month
- Free Accidental insurance
- Optional SBI Life cover
SBI SUPER BIKE LOAN SCHEME
Net Income of Applicant should be above Rs.6 Lacs for Super Bike Loans – Salaried, self employed, professionals, business mans & Agriculturist.
✓ 1.22% of Loan amount for Normal Bike Loans
✓ Super Bike Loans – 2.00% of the loan amount subject to minimum of Rs. 6,000/- and maximum of Rs. 20,000/-
Repayment: 36 Months in Normal Bike loans & Upto 5 Years in Super Bikes
Margin: 15% of the on the road price (which includes vehicle registration charges, insurance, one-time road tax)..
Documents Required for SBI Two Wheeler Loan
- Statement of Bank account of the borrower for last 12 months.
- 2 passport size photographs of borrower(s).
- Signature identification from bankers of borrower(s).
- A copy of passport /voters ID card/PAN card.
- Proof of residence.
- Latest salary-slip showing all deductions and TDS certificate-Form 16 in case of salaried persons
- Copy of Income Tax Return for last two financial years, duly acknowledged by ITO for professionals, self-employed and others.
- Proof of official address for non-salaried individuals.
what is the Eligibility Criteria for SBI 2 Wheeler Loan?
- An Individual between the age of 21 to 65 years.
- A Permanent employee of State / Central Government, Public Sector Undertaking, Private company or a reputed establishment or
- A Professional or self-employed individual who is an income tax assessee or
- A Person engaged in agriculture and allied activities.
- Minimum Net Annual Income Rs. 75,000 (for regular petrol/diesel/gas operated scooters & motor cycles) and Rs. 60,000 (mopeds and battery-operated Two-wheelers).
SBI 2 Wheeler Loan EMI Calculator
Enter the following information in the below EMI calculator:
✓ Principal loan amount you wish to avail (rupees)
✓ Loan term (months or years)
✓ Rate of interest (percentage)
EMI Calculation for SBI Two Wheeler Loan as per Loan Tenure Period
Check how much EMI you have to pay for Bike/Scooter loan per month – below calculated emi’s for 50000 loan for 9, 12,18,24,30 & 36 months respectively.
|Loan Amount||Repayment Time||Interest Rate||EMI Per Month|
Now you have to just multiply your loan amount with EMI per Month
Example – You opt 45000 Loan amount for 2 Year so your emi calculation will be Rs.2244.41
In person at any SBI Bank Loan Center or via Branch directly.
Other Products of State Bank of India:
Source: State Bank of India Website.