Diwali and Dhanteras are around the corner which means banks and companies will be providing the best offers on vehicles among other things. Those of you wanting to buy a new bike or scooter but don’t have the means to do so can now use SBI’s two-wheeler loan scheme to get it!
Scheme Name: SBI Two-Wheeler Loan Scheme
Purpose: The loan scheme can be used to purchase new two-wheeler that is: scooters/motorcycles/mopeds/ battery operated/ electric vehicles of reputed make (Registration with RTO is mandatory)
Loan to value of the vehicle: 85% of the on-road price of the vehicle
Age criteria: 21-57 years old
Minimum income criteria: Net monthly income Rs 12,500/-
Loan Amount: Minimum Rs 20,000/-, Maximum 3,00,000/-
Subject to maximum 4 times of Net Monthly Income and applicable EMI/NMI Ratio
Repayment Period: 36-48 Months.
Eligibility:
Loanees must have been salaried customers of the following categories:
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Existing salary package customer of our bank.
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Existing salaried customers of SBI bank and new bank customers.
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Professionals, self-employed, and other IT assesses
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Person engaged in agriculture and allied activities.
Documents Required:
The following papers are to be submitted along with the loan application:
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Statement of Bank account of the borrower for the last 6 months.
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2 Passport size photographs of borrower/guarantor (s).
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Signature verification from Bank’s record.
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A copy of passport /voter ID card/PAN card.
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Proof of residence by way of tax receipts, telephone bill, electricity bill, or any other document that comply with the regulatory and/or KYC requirements.
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Latest salary slip showing all deductions and TDS certificate-Form 16 in case of salaried persons.
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Copy of Income Tax Return for the last two financial years, duly acknowledged by ITO for professionals, self-employed, and others.IT Return is not mandatory in the case of agriculturists.
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Proof of official address for non-salaried individuals.
