SBI Two-Wheeler Loan Scheme: Get Vehicle Loan up to Rs 3 Lakh This Diwali!

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:

• Existing salary package customer of our bank.

• Existing salaried customers of SBI bank and new bank customers.

• Professionals, self-employed, and other IT assesses

• Person engaged in agriculture and allied activities.

Documents Required:

The following papers are to be submitted along with the loan application:

• Statement of Bank account of the borrower for the last 6 months.

• 2 Passport size photographs of borrower/guarantor (s).

• Signature verification from Bank’s record.

• A copy of passport /voter ID card/PAN card.

• 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.

• Latest salary slip showing all deductions and TDS certificate-Form 16 in case of salaried persons.

• 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.

• Proof of official address for non-salaried individuals.