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State Bank of India - Two Wheeler Loan Bangalore

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State Bank of India welcomes you to explore the world of premier bank in India.

In this section, you can access detailed information on Overview of the Bank, Technology Upgradation in the Bank, Board of Directors, Financial Results and Shareholder Info.

The Bank is actively involved since 1973 in non-profit activity called Community Services Banking. All our branches and administrative offices throughout the country sponsor and participate in large number of welfare activities and social causes. Our business is more than banking because we touch the lives of people anywhere in many ways.

Our commitment to nation-building is complete & comprehensive.
Loan Details

SBI provide the best Two- Wheeler loan scheme for you to take a loan for purchase of new Two- Wheeler.
SBI offers you
• 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
• Low processing fee (only 1.22% of loan amount)
• Free Accidental insurance
• Optional SBI Life cover.

Two Wheeler Loan:
The Scheme

Purpose

To provide finance for purchase of new Two-wheelers viz. scooter/motor cycle/ moped/battery-operated vehicles.

Eligibility

To avail an SBI Car Loan, you should be
  • Individual between the age of 21-65 years of age.
  • A Permanent employee of State / Central Government, Public Sector Undertaking, Private company or a reputed establishment or
  • A Professionals 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)
  • Salient Features

    Loan Amount

    • For salaried persons, the maximum loan amount is restricted to 6 time’s Net Monthly Income (NMI), i.e. net of all deductions including actual monthly tax deductions at source.
    • In case of others, the maximum loan amount is restricted to half of Net Annual Income (NAI), i.e. income as per latest income tax return filed less taxes payable.
    • For agriculturists, the net annual income should be arrived based on the nature of their activity (i.e. farming, dairy poultry, orchards, etc) land holding, cropping pattern, yield, etc., and average level of income derived there from in the area.

    Documents Required The following papers are to be submitted along with loan application
    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.

    Margin

    15% of the on the road price (which includes vehicle registration charges, insurance, one-time road tax).

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