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10th May 2016, 11:21 AM
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Join Date: Aug 2012
Re: SBI 2 Wheeler Loan

State Bank of India has a variety of schemes under Personal Finance to satisfy varying needs of the banking public. The Bank offers the following schemes with attractive rates of interest.

It provides the Two- Wheeler loan scheme to take a loan for purchase of new Two- Wheeler.

SBI offers:
• No Advance EMI;
• Lowest 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;

The Scheme

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

Eligibility
One should be:

• 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 assesses or
• Individual between the age of 21-65 years
• Person engaged in Agricultural 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
• 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 salaried persons, the maximum loan amount is restricted to 6 times Net Monthly Income (NMI), i.e. net of all deductions including actual monthly tax deductions at source.
• 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:
• 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
• Proof of residence.
• Latest salary-slip showing all deductions and TDS certificate-Form 16 in case of salaried persons
• 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.

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

Repayment
You can repay the loan within 36 months.


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