State Bank of India Scooter Loan

Hello sir, I am Tushar Khurana. I am from Mumbai. I want you to help me by providing me some information about the State Bank of India scooter loan. Give me some details about the loan features, eligibility and documents required.

[Raman Vij]

As you have asked about the State Bank of India scooter loan, I am giving you some information about it

SBI provide the Two- Wheeler loan scheme for you 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;

Eligibility

To avail an SBI Two Wheeler 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
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)-

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

Repayment
You can repay the loan within 36 months.