Two wheeler loan for student

[sawm]

Is it possiblee to get two wheeler loan by students?

Hello sir, after completing school I want to get admission in college. For travelling from home to college campus I want to take loan two wheeler from bank. What eligibility should be requiring for two wheeler loan from bank?

[Kiran Chandar]

According to SBI bank Two wheeler loan from SBI cannot be availed by minor (Age below 18 Years), it means age of loan seeker must be more than 18 years.

If your age should be more then 18 then you can apply for loan application.

Eligibility at SBI bank:

Candidates 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 for two wheeler loan:

3 years Income tax return
Copy of last six months bank account statement
Address Proof
ID proof
Other relevant documents as required by SBI for two-wheeler loan to Students.

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.

Different bank provides two wheeler loans:

State Bank of India: INR 75,000
Canara Bank: INR 1, 44,000
Punjab National Bank: INR 1, 20,000
Bank of Maharashtra: INR 3, 00,000
Dena Bank: INR 1, 00,000