SBI Two Wheeler Insurance

Hello sir I am here as I want to get the details of the SBI Two Wheeler Loan so will you please provide me the details??

[Pathak]

As per your demand here I am providing you details of the SBI Two Wheeler Loan

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

Eligibility
-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)-

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).

Repayment
You can repay the loan within 36 months.

Interest Rate: 8.60% above Base Rate i.e. 17.90% p.a.

Processing Fees:
1.25% of loan amount +ST
Min: Rs. 250+ST
Max: Rs. 500+ST