About State Bank of India
The State Bank of India commonly referred to as SBI, along with its Associates, the State Bank of Bikaner and Jaipur, the State Bank of Patiala, etc. accounts for an estimated 60% of all banking transactions that take place across the country. The history of SBI dates back to the British Rule of India and it became a nationalized entity in the 1955 through an Act of Parliament. Due to its or its associate bank’s presence no matter what part of the country you are in, it is a household name and well recognized not just in India but also around the world. Some of the key international branches of The State Bank of India include but are not limited to those located in Sri Lanka, New York, Chicago, Los Angeles, Sydney, The Bahamas, Bahrain, Frankfurt, Toronto, London and Paris.
The diverse range of services offered by the State Bank of India to its customers includes credit card services under the SBI Cards Brand, insurance services under SBI Life and SBI General Insurance. In terms of banking services, SBI and its associates provide complete range of banking services including but not limited to savings, current, NRE/NRO accounts, international banking, rural and agri-banking and loans ranging from home loan to 2-wheeler loan.
Need for 2 Wheeler Loans
In India, two-wheelers are more than just a commuting choice; they are in many cases a necessity. Especially due to poor and mostly overcrowded public transport in most major cities, owning a two-wheeler has become a necessity for Indians. In many ways, a two-wheel transport is a greener as well as cheaper alternative to owning a car or hiring a cab in fact in some parts of India, commuting using a motorcycle or scooter is even cheaper than using public transport.
But it is not just big cities where 2 wheelers are the norm, a major chunk of 2 wheeler sales in India in fact occur in the rural areas, where narrower and roads make using a motor cycle/scooter the preferred transportation option. However, with rising prices, 2 wheelers are still an expensive proposition for certain sections of Indian society. It is for these economically weaker sections and for young individuals who are just starting out on their job that 2 wheeler loans are marketed by Banks and NBFCs across India including SBI.
Purpose of SBI 2 Wheeler Loan
State Bank of India’s 2 wheeler loan is designed to help individuals all over India purchase a new motorcycle or scooter of their choice with minimum hassle. Apart from scooter/motorcycle other 2 wheeled transport including moped and battery-operated vehicles.