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SBI Two Wheeler Loan Interest Rates

Home State Bank of India SBI Two Wheeler Loan SBI Two Wheeler Loan Interest Rates
Updated: 21-05-2024 14:07:13 PM

State Bank of India offers two kinds of loans for the purchase of two-wheelers. Following are the interest rates at which these loans are offered:

  •  For Super Bike Loan Scheme it is 1 year MCLR + 3.65% = 11.65% per annum
  •  For Two wheeler Loan Scheme it is 1 year MCLR + 9.25% = 17.25% per annum
Benefits and Features of SBI 2-Wheeler Loan
Frequently Asked Questions( FAQs)
Benefits and Features of SBI 2-Wheeler Loan

The following are some of the features and benefits of SBI two wheeler loans which you must be aware of before availing for the loan:

  • SBI two wheeler loan comes with one of the lowest interest rates in India.
  • It gives you the liberty to avail flexible repayment options, wherein the EMI can be paid on any day of the month.
  • You need not pay EMI in advance if you wish to avail this facility.
  • SBI two wheeler loans are sanctioned with low processing fees of about 1%.
  • You also get a complimentary accidental insurance through SBI General Insurance.
  • An applicant of SBI Two Wheeler loan can avail SBI Life managed life insurance scheme at discounted rates.
  • You can opt for repayment tenure of up to 60 months or 5 years according to your suitability.
  • The low interest rates of SBI two wheeler loans correspond to low EMIs for the applicants.
  • Up to 85% financing is offered for the on-road price of the two-wheeler you intend to buy with the loan.
  • Daily reducing balance methodology is used for calculating interest of the two wheeler loan.
  • There is a cap on the loan amount that can be sanctioned to both salaried and self-employed individuals.
    • For salaried individuals it cannot be more than 6 times of their monthly salary. Monthly salary here refers to the net pay in hand which they get after all the tax deductions.
    • For self-employed individuals, it cannot be more than 50% of the net annual income. This amount is considered in accordance to the latest IT returns filed by the applicant.
  • SBI offers a special super bike loan scheme for purchase of high end bikes above 500 cc. Since these bikes are expensive, the eligibility criteria to avail this loan are different.
    • A salaried individual should have a net annual salary of Rs. 6 lakhs per annum. This criterion must be met by either the sole income of the applicant or the joint income of the co-applicants in order to qualify for this scheme.
    • For self employed individuals, the gross annual profit according to the latest IT returns filed, should be in excess of Rs. 6 lakhs after all the tax deductions and liable dues.
    • For agriculturists as well, the net annual profit should be more than Rs. 6 lakhs.
  • While this is not compulsory, the bank may ask for security before extending two wheeler loan to you according to the applicable rules and regulations which may change
Frequently Asked Questions( FAQs)

Q. How is the income calculated for agriculturists?

Ans.For anyone who derive their income through agriculture, SBI considers land holdings of the applicant, average income according to the demographic of the area, cropping pattern, crop yield data and type of agricultural activity for the purpose of income calculation.

Q. Does SBI offer any special scheme for the purchase of high end bikes wit enginecapacity above 500 cc?

Ans. Yes, State Bank of India offers a special super bike loan scheme for purchase of high end bikes.

Q. Is there any processing fee for SBI two wheeler loans?

Ans. Yes, SBI charges processing fee on the two wheeler loan it offers.

  • For a regular two-wheeler, it is 1.5% of the loan amount apart from additional service charges and ranges from Rs. 250 to Rs. 500.
  • For the super bike loan, the processing fee charged is 2% of the loan amount. There are caps for minimum and maximum processing fee for availing this superbike loan, the minimum limit is of Rs. 5400 while the maximum is of Rs. 17,800.

Q. Does SBI offer any sort of insurance coverage with the two wheeler loan?

Ans. Yes, if you opt for SBI two-wheeler loans, you are offered free of cost accidental insurance coverage from SBI general insurance.

Q. What is the maximum repayment tenure one can opt for in this loan?

Ans. You can opt for repayment tenure up to 60 months or 5 years.

Q. What is the minimum age requirement to take this loan?

As. You must be minimum 21 years old to avail for this loan.

Q. Can I take a SBI two wheeler loan if I am 70 years old?

Ans. No, the maximum age limit for availing a SBI two-wheeler loan is 65 years. Anyone who is older than 65 years cannot avail this loan.

Q. How can I take a SBI super bike loan if my net annual income is less than Rs. 6 lakhs?

Ans. If your net annual income is less than Rs. 6 lakhs, you can apply for the loan jointly so that your total income along with that of the co-applicants meets the criterion.

Q. What are the ways to apply for a SBI two wheeler loan?

Ans. You can apply for a SBO two-wheeler loan either online or offline. You can either visit the official SBI website or any one of the SBI branches to get the procedure started.

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