SBI Insurance Wheeler Loan Lowest Interest Rate EMI Calculator Eligibility Get SBI Bank Two Wheeler Loan State Bank of India (SBI) is the largest PSU bank in India. It provides two wheeler loan and superbike loan to its customers. Interest rates start at 16.25% per annum. For Two Wheeler Loan Lite scheme and 10.25% p.a. respectively for Super Bike Loan Scheme. Maximum loan amount for two wheeler loan is Rs. 2.5 lakhs, with loan repayment tenure of 3 years. The minimum loan amount for Superbike loan is Rs 2.5 lakh and the loan repayment tenure goes up to 5 years.
Features and Benefits of SBI Two-Wheeler Loan
- Can be used to buy any type of new two wheeler
- Minimum Documents Required
- Super bike loan applicants get up to 90% funding if they are SBI Salary Package/Dhan/HNI customers
Two wheeler loan is a daily necessity and it has become an important part of our life. Many people have to travel to different places, and for that they need bikes, because time is essential for all of us.
Most college-going students need a motorcycle, as sometimes buses are not available during college hours. Here are the loans provided by SBI to buy two wheelers at affordable prices and easy process.
- Take advantage of extremely low processing fees.
- quick disbursement of loan amount
- Flexible EMI payment options on any day of the month.
- Attractive Two Wheeler Interest Rate
- Easy repayment and prepayment methods
SBI Two Wheeler Loan Interest Rate
- Interest Rate16.25% p.a. onwards 10.25% p.a. onwards
- Maximum Loan Amount Rs.2.5 lakh No upper limit
- Minimum Loan Amount Rs.30,000 Rs.2.5 lakh
- Minimum Income Requirement Rs.1.5 lakh Rs.2.5 lakh
- Repayment Period Up to 3 years Up to 5 years
- Processing Fee & Prepayment Charges 2% of the loan amount plus taxes 1% of the loan amount plus taxes
SBI Two-Wheeler Loan EMI Calculator
It is helpful to get a clear picture of what your equated monthly installment will be before taking a loan. This will help you plan your finances and budget better, ensuring that your EMI is an amount
You can pay it back in a regular and stress free manner. You can get a detailed amortization table through an online Two Wheeler Loan EMI calculator. All you have to do is enter the relevant data in the required fields or adjust the slider to reflect the correct data,
Which will include your desired loan amount, the interest rate offered, as well as your desired loan repayment tenure. The exact EMI you need to pay based on the given factors will be instantly displayed on the same page, making it easy for you to plan your budget and expenses. It will be easier to calculate.
How to Get Two Wheeler Loan
Choose a Two-Wheeler Loan
Choose the two-wheeler loan form and brand that best suits your needs. If you want anything more than a normal bike then SBI Bank offers Super Bike Loan.
When you apply online, the bank will send a representative to your home to complete the paperwork, so you don’t have to wait in long lines.
You will save up to Rs. As a result 12,500.
But this is not the end of the destination. There are many benefits of SBI Bank two-wheeler loan.
The interest rate for SBI bank account holders is as low as 2%.
You can choose from a repayment tenure of 12 months to 48 months.
Your loan will be approved instantly, which means you won’t have to wait long to get the vehicle of your dreams.
In less than two minutes, you can confirm your loan eligibility. Before starting your loan application, check your eligibility for a two wheeler loan by following these simple steps.
Eligibility requirements are listed here, and they include the applicant’s minimum gross income, age limit, and residency status, among other things.
If you already have an SBI Bank account then you can log in using your customer ID and verification code. If you don’t have a verification code, you can always log in with your phone number and the verification code sent to your phone.
For SBI Bank account holders, a pop-up window may appear informing them about the possible loan amount and tenure option. In most cases, you will borrow up to six times your annual income. You can choose to ignore this option if it doesn’t meet your needs.
Calculate EMI on your two wheeler loan
After the eligibility review, you will know how much and for how long you will have to pay the EMI on your loan.
SBI Bank Two Wheeler Loan EMI calculator can be found here.
Fill in your personal and financial details, as well as the vehicle model and estimated cost.
Make necessary changes to get the best EMI.
Online applications are accepted. After completing your studies, visit the SBI Bank Two Wheeler Loan website and fill up an application. You will be expected to provide personal and financial information. You will also need to include information about the car, such as the RTO, dealer name and on-road price.
You will know the status of your two-wheeler loan application within 15 minutes as the entire approval process is digital. Submit Documents The reporting process at SBI Bank is the simplest and most straightforward.
Factors Affecting Two Wheeler Loan Application
On a scale of 900, credit rating agencies assign you a grade, with more than 750 considered satisfactory. Your credit score helps the lender determine your creditworthiness and whether you are a responsible borrower. Make sure you have a good credit score before applying for a low-interest bike loan. This will show the lender that you are capable of repaying the loan.
Most financial institutions will lend you up to 85% of the current on-road price of the vehicle. Simply put, the bigger the loan, the more expensive your bike will be. As a result, the interest rate will also increase. You can easily calculate your monthly payments with Bike Loan.
A lender may charge you a higher interest rate to justify the risk and cover your losses in the event of a default. Consequently, if you want a lower interest rate, go for a shorter term loan. When you take your two wheeler home, you can use the bike loan EMI calculator to find out how much you will need to pay per month.
Depending on whether you pay a higher or lower interest rate, the loan amount you can apply may vary depending on the dealership location. As a result, if you are looking for a bike loan with a lower interest rate, do your research and choose a bike dealership with a slightly lower price.
Secured Vs Unsecured Loans
You will have the option to choose between two types of loans or just one, depending on the lender. Also, interest rates vary depending on the type of loan you choose. Unsecured loans have on average higher interest rates than secured loans because the former is riskier.