SBI TWO-WHEELER LOAN SCHEME

Parameters
Response and Scheme Details

Scheme

SBI TWO-WHEELER LOAN SCHEME

Purpose

Purchase of new two-wheelers viz. Scooter, Motorcycle, Moped, Battery operated two-wheelers of reputed make

Margin required

25% of “On Road Price” of the vehicle

Age Criteria

Age of the applicant should be between 21-65 years.

Eligible Customers

Existing SBI customers under the following categories :

i. Permanent employees of State/ Central Govt, PSUs, Corporations, and Listed Pvt Sector companies maintaining salary accounts.

ii. Professionals/ self-employed & other IT assesses maintaining SB/CA/Time Deposit with satisfactory conduct for minimum 1 year.

iii. Persons engaged in Agriculture with SB/CA/Time Deposit maintaining satisfactory conduct for minimum 1 year.

iv. Existing borrower customers with satisfactory repayment history may be considered selectively.

Loans will be sanctioned at home branches only.

Minimum Income Criteria

Min. NMI Rs. 12,500/- and Min. NAI Rs. 1,50,000/-

Maximum loan amount

Min Rs.30,000/-, Max : < Rs.2.50 lacs
(For Loan Amount > 2.50 lacs Super Bike Scheme)

For salaried: The maximum loan amount that can be granted would be restricted to 6 times the net monthly income of salaried persons (i.e., net of all deductions including actual monthly tax deductions at source).

For others: The maximum loan amount that can be granted would be restricted to 50% of the net annual income as per ITR after netting off depreciation and repayment of all existing loans

Repayment period

Maximum up to 3 years

Documents required

The following papers are to be submitted along with loan application:

i) Statement of Bank account of the borrower for last 6 months.

ii) 2 Passport size photographs of borrower/guarantor (s).

iii) Signature verification from Bank’s record.

iv) A copy of passport /voters ID card/PAN card.

v) Proof of residence by way of tax receipts, telephone bill, electricity bill or any other document that comply with the regulatory and/or KYC requirements.

vi) Latest salary-slip showing all deductions and TDS certificate-Form 16 in case of salaried persons.

vii) Copy of Income Tax Return for last two financial years, duly acknowledged by ITO for professionals, self-employed and others.IT Return is not mandatory in case of agriculturists.

viii) Proof of official address for non-salaried individuals.