Two-wheelers are popular with Indians due to their convenience and affordable cost, deranged infrastructure, and the traffic on roads. But not everyone can afford a two-wheeler or look at financing it by themselves. To meet the needs of such customers, Central Bank of India is offering two-wheeler loans at reasonable rates of interest. It is a leading public sector bank and headquartered in Mumbai. The bank is renowned for its quick loan disbursal.
Features & Benefits of Bike Loan
1. Purpose of Loan:
A two-wheeler loan is available for personal use of any individual and not for renting it out.
2. Quantum of credit for two-wheeler loan:
The applicant can avail a loan of up to Rs. 10 lakhs.
The loan will be authorized on the road price ( which includes the cost of the bike/ two-wheeler + registration fees + two-wheeler insurance + road tax).
The bank will not bear any extra figures for the loan.
The bank can give a loan amount of up to Rs. 20 lakh
4. Rates of Interest:
Central Bank of India gives two-wheeler loans with floating fixed rates of interest.
Two Wheelers BR + 0.40%
Hypothecation of two-wheeler bought as security is done in the bank. The fee charged by the bank on hypothecation must be recorded with the concerned authorities of the Regional Transport Office.
6. Repayment Tenure:
The applicant can take up to 60 months for repayment of the loan.
Eligibility Criteria of Two-Wheeler Loan
1. The applicant should be the age of 18 years and above and not older than 65 years.
2. The applicant must have a stable source of income. They could be permanent salaried workers, entrepreneurs, self-employed, freelancers or independent professionals.
3. The minimum salary of an applicant on an annual basis should be Rs. 1.2 Lacs.
4. Even non-resident Indians can apply for a CBI two-wheeler Loan.
5. The agriculturalists who are engaged in the production of vegetables, grains, and other agriculturally related activities can also apply for this loan.
6. The company, proprietorship firm, partnership organization as well as societies and trusts can also avail this loan or the employees working with them can apply for a loan through them.
Documentation for Two-Wheeler Loan
1. Identity Proof such as Voter ID, Aadhaar Card, Driver's License, and Passport.
2. Photocopy of your address proof such as ID card, rental or lease agreement, and ration card.
3. Income proof papers such as bank statements, salary slips, and ITR.