Federal bank caters to the needs of all of its customers by offering a flexible two-wheeler loan.
Features & Benefits of Federal Bank Two-Wheeler Loan
1. lesser burden of EMIs (Equated Monthly Installments).
2. Reduced interest rates.
3. The applicant has the choice of opting for a longer loan settlement tenure.
4. Quick disbursal of the loan
5. The bank has a transparent system with no veiled charges.
6. The objective of Loan:
The two-wheeler loan from Federal Bank can be availed for purchasing new two-wheelers for own use of the customer.
7. Tenure of Repayment:
The applicant can take up to 48 months of tenure to settle the entire loan.
8. Processing Fee:
The Federal bank levies 50% of the sanctioned loan amount or Rs. 500 (whichever is more).
9. 2% of overdue EMI if the borrower delayed the payment for more than a month.
Eligibility Criteria of Federal Bank Bike Loan
1. The applicant should be at least 18 years old and a maximum of 65 years old.
2. The applicant should have a sturdy income. He or she can be a permanent salaried employee, entrepreneur, self-employed, freelance professional, or any independent professional.
3. The borrower can also avail the loan on behalf of a company, partnership organization, proprietorship, as well as trust and societies.
Documentation Required for Federal Federal Bank Two- Wheeler Loan
The KYC documents of applicants such as ID and address proof.
Latest passport size photo (along with the co-applicant if any)
Proof of entrepreneurship:
Income documents such as salary slips, bank statements, IT Return Papers.
Business people also need to audit balance sheet, P&L statements as well as Tax Paid Challans.
If you are an NRI, you will be required to provide the employment certificate, embassy attested papers, as well as two years of NRI Account Statement.