Usually, most of us would have bought a two-wheeler first before purchasing the car, as it provides both convenience and versatility. Whether it is a utilitarian scooter or a daredevil bike, Karur Vysya Bank (KVB) helps its customers in attaining their dream two-wheeler through a two-wheeler loan.Negligible documentation and variable options of repayment make this loan an excellent choice for buying two-wheeler of your dream.
Features of Karur Vysya Bank Bike Loan
Some of the highlights of KVB's two-wheeler loans are mentioned below:
1. The credit is defrayed to the account of the borrower directly through online banking or demand draft.
2. The tenure of loan repayment is maximum up to 36 months.
3. The EMIs on loan are affordable due to reasonable interest rates.
4. In KVB's two-wheeler loan, providing collateral security and third-party guarantee are not obligatory.
5. The bank also offers vehicle insurance to the borrowers if they need it.
Eligibility Criteria of Two-Wheeler Loan
The following are the eligibility terms applied in the two-wheeler loan from Karur Vysya Bank:
1. Any individual with a substantial income can apply for the loan.
2. The net salary of the applicant after deduction of the installments should not be less than 25% of the total revenue.
3. Sanctioning of the bike loan is also dependent on the following aspects:
a. Credit-worthiness from credit score
b. The integrity of the applicant with the bank
c. Repayment capacity of the customer
MCLR and Rates of Interest:
The interest rate of the two-wheeler loan is 15.4% (floating rate).