The South Indian Bank is an established public-sector bank, and it always focused firmly on rural empowerment. The financial products and services of the bank include vehicle loans which are designed to cater to all their customers, especially mobility for farmers.
South Indian Two Wheeler Loan is categorized mainly into six types, based on the classification of the target group. They are:
1. Mobi Loan (Salaried Group) - Employees of MNCs, State and Central Government, IT Firms or any other registered organization.
2. Mobi Loan (Business Group) - It includes self-employed people and business men and women.
3. Mobi Loan (Next Generation) - It consists of young professionals with a steady income of Rs. 60,000 per month.
4. Mobi Loan (NRI) - The NRIs can avail this loan either alone or together with another NRI or Indian resident spouse.
5. Mobi Loan (Agriculturist) - People whose primary source of income is farming or other allied activities.
6. Mobi Loan (Senior Citizen/ Pensioner) - The pensioners or high net worth individuals without the pension.
1. The objective of the loan:
To buy a new two-wheeler or bike.
To refund the payment of the loan within three months from the day of buying it.
To buy an old motorcycle or bike.
2. Loan amount:
The minimum two wheeler loan amount that the bank gives is Rs. 50,000. There is no maximum limit for the loan amount.
3. The margin on the loan:
It is 5 to 15% for new two-wheelers and 25% for used ones.
4. Repayment Tenure:
The applicant can take up to five years of loan period entirely. But the applicant will be allowed for seven years of tenure with 100% collateral security.
The collateral for the loan could be deposit, property, gold, NSC, or Life Insurance Policy.
In case there is no collateral security, a guarantor will be required. The net worth of the participants should be double than the loan amount.
If the borrower is married, the spouse can be the co-applicant.
1. The applicant should be 18 years old and must have a valid driving license.
2. The age of the borrower should not exceed 75 years, during the repayment tenure end.
1. Photocopy of the ID Proof such as driver's License, Voter ID Card, Aadhaar Card and passport.
2. Photocopy of the residence proof such as Aadhaar Card, rental/ lease agreement or ration card.
3. Income proof such as bank statements, salary slips, and IT Return statements.
|Type of Two-Wheeler Loan||Interest Rate|
|Mobi loan (Agriculture)||BR + 0.30 percent|
|Mobi loan (Salaried )||BR + 0.55 percent|
|Mobi loan (Business)||BR + 0.80 percent|
|Mobi loan with 100 percent collateral||BR + 0.30 percent|
There is no inspection and documentation fee imposed by the bank. But the processing fee is 0.25% of the sanctioned loan amount or Rs. 5000.
There is no penalty imposed for prepayment.