Superbikes are highly desirable among many people in the country, especially among the youngsters who crave for speed and thrill. These bikes deliver incredibly high performance. Excellent quality features and specifications empower the bikers for high acceleration and speed with safe braking and cornering. Some of the prominent leaders in the bank industry that provide superbike loans include HDFC Bank, Axis Bank, the State Bank of India, YES Bank, and many more. Superbike loans are available at reasonable prices with competitive interest rates and low fees. Superbike loans typically have longer tenures of repayment as compared to standard two-wheeler loans.
State Bank of India (SBI) provides this loan to anybody who is interested in buying a bike with 500 ccs or higher engine displacement.
Features and benefits of SBI Superbike loan:
The applicant will receive 15% of the on-road cost of the Superbike as credit.
This Superbike loan is offered exclusively for buying new superbikes having an engine capacity of 500 ccs or higher.
The credit needs to be repaid within five years.
The interest rate for this loan is 3.65% above 1-year MCLR that is 11.60% per annum.
The processing charge for the credit is 2% of the loan amount plus GST. The minimum fee amount will be Rs.5,400 including GST. The maximum amount can be Rs.18000 including GST.
Eligibility criteria for SBI SuperBike loan:
Any salaried or self-employed or any applicant involved in agriculture and related activities is eligible for this loan.
The net annual income of the borrower or co-applicant should be Rs.6 lakh or higher in case of a salaried individual.
The net profit or taxable income of a self-employed applicant should be Rs.6 lakh or more.
For agriculturists, the minimum net income should be Rs.6 lakh which may include a salary of the co-applicant too.
Documentation required for SBI SuperBike loan:
Passport size photos
Proof of address with telephone bill, tax receipts, and electricity bill
PAN or Voters ID or Passport
Bank statement for the previous six months
Income Tax Returns
Most recent salary slips
Office address proof for self-employed individuals
HDFC bank has a fantastic superbike loan to help bikers in purchasing their dream bikes.
Features of Superbike loan from HDFC bank:
The applicant will be able to receive up to 85% of credit through this superbike loan to purchase the dream bike.
The applicant can enjoy savings of up to Rs.12,500 to avail this superbike loan.
The bank provides funding of up to Rs. 2 lakh for accessories.
The bank has the facility of doorstep documentation processes for this loan application. The applicant can submit the necessary documents at his/her doorstep itself by providing the required proof.
The applicant can also apply online for the HDFC Bank Superbike Loan.
Eligibility criteria for Superbike loan from HDFC bank:
A salaried employee, as well as a self-employed person, can get this loan.
Documentation required for HDFC bank Superbike loan:
Salaried employees need to submit the following documents while applying for this loan:
Latest bank statements
Salary slip for the last three months
Details of repayment
Self-employed individuals will need to submit the following documents:
Most recent bank statements
ITRs for the last two years
How to apply for Superbike Loan from HDFC Bank?
The HDFC Superbike loan can be applied on the official website of the bank by clicking 'Apply Online.'
Before applying, remember to check your eligibility by entering the details of your residence, type of home, date of birth, kind of loan, employment type, on-road costs, mobile number, and name.
After checking the eligibility details, apply online and complete the application with the submission of documents.
The Yes Bank SuperBike loan can be quickly paid through EMIs.
Features of SuperBike Loan:
The loan quantum ranges from Rs.1 lakh to Rs. 25 lakh.
The bank provides up to 85% of the on-road price as funding for the superbike.
The loan needs to be repaid within five years.
The documentation process for this loan is minimal and straightforward.
The bank will quickly disburse the loan.
The applicant can either apply online on the official website or can visit the branch directly.
The bank provides lucrative interest rates for superbike loans.
The maximum tenure is 60 months. The minimum mandate is one year.
Eligibility criteria for YES Bank Bike Loan:
The applicant should be a minimum of 18 years to apply for this loan.
Contact the customer care or visit the bank branch to know about the minimal income requirements.
You will also have to provide residential stability proof while applying for this loan.
Documentation for YES Bank Bike Loan:
Driving license, PAN card, Aadhaar, or passport for identity proof
Salary slips, income tax, ITR form, bank account statements