Do you reside in a place from where using public transport is not an option and you have to deplete your pockets for hailing cabs? Syndicate Bank provides you with easy two wheeler loans to finance a scooter that will make your commute hassle-free. Syndicate Bank is one of the premier public-sector banks in the country that dispenses two-wheeler loans along with other financial products. The loans from Syndicate Bank can be repaid in easy installments, and are open to the public at competitive interest rates.
Pros of Syndicate Bank Two Wheeler Loan
The following features put Syndicate Bank Two Wheeler Loan at a premier position in the auto loans market:
1. High Quantum of Credit:
The bank provides up to 95% of the road price of the vehicle with insurance, and covers road-tax registration charges and the cost of accessories for up to Rs.500. It also offers the loan amount as six times the gross salary of the applicant.
2. Simple Eligibility Criteria:
The applicant with a minimum annual income of Rs.50,000 is eligible to apply for the 'SyndVahan' two-wheeler loan provided by the bank. It is open for salaried and self-employed people as well.
3. Reasonable Rates of Interest:
The interest rates are connected with the base rates. For two-wheeler loans, the rate of interest is BR+2% per annum which is compounded on a monthly basis.
4.Versatile Repayment Options:
The applicant can decide on up to 60 EMIs for loan repayment based on the vehicle type and age of the vehicle.
Eligibility of Two Wheeler Loan for Syndicate Bank
The applicant with at least a yearly income of Rs.0.5 lakh per annum
Societies, agriculturists, directors, employees of corporations, partnership firms, proprietorship, trusts, and legal entities excluding HUF are eligible to apply for the loan.
Documentation Required for Syndicate Bank Two-Wheeler Loan
Following are the documents required for submission depending on the source of income and employment status of the applicant:
Passport size photographs with the filled application form.
Identity and Address Proof.
Salaried borrowers need to submit the salary slips for previous three months.
Self-employed borrowers must present the latest IT return statements.
Note: Enquire with the bank about the documents while applying.
Q1. Is it viable to buy a second-hand two-wheeler through 'SyndVahan' loan?
No, this loan is provided only for the purchase of a new vehicle.
Q2. Will I be charged a service fee for the two-wheeler loan provided by the bank?
Yes, it will be charged as required for Syndicate Bank two-wheeler loans.
Q3. Where I can get more details about Syndicate Bank two wheeler loan?
To know more on'SyndVahan,' please refer to the bank's website or contact the nearest branch for further details.