Having a two-wheeler is convenient, as it enables people to travel at their own time and convenience. However, if a person is concerned about the expense incurred during the purchase of a vehicle, then opting for a two-wheeler loan from Corporation Bank is the solution. This loan is loaded with many features and advantages.
High service standards, innovative benefits, and affordable interest rates make Corporation Bank one of the most preferred players when it comes to bike loans.
Features of Corporation Bank Two-Wheeler Loan
Following are the advantages offered by the two-wheeler loan from Corporation Bank which makes it one of the most popular loan products for the purchase of a two-wheeler.
The loan will cover the entire cost of the two-wheeler with accessories, insurance charges, registration charges, and road tax.
This loan can also be availed for buying used two-wheelers (which should not be older than three years from the date of registration)
It provides a quantum of high credit for up to Rs.1 lakh per vehicle.
A margin of 40% is levied for Corporation Bank bike loan in case of second-hand vehicles.
No prepayment charges are levied which means the customer gets more flexibility and can close the loan without any second thought if he wants to.
The loan repayment tenure for two-wheeler loan is 36 months.
Eligibility for Corporation Bank Two Wheeler Loan
Individuals, people in business, NRIs, partnership firms, sole proprietorship, salaried customers, companies, HUFs, trusts, and other institutions are eligible for this loan.
The net salary of the applicant should be at least Rs. 50,000 on an annual basis.
To supplement the repayment, the immediate relatives may also join as co-borrowers. Depreciation and cash accruals can be added to the income.
Applicant and co-applicant should be established in the service in case of salaried borrowers.
In case of trust/firm/companies, partners, trustees, and directors who have a regular, independent source of income can also join as co-applicants to boost the repayment capacity.
Documentation for Corporation Bank Bike Loan
The documents required for a two-wheeler loan from Corporation Bank are decided based on the class of applicant and the income source. Here are some of the underlying documents for which the bank will ask during the application process:
Filled application form with photographs
Identity proof and address proof ( such as PAN card, passport, voter ID)
Salary slips from last three months and income tax return statements if the applicant is employed.
Bank account statements of the previous three months.
Salary slip or Form 16 for salaried applicants.
For self-employed applicants documents such as employment stability proof, business stability proof, and proof of ownership will be required.
To know more about the complete list of documents required for the application process, do enquire with Corporation Bank either through customer care or at a branch.
Interest Rates of Corporation Bank
||Base Rate + Spread
||Rate of Interest
||Up to 3 years of repayment tenure
||BR + 3.50
Q1. Will I incur any processing charges while applying for a Corporation Bank Two-Wheeler Loan?
Yes, a nominal processing fee would be levied.
Q2. Will I be charged any penalty on prepayment if I choose to repay my loan in advance?
No prepayment penalty is levied for the foreclosure of two-wheeler loan from the Corporation Bank.
Q3. What security do I need to place to avail the two-wheeler loan?
Hypothecation of the prescribed vehicle as the security needs to be placed for the bank to avail two-wheeler loan. Guarantee from a third party is optional.
Q4. Is the rate of interest fixed for the two-wheeler loan?
No, the interest rate is floating and connected to the base rate.