Two Wheeler Loan

Purpose of Loans:

1. For purchase of two-wheeler
2. Electric two-wheeler - Registered with RTO and with motor capacity of 250W and above.

Limits of Loans:

1. Maximum up to 20 lakh

Eligibility:

1. Salaried persons with confirmed service of minimum one year
2. other than salaried having regular source of income

Basis of Advance:

1. 80% of the on-road cost of two-wheeler
2. 25 times of the Avg net take home salary / 3 times Avg Gross cash accruals or

Repayment Period:

1. Maximum 60 months

Rate of Interest : Fixed (W.E.F 05.12.2024)

Security:

1. Hypothecation of two-wheeler
2. For salaried –repayment through ECS/Standing instructions
3. One Guarantor

Shareholding:

1.  Rs. 1000/-

Processing Fees: 

1.  For loans up to Rs. 10 lakh – 0.50% of loan amount maximum Rs.3000/-
2. For loans above Rs. 10 lakh – Rs.5000/-
3. (No other charges such as CIBIL, FI & CERSAI.)

Documents Required:

1. Prescribed application form
2. Proforma Invoice from approved dealer.
3. Latest Photograph, Photo Identity Proof & Residence Proof of the Applicant & Guarantor
4. Salaried personnel:latest salary slips for last 3 months or ITR or form 16 for latest one year
5. Businessman/professional/ self-employed: last three years profit & loss account and balance sheet.