SBI Two-Wheeler Loan

The State Bank of India (SBI) is India’s largest public sector bank. It provides loans for two-wheelers and superbikes to its consumers.

The interest rates start from 12.50% p.a. for the regular two-wheeler loan scheme.  Under the EASY RIDE scheme, the interest rate starts from 11.90% p.a.

The maximum loan amount for a two-wheeler loan is Rs.3 lakh, with a four-year repayment period. The lowest loan amount for superbike loans is Rs.1.5 lakh.

SBI Two-Wheeler Loan Interest Rate

Under the regular two-wheeler loan scheme, a 0.50% p.a. interest rate deduction is offered in case you purchase an electric vehicle.

Features and Benefits of SBI Two-Wheeler Loan

• Can be used to purchase any kind of new two-wheeler.
• Can be used to purchase scooters, motorcycles, mopeds, super bikes, and battery-operated two wheelers.
• Income of co-applicants can be clubbed to increase eligibility.
• Minimal documentation required.
• Super bike loan applicants get up to 90% funding if they are SBI salary, package/Wealth/HNI customers.

SBI Two-Wheeler Loan EMI Calculator

Before you take out a loan, it’s a good idea to acquire a clear sense of what your Equated Monthly Instalment will be. This will assist you in better planning your money and budgeting, ensuring that your EMI is an amount that you can pay back on a consistent and stress-free basis.

An online two wheeler loan EMI calculator can provide you with a complete amortisation chart. All you have to do is input the appropriate information in the required fields or modify the sliders to reflect the correct information, which includes your chosen loan amount, interest rate, and loan payback term.

Based on the parameters provided, the precise EMI that you must pay will be displayed on the same page, making it easier for you to determine your budget and spending.

SBI Bike Loan Eligibility Criteria

The eligibility criteria for an SBI bike loan are given below:

Age:

Between 21 and 65 years.

Income:

Salaried: Minimum Rs.1.5 lakh for bikes and Rs.2.5 lakh for super bikes.

Employment:

• Permanent employees of state and central government departments, PSUs, listed private sector companies, and corporations who maintain salary accounts.
• Self-employed or professionals who have maintained an SB/CA/time deposit for one year.
• IT assesses who have maintained an SB/CA/time deposit for one year.
• Agriculturists who have maintained an SB/CA/time deposit for one year.
• Existing customers of SBI loans with satisfactory repayment history.

How to Apply for SBI Bike Loan

To apply for an SBI bike loan, follow the procedure given below: 

• Visit the official website of State Bank of India. 
• Click on ‘Loans’. 
• In the drop-down menu, select ‘Auto Loans’. 
• On the next page, you will see options for ‘SBI Two Wheeler Loan Scheme’ or ‘Super Bike Loan Scheme’. 
• Click on the ‘Apply Now’ button under the scheme of your choice. 
• You will be redirected to a page where you can fill in your contact details. 
• An SBI representative will get in touch with you by phone or email. 

Documents Required for SBI Two-Wheeler Loan

Documents Required for SBI Two-Wheeler Loan are given below:

General:

• Completely filled application form.
• Bank account statements for the last 6 months.
• Identification of signature from records of the bank.
• Valid identity proof such as voters ID/passport/PAN card.
• Proof of residential address such as utility bills, passport, tax receipts, etc.
• 2 passport size photographs.

For Self-Employed Individuals/Professionals:

• Income Tax Return copies for the two preceding financial years acknowledged by ITO.
• Proof of official address for non-salaried individuals.

For Salaried:

Latest salary-slip showing TDS certificate, Form 16, and all deductions.

FAQs on SBI Two-Wheeler Loan

1. 1. What is the maximum loan amount that is provided under the SBI Easy Ride Pre-Approved Two-Wheeler Loan?
      The maximum loan amount that is provided under the SBI Easy Ride Pre-Approved Two-Wheeler Loan is Rs.3 lakh. 
   2. Does the maximum loan amount depend on my salary?
      Yes, the loan amount that will be provided will depend on the salary.
   3. If I am self-employed, does the loan amount depend on how much my business makes?
      Yes, the loan amount that will be provided will depend on the business income.
   4. Will I get a loan if I want to buy a battery-operated bike?
      Yes, you can get a loan to buy a battery-operated bike if it is of a reputed brand.
   5. How do I increase my loan eligibility?
      You can increase your loan eligibility by adding a co-applicant whose income can be added to yours.
   6. What is the margin that I have to pay?
      For bikes, the margin is 25% of the on-road price of the bike.
   7. Do I have to visit the branch to avail the SBI Easy Ride Pre-Approved Two-Wheeler Loan?
      No, you do not have to visit the branch to avail the SBI Easy Ride Pre-Approved Two-Wheeler Loan. 
   8. What is the maximum tenure of the Super Bike Loan Scheme offered by SBI?
      The maximum tenure of the Super Bike Loan Scheme offered by SBI is four years. 
   9. What is the maximum loan amount that is provided under the Super Bike Loan Scheme offered by SBI?
      The maximum loan amount that is provided under the Super Bike Loan Scheme offered by SBI is Rs.25 lakh.