Personal Loans India : Diwali offers on two wheelers loans
The ongoing festival season is one of the best times of the year to buy a two-wheeler.
There are many banks offers on Diwali, if you are looking for a two wheeler loan you can check the offers on internet on the various sites of banks.Here some information on two wheeler loan you must check the following information before taking a two wheeler loan.
Two-wheeler Loans are available at attractive interest rates and with flexible options. Private and Public sector banks have been facilitating quick and easy processing of loans the amounts varying from Rs. 5,000 to Rs.150,000.
The two-wheeler loan installment period ranges from 6 months to 3 years, depending on the finance option chosen by the customer. For a new two-wheeler, banks finance 90 percent of the cost of the vehicle, while for an old two-wheeler, banks will finance about 85 percent of the vehicle cost.
Documentation Required:
1. Proof of Residence
(a) Ration Card (b) Election ID (c) Utility Bill (d) Passport
2. Photo Identity Card
(a) Passport (b) Election ID (c) Driving Licence (d) PAN Card
3. One recent Passport size photograph
4. Proof of Income
For Self Employed People
ITS(2) for last year along with Computation
Profit & Loss Account & Balance Sheet
For Salaried Individuals
Last Salary Slip or Salary Certificate
5. Bank Passbook or Statement for last 6 months
In cases where all the above documentation is not available we also offer low documentation schemes where the finance amount is restricted to a maximum of 75% of the vehicle value
Documentation Required:
1. Proof of Residence
2. Photo Identity Card
3. Photograph
Interest Rates on Two Wheeler Loans
Although Public sector banks are offering lower interest rate than their private counterparts but they are lagging behind due to poor quality of service. Interest rates depend on the two wheeler model, loan tenure. Interest is generally calculated on a monthly reducing balanc
Few Banks Offering Two Wheeler Loans
State Bank of India – Scheme For Loan For Two Wheelers
Bank of India – Star Autofin Scheme
Andhra Bank – Quantum of Finance For Two Wheelers
Union Bank of India – Union Miles
Bank of Baroda – Baroda Two Wheeler Loan
ICICI Bank – Deals on Two Wheeler Loans
HDFC Bank – FastTrack Schemes