Personal Loans India : Two Wheeler Loan from Canara Bank
You are the proud owner of this two wheeler, which accompanies you wherever you go and every time you think about making it different from others. Yes, it is a motor bike, passion of today’s younger generation. But to get a motor bike is not at all an easy task today. With the price of bikes soaring high, it needs a good finance to avail a bike of your choice.
The two-wheelers are becoming an essential part of almost every aspect of our life. Whether a person wants to impress his girl-friend or wants to take her on a date, or whether he wants to reach the office at time, the two-wheelers are surely the best way to enjoy various parts of life and the two-wheeler loans are the best way to have such wonderful experiences.
The large Indian middle class is on the path of economic revival. As though to bestow wheels to its pace, the automobiles industry is also quickly and furiously pacing up its campaign to get as many consumers as possible. Still there are some inescapable facts about the Indian economic assumptions. One such hard fact is that the cost of living is also rising day by day.
Under these conditions the salaried class is most often left without enough funds after meeting their routine needs and wishes. This is to fulfill the requirements of this section that the Indian automobiles sector is devising more and newer financing schemes on daily basis to make the path easier for the people falling in the category of middle class.
There are innumerable lenders in the loan market, who provide motor bike loans on competitive rates. However, before selecting any lender, you should research properly. You should compare every offer of motor bike loans on the basis of its annual percentage rate. From the loan quotes provided by the lender, you can understand the details of annual percentage rate. After getting all possible inputs regarding this annual percentage rate and other loan terms, you can choose the best offer.
Two wheeler loan from Canara Bank
ELIGIBILITY:
Individuals including professionals and salaried class.
Quantum of loan:
* Salaried class : 80 % of the invoice value or 15 months of net salary whichever is less.
* Professionals & other non-salaried class : 80 % of the invoice value or to the extent of 50 % of their annual net income in the immediate previous year whichever is less.
Repayment:
PLEASE VISIT OUR PAGE ON RATE OF INTEREST ON PERSONAL LOANS
Rate of interest:
* In convenient EMIs of 48 months. Selectively 60 months also considered
Documents / Formalities
* Stipulated Loan Application with 2 passport size photos
* Latest salary certificate and Form No.16 / income – proof like ITAO / IT Return, Financial Statements as the case may be
* Proforma Invoice or valuation report (as the case may be)
* Guarantee / co-obligation. Waiver considered selectively
Processing charges:
* 0.1 % of the loan amount subject to minimum of Rs.100/- and maximum of Rs.250/-.
Sources : http://www.canarabank.com/