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/

Loan scheme to finance individuals possessing a valid certificate to practice as a Tax Return Preparer (TRP) as per the scheme formulated by the Ministry of Finance, Government of India for preparation of income tax returns.

PURPOSE

* Purchase of computer, Printer and other peripherals/accessories i.e., necessary software, furniture, mobile telephone, tax books, technical literature etc.

ELIGIBILITY

* Individual customers of the bank with satisfactory dealings possessing a valid TRP Certificate. For new customers, the account should be properly introduced to the Bank and should satisfy other eligibility norms.

LOAN QUANTUM

* Need based finance with a maximum of Rs.60000/-. (Rupees Sixty thousand only).

MARGIN

* A minimum margin of 15% on project cost

RATE OF INTEREST

* PLEASE VISIT OUR PAGE ON RATE OF INTEREST ON PERSONAL LOANS

REPAYMENT

* Entire loan together with interest shall be repaid within 60 months in step up EMIs, with 3 months repayment holiday.

SECURITY

* Hypothecation of the assets created out of the loan & Suitable Co-obligation.

XIII. PROCESSING CHARGES

* A lumpsum amount of Rs.500/- (Rupees Five hundred only)

XIV. INSURANCE:

* The assets created to be insured.

Sources : http://www.canarabank.com

A personal loan is a kind of obligation or debt that is generally made for family or domestic purposes. It is not meant for business, or for long duration mortgage use. The financer lends money to the borrower, and the borrower needs to return the full amount to the lender, but not necessarily on a regular basis. It is an interest-based debenture loan. It could be both a secured as well as an unsecured loan. If it is a secured loan, the lender asks for collateral, whereas in the case of an unsecured loan, there is no demand for any guarantors or added assets.

However, though lenders may not require guarantors, a few banks do ask for them, along with collateral in the form of added assets. So, apparently, there is no standard form of rules. Variations are inevitable in case of terms and conditions as well as the eligibility criteria, depending on the fundamental principles of lenders. You need to scrutinize these in advance to avoid future complications.Information about Personal loan from Canara Bank is given here

Personal Loan from Canara Bank
A simple Personal Loan Scheme exclusively for the benefit of employees of Corporates, PSUs, Government Departments, Institutions, etc.,

Purpose:
To meet genuine personal needs. No-questions-asked loans.

Eligibility:

* Confirmed employees of reputed PSUs and Joint Stock Companies
* Confirmed Central / State Government officials
* Lecturers / Asst. Professors / Professors of Colleges / Research Institutions and Universities
* Employees salary account has to be maintained with our branch
* Net take home salary – 40% of the gross salary. Selectively upto 25% of gross salary is also permitted.

Quantum :
Six months’ gross salary or Rs.1 lac whichever is less.
Higher quantum also considered selectively.

Rate of Interest:
CanBudget Loan Scheme  (Simple Personal Loan)
w.e.f 17.10.2007
Floating Rate – 13.25% p.a.

Repayment:
In convenient Equated Monthly Instalments upto 60 months.

Security
Normally, Co-obligation is required for loans above Rs.50,000/-. Waivers considered selectively.

Processing Charges:
0.5% of the loan amount subject to a minimum of Rs.100/- and maximum of Rs.500/-.

Documents / Formalities

*Stipulated Loan Application with 2 copies of passport size photographs
*Latest Salary Certificate and Form No.16
*Co-obligation (unless waived)

Sources : http://www.canbankindia.com/