What is the eligibility for bike loan?
Two Wheeler Loan Eligibility
| Criteria | Salaried | Self Employed |
|---|---|---|
| Age | 21 to 58 years | 21 to 65 years |
| Minimum Income | Rs. 1.44 Lakhs per year | Rs. 2.5 Lakhs per year |
| Employment Status | Minimum 1 year of experience | Minimum 1 year in the same line of business. |
| Bank Statement | 3 months bank statement | 3 months bank statement |
What are the documents required for bike EMI?
ID Proof documents such as Passport/Voter’s ID/Aadhaar Card/Driver’s License along with recent passport size photographs.
What is the pre closure charges for two wheeler loan?
For Loans with tenure over 36 months
| Type | Charges |
|---|---|
| Part-payment charges | 5% of part payment amount |
| Fore Closure Charges | 5% of Principal Outstanding |
| Stamp Duty | At Actuals |
| Issuance of Credit Report | Rs 50/- Per Instance |
How can I cancel my bike loan?
An application to remove hypothecation along with the following documents should be submitted to the RTO:
- Original Vehicle RC.
- Copy of driving license.
- PUC certificate copy.
- Two self-signed Form 35 copies.
- Copy of insurance policy.
- RTO copy of NOC.
What is the minimum downpayment for a bike?
Minimum Down Payment Required for a Bike Loan It ranges from 15-30%* of the two-wheeler value. Down payment solely depends on the cost of the bike and your repayment capacity. It is advisable to pay some amount as down payment for availing lower EMIs on bike loan.
Is cibil score required for bike loan?
A: Yes, a CIBIL score is necessary for a bike loan; CIBIL stands for Credit Information Bureau of India Limited, which is a credit bureau. The required CIBIL score for bike loan is 750 – it enables you to avail a bike loan at a low-interest rate.
Is income proof required for bike loan?
It should be computerized documents issued by PSU, Pvt Sector or MNC Banks only. (All banks except corporation bank)/ Property or Municipal Tax receipt; Address proof in the name of the applicant’s spouse or parents name is acceptable. Latest Income Tax Return (ITR) Last 3 month’s bank statement is mandatory.
Which bank is best for 2 wheeler loan?
Two wheeler Loan Interest Rates 2021
| Bank | Lowest Interest Rate | Processing fee |
|---|---|---|
| L Finance | 10.75% p.a. – 15.00% p.a. | At L discretion |
| State Bank of India (SBI) | 16.25% p.a. To 18.00% p.a. | 2% of the loan amount + GST |
| Axis Bank | 10.80% – 28.30% | Up to 2.5% of the loan amount |
| HDFC Bank | 20.90% p.a. | Up to 2.5% of the loan amount |
How is EMI calculated on bike?
Bike Loan EMI Calculation Formula EMI = [P x R x (1+R)^N]/[(1+R)^N-1], P stands for the loan amount or principal, R is the interest rate per month and N is the number of monthly installments.
Can I sell EMI bike?
Yes, if you purchase a bike with the help of a loan, legally, the financier is the owner of the two-wheeler until the amount is fully paid (as per the agreement), and you are given the freedom to use the vehicle until that time. And you can only sell something which you own!
What is hypothecation fee?
Hypothecation charges refer to the additional fee that vehicle owners need to submit at the RTO when acquiring the RC without the bank’s name on it. Thus, after submitting the bank’s NOC, you would need to bear a charge before you can collect the fresh RC.
Can I buy a bike with zero down payment?
Bike Loan without any Down payment A zero loan without down payment loan is called a 100% financing Loan. The lender doesn’t ask for any margin or down payment, and the lender finances the bike’s whole cost. There is some processing fee that the borrower will have to pay, but the lender finances the bike’s entire cost.