City Union Bank Two Wheeler Loan
City Union Bank is an Indian origin bank. It was first called as The Kumbakonam Bank Ltd., and it was integrated as a limited company on 31st, October 1904. Former the bank played the role of a regional bank in the Thanjavur district which lies in Tamil Nadu. The bank provides a legit amount of technical services like net banking, mobile banking. To meet the needs of customers in many different walks of life, the banks also provide wide range offering of savings and deposit products to meet the demand of their customers. It also offers many loan products as the service as financial needs of small individual customers in large industries. In the Financial Year 206-17, the Bank has a market capitalization of Rs12,529.92 cr. and it has a total number of 550 branches and widened their ATMs which reached up to 1486 location. First banking robot named Lakshmi was launched by City Union Bank in November 2016 in India
City Union Bank Two Wheeler loan
The bike and two-wheeler manufacturing industry in the country has seen drastic development in the last ten years and it continues to escalate. Two wheelers in India comprehend a predominant part of the country. Though it is a convenient and preferred means of transport, it is still not reachable for the majority of the middle-class families to buy one by paying its whole price in one time. Hence, two wheeler loans provide help here. But even those who can afford more than one car opt for two-wheelers to navigate in and out of heavy city traffic.
Features of City Union Bank Two Wheeler Loan
- The two-wheeler loan is allowed only for two-wheelers and not for second-hand vehicles.
- Calculate the salary of 10 months or INR 35,000/- is the maximum two wheeler loan sum offered by City Union Bank.
- The customer can add their spouse’s income and make him/ her as co-applicant, to meet the eligibility criteria as mentioned above
- The interest rate is 10.75 percent
- Hypothecation of two-wheeler to be bought is kept as security/collateral.
- Together with the loan applicant, the partner or maybe someone else who fulfills the eligibility criteria as per the Scheme to stand as co-applicant
- You are expected to settle the loan in a maximum time period of 36 months as EMIs.
- All inclusive insurance cover is to be acquired at the price of the applicant as per the loan clause.
- The bank will charge processing fees at one percent of the entire loan sum.
- The approved loan sum will be shelled out to the seller/provider directly.
Eligibility Criteria for City Union Bank Two Wheeler Loan
- Bank provides funds for purchasing of two-wheelers i.e. Scooters, Motor Cycles, Mopeds, and Battery-Operated Scooters etc. of any model.
- The applicant should be at least 21 years old or above.
- The maximum age limit is 65 years for two-wheeler loan from City Union Bank.
- The applicant must be salaried or can be a self-employed individual and should be working for at least two years (36 months).
- The customer can get up to INR 350000 of financing on-road price of the vehicle or 10 times of their monthly income.
- The loan can be repaid within a maximum period of 36 months
- 10% of the marginal cost of the vehicle
- Hypothecation of Two-Wheeler to be purchased.
- 1.25% of the loan amount processing fee is charged or a minimum of INR 750.
How to Apply for City Union Bank Two Wheeler Loan
The customer can either apply online or visit a nearby City Union Bank branch for their application. One can also download application form of two-wheeler loan from the official website of Bank and submit it online,
Documentation for City Union Bank Two Wheeler Loan
- Loan application
- 3 to 6 colored Passport size photographs
- Identify proof(photocopies of Voters ID card, Passport, Driving license, PAN card)
- Residence proof (photocopies of latest Telephone Bills, Electricity Bill)
- Form 16 Income tax returns(ITR) of the last two financial years for salaried employees
- It returns for the last three years for self-employed professionals.