Indian Overseas Bank Two Wheeler Loan

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Indian Overseas Bank Two Wheeler Loan

Indian Overseas Bank Two Wheeler Loan Key Features

Indian Overseas Bank Two Wheeler Loan Interest Rate 11.83%* per annum
Min Loan Amount ₹ 10,000
Max Loan Amount
(Loan to Value)
Loan up to 90% of On Road Price
or 100% of Ex-showroom Price
Loan Tenure 1 year to 4 years
Lowest EMI / Lac ₹ 2,625
Minimum Net Monthly Income Salaried – ₹ 7,000, Self Employed – ₹ 6,000
Age Criteria 21 years to 65 years(At Loan Maturity)
Types of Vehicle For All New Two-Wheelers (Bikes, Superbikes, etc.)
Processing Fee Up to 3% of the Loan Amount.
Foreclosure Charges 3% – 10% Based on the time of foreclosure ( Foreclosure not allowed during the first 3 months)
Basic Documentation ID Proof, Address Proof, Bank Statement

About Indian Overseas Bank Two Wheeler Loan

Indian Overseas Bank Two Wheeler Loan has become essential for a person to fulfil his dream of shopping for a brand new bike at any value with any money resource.

How to avail of two-wheeler loans?

If you’re weary of waiting for the bus or haggling with taxi drivers, now is the time to get your own motorcycle. The ability to drive fast and safely is one of the main advantages of riding a two-wheeler. Since a two-wheeler uses less fuel and is simpler to maintain than a sedan, it is a popular option for first-time car buyers. Rather than taking on the whole financial responsibility of a two-wheeler purchase, it is preferable to take out a two-wheeler loan and repay it in manageable EMIs.Indian Overseas Bank’s two-wheeler loans are built to offer consumers the most bang for their buck.

Factors Affecting  Two-wheeler Loan Application

  • Until taking out a two-wheeler loan from Indian Overseas Bank, consider the following considerations.
  • Your credit score. When you approach a lender in India for a loan, one of the first and most important criteria they consider is your credit score.
  • Secured vs. Unsecured Loan Loan Amount Loan Duration Dealership Location

Compare Bike Loan Interest Rates of the bank  with other banks

To assess two-wheeler loans from different lenders, use the following criteria:

Payment fees – Most banks charge processing fees that range from zero to one thousand dollars. When applying for a 2 wheeler loan online, you can compare rates, offers, and cashback to find the best deal.

Though bike loans are insured, it is advised that you buy insurance before taking out a loan. The premium, on the other hand, varies by bank and is calculated by the risk compensation offered by various policies. As a result, look at the loan approval letter carefully to assess the coverage and premium.

Prepayment in part and foreclosure – If you want to pay off a percentage of your loan early, this is referred to as part prepayment. When you intend to pay off your mortgage in full before the due date, foreclosure happens. Banks normally charge prepayment or foreclosure fees in such situations, which may range between zero to three per cent. As a result, double-check that the low-interest two-wheeler loan you’re considering doesn’t come with steep prepayment or foreclosure penalties. It’s important to note that certain bike loans aren’t paid back on time.

As a down payment, banks market two-wheeler loans at either 80% of the on-road price or 100% of the ex-showroom price. On the other hand, at 80 per cent, the on-road price is almost equal to the ex-showroom price.

Advantages of Indian Overseas Bank Two Wheeler Loan 

  1. Easy and problem-free process
  2. Quick Disbursal of Loan Amount
  3. Fulfil your desires by selecting the 2 Wheeler you love
  4. Attractive Rate of Interests
  5. Easy reimbursement and defrayment technique.

Indian Overseas Bank Two Wheeler Loan Eligibility

Your ability to repay the loan is that the biggest thing about deciding whether or not you’ll be eligible or not for the Indian Overseas Bank Two-wheeler loan. the subsequent are the main criteria’s:

  • The human ought to be of a minimum of twenty-one years ancient and most of sixty-five years of age to use for the loan.
  • If you’ve got a mean monthly financial gain of Rs 7000 (salaried) and Rs 6000 (self-employed), you’re eligible for the Indian Overseas Bank 2 Wheeler loan.
  • Cibil Score contains a direct impact on your Two-wheeler loan eligibility. If you’ve got a high Cibil score, you’ll get the approval for the loan simply.

Indian Overseas Bank Two Wheeler Loan Interest Rate, Fees and Charges

Interest Rate Starts at 11.83% p.a.
Processing Fee Up to 3% of the loan amount (maximum)
Prepayment Charges From 3% to 10% of the outstanding principal
Pre-payment charges Within 4 to 6 months – 10% of principal outstanding
Within 7 to 12 months – 6% of principal outstanding
13-24 months – 5% of principal outstanding
Post 24 months – 3% of principal outstanding
Prepayment is not allowed within three months of EMI repayment

Indian Overseas Bank Two Wheeler Loan Documents Required

1. Salaried Individual

Category Documents Required
Identity Proof(Any 1) Driving Licence
Aadhaar Card
Passport
Voter ID
Address Proof(Any 1) Driving Licence
Aadhaar Card
Passport
Voter ID
Compulsory Documents PAN Card
Bank Statement Bank statement of last 3 months

2. Self-Employed Individual

Category Documents Required
Identity Proof(Any 1) Driving Licence
Aadhaar Card
Passport
Voter ID
Address Proof(Any 1) Driving Licence
Aadhaar Card
Passport
Voter ID
Required Documents PAN Card
Bank Statement Bank statement of last 3 months

Indian Overseas Bank Two Wheeler Loan EMI Calculator

The client has the choice to understand the EMI’s before availing of the Indian Overseas Two Wheeler Loan. Thus, you’ll be able to simply check through the link below:

Two Wheeler Loan EMI Calculator

Indian Overseas Bank Two Wheeler Loan Types

Indian Overseas Bank offers multiple varieties of loans to its customers and you’ve got the choice of selecting one in all of them as per your needs. you’ve got the subsequent 2 options:

  1. Two Wheeler Loan – If you would like to shop for a two-wheeler and need to finance it then Indian Overseas Bank has the most effective provide for you. you’ll avail of this loan at a sexy rate of 12%.
  2. Super Bike 2 Wheeler Loan – If you’re aiming to get a Superbike and are searching for funds, then this is often the most effective deal on the market for you at a sexy rate of eleven.83%.

Indian Overseas Bank Two Wheeler Loan Pre Calculated EMI

Rate 4 yrs 3 yrs 2 yrs 1 yr
11.83% 2625 3313 4699 8876
12.00% 2633 3321 4707 8884
12.50% 2658 3345 4730 8908
13.00% 2682 3369 4754 8931
13.50% 2707 3393 4777 8955
14.00% 2732 3417 4801 8978
14.50% 2757 3442 4824 9002
15.00% 2783 3466 4848 9025
15.50% 2808 3491 4872 9049
16.00% 2834 3515 4896 9073
16.50% 2859 3540 4920 9096
17.00% 2885 3565 4944 9120

How to Apply for Indian Overseas Bank Two Wheeler Loan

You will apply for Indian Overseas Bank Two Wheeler Loan online by visiting Dialabank digital platform than:

  1. Fill the fundamental form for Two Wheeler Loan
  2. Please await a decision from our Relationship Manager
  3. Get individualized help and select the foremost appropriate provide supported your wants.
  4. Enjoy your Two Wheeler.

Indian Overseas Bank Two Wheeler Loan for Top Selling Bikes

Other Available Products from Indian Overseas Bank 

Indian Overseas Personal Loan Indian Overseas Gold Loan Indian Overseas Home Loan
Indian Overseas Credit Card Indian Overseas Car Loan Indian Overseas Education Loan

FAQs for Indian Overseas Bank Two Wheeler Loan

✅ What is Indian Overseas Bank Two Wheeler Loan?

Indian Overseas Bank gives bike credits at low preparing charges and wellbeing rates. Advances are anything but difficult to get and simple to pay off. Less desk work and long residency periods.

✅ How can I get a Two Wheeler Loan from Indian Overseas Bank?

To fit the bill for the IOB Two Wheeler Loan (Pushpaka), your base month to month pay ought to, in any event, be Rs. 5000. You can apply for this credit with a month to month salary over this worth.

How does Indian Overseas Bank Two Wheeler Loan work?

Your salary must be half of your gross pay after protection and PF findings. You’re all out month to month pay, including your companion’s salary and some other pay needs to at any rate is Rs. 5000 for the acquisition of a bike.

What is the Two Wheeler Loan Interest Rate in Indian Overseas Bank?

Two-wheeler Loan Interest Rate in Indian Overseas Bank is 10.40% per annum.

How to check Two Wheeler Loan status in Indian Overseas Bank?

An individual can check the credit status by calling the numbers 1800 425 4445 for any monetary inquiries.

How to calculate Two Wheeler Loan Interest in Indian Overseas Bank?

Two Wheeler Loan EMI Calculator

What is the maximum loan amount I can avail on Two Wheeler Loan from Indian Overseas Bank?

Loan up to 90% of On Road Price or 100% of Ex-showroom Price.

What is the loan tenure of Indian Overseas Bank Two Wheeler Loan?

Minimum 12 months and Maximum 60 months loan tenure.

Can I get 100% Two Wheeler Loan from Indian Overseas Bank?

Yes, you can get a 100% loan from Indian Overseas Bank.

How much Processing Fee is applicable on Indian Overseas Bank Two Wheeler Loan?

Processing Fee is Up to 3% of the loan amount (maximum).

What are the EMI options available on Indian Overseas Bank Two Wheeler Loan?

You can reimburse your Two Wheeler Loan in 72 EMIs or Equated Monthly Installments.

What are the charges for Prepayment in Indian Overseas Bank Two Wheeler Loan?

Advance Amount  Fees and Charges in Rural Areas   Fees and Charges in Other Areas
Up to Rs. 2,00,000  Rs. 134  Rs. 168
Above Rs. 2,00,000  Rs. 134 for each Rs. 1,00,000  Rs. 168 for each Rs. 1,00,000

Can I get a top-up loan on my existing Indian Overseas Bank Two Wheeler Loan?

No, you will not be allowed to get a top-up on the existing Two Wheeler Loan.

Do I need to provide a guarantor to avail a Two Wheeler Loan from Indian Overseas Bank?

Indeed, independently employed people need to give a solitary underwriter great FICO rating standing.

How to get Indian Overseas Bank Two Wheeler Loan Statement?

An individual can check the credit statement by calling the numbers 1800 425 4445 for any monetary inquiries.

How to Pay Indian Overseas Bank Two Wheeler Loan Interest Online?

  • Enter your 16-digit alphanumeric advance number twice.
  • Enter the sum against Amount payable and snap pay now.
  • You will be diverted safely to the installment interface of your picked bank.

What if I can’t pay the interest on Indian Overseas Bank Two Wheeler Loan for 3 months?

How can I apply for EMI Moratorium on Indian Overseas Bank Two Wheeler Loan?

In the event that you need to choose the 3-month ban on your EMIs, at that point you should mail the bank educating the equivalent. On the off chance that your assets in your investment account and have a SI with the bank then the cash will keep on getting charged towards EMI installments

What is the number for Indian Overseas Bank Two Wheeler Loan agent?

IOB Two Wheeler Loan Agent number is 1800 425 4445.

Can I close Indian Overseas Bank Two Wheeler Loan online?

No, you cannot close Two-wheeler loans online.

What is Indian Overseas Bank Two Wheeler Loan Customer Care Number?

The customer care number is 1800 425 4445.

How can I get NOC from Indian Overseas Bank for Two Wheeler Loan?

News

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PNB Housing Finance reported a combined net profit of Rs 127 crore in Q4 thanks to retail loans such as home, personal, LAP, two-wheeler, car, education, and doctor loans, as well as deposits such as fixed and recurring deposits. In January-March, total revenue was Rs 1,834 crore, down from Rs 1,952 crore in the same period the previous fiscal year. Interest income dropped by more than 7% to Rs 1,670 crore in the third quarter, compared to Rs 1,803 crore a year earlier, due to the country’s turbulent economic condition.

Bangalore’s two-wheeler dealers advise reluctant customers to hire a motorcycle.

Automotive retailers are urging clients who are reluctant to take out bank loans to try leasing vehicles, according to reports. A car leasing firm, OTO Capital, recently announced a major extension of its relationship with Bangalore’s auto dealers. Since the COVID-related lockout restrictions were lifted, customers’ appetites increased. Many owners, on the other hand, choose to hire vehicles rather than taking out bank loans for two-wheelers or cars. This is due in part to the country’s precarious economic status

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