SBI Two Wheeler Loan Key Features
|SBI 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(At Application) 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|
SBI Two Wheeler Loan
SBI Two Wheeler Loan has become essential for an individual to fulfil his dream of buying a new bike at any cost with any financial resource. SBI is providing the opportunity of a lifetime by providing Two Wheeler Loans with Lowest Interest Rates & Affordable EMIs.
Advantages of SBI Two Wheeler Loan
Two Wheeler Loan is a daily necessity and has become a crucial part of our life. Many people have to visit different places, and they require a bike for that, as time is essential for all of us. Most of the college-going students need a motorcycle, as sometimes buses may not available at the timings of college. Here is the loan provided by SBI for purchasing Two Wheelers at affordable prices and easy Process.
- Enjoy the benefit of extremely low processing fees.
- Quick Disbursal of Loan Amount
- Flexible EMI payment option on any day of the month.
- Attractive two wheeler interest rate
- Easy Repayment and Prepayment Methods
Compare Bike Loan Interest Rates of SBI Bank with other banks
|Bank||Two Wheeler Loan Interest Rates||Lowest EMI Per ₹ 10 Thousand For Max Tenure|
|Axis Bank||10.85%||₹ 217 for 5 years|
|SBI||16.05%||₹ 352 for 3 years|
|HDFC Bank||9.10%||₹ 249 for 4 years|
|PNB||9.55%||₹ 210 for 5 years|
|Bajaj Auto Finance||13.26%||₹ 338 for 3 years|
|IndusInd Bank||21.00%||₹ 377 for 3 years|
|Allahabad Bank||10.40%||₹ 214 for 5 years|
|Andhra Bank||9.90%||₹ 212 for 5 years|
|Bank of India||7.45%||₹ 200 for 5 years|
|Union Bank of India||9.90%||₹ 322 for 3 years|
|United Bank of India||9.55%||₹ 210 for 5 years|
|Corporation Bank||9.90%||₹ 322 for 3 years|
|Indian Bank||10.40%||₹ 214 for 5 years|
|Karnataka Bank||8.48%||₹ 205 for 5 years|
|Jammu And Kashmir Bank||8.70%||₹ 206 for 5 years|
|Canara Bank||9.00%||₹ 318 for 3 years|
How to avail of two-wheeler loans?
Choose a Two-Wheeler Loan
- Choose the two-wheeler loan form and brand that best fits your needs. SBI Bank provides Super Bike Loans if you want anything more than a normal bike.
- When you apply online, the bank will send a representative to your home to complete the paperwork, so you won’t have to wait in long lines.
- You will save up to Rs. 12,500 as a result.
- But that’s not the end of the storey. The advantages of an SBI Bank two-wheeler loan are numerous.
- The interest rate is 2% lower for SBI Bank account holders.
- You can choose from a 12-month to 48-month repayment period.
- Your loan will be approved right away, which means you won’t have to wait long to get your dream vehicle.
- In less than two minutes, you can confirm your loan eligibility. Before you begin your loan application, check your eligibility for a Two Wheeler Loan by following these simple measures.
- The eligibility requirements are listed here, and they include the applicant’s minimum gross income, age limit, and residency status, among other things.
- After selecting the ‘check eligibility’ choice, you will be directed to a login page.
- You can log in using your Customer ID and verification code if you already have an SBI Bank account. If you don’t have a verification code, you can always log in with your phone number and a verification code sent to your phone.
- For SBI Bank account holders, a pop-up window may appear informing them of a potential loan amount and tenure option. You will most likely borrow up to six times your annual income in the majority of cases. You can choose to ignore this choice if it does not meet your requirements.
Calculate the EMI on your two-wheeler loan.
- You’ll find out how much and for how long you’ll have to pay an EMI on your loan after an eligibility review.
- The SBI Bank Two Wheeler Loan EMI Calculator can be found here.
- Fill out your personal and financial details, as well as the vehicle model and estimated costs.
- Make the required changes to get the best EMI.
Online applications are accepted.
After you’ve completed your studies, go to the SBI Bank Two Wheeler Loan website and fill out an application. You will be expected to provide personal and financial information. You’ll also have to include information about the car, such as the RTO, the name of the dealer, and the on-road price. You’ll know the status of your Two-Wheeler Loan application in under 15 minutes since the entire approval process is digital.
The reporting procedure at SBI Bank is the simplest and most straightforward.
Factors Affecting Two-wheeler Loan Application
Credit Score – On a scale of 900, credit rating agencies award you a grade, with anything over 750 considered satisfactory. Your credit score assists the lender in determining your creditworthiness and whether you are a responsible borrower. Make sure you have a decent credit score before applying for a low-interest bike loan. This will demonstrate to the lender that you are able to repay the loan.
Loan Amount – Most financial institutions will lend you up to 85% of the vehicle’s current on-road price. Simply put, the larger the loan, the more costly your bike would be. As a result, the interest rate will increase as well. You can easily calculate your monthly payments with a bike loan.
Loan Tenure – A lender can charge you a high rate of interest to justify the risk and cover their losses in the event of a default. As a consequence, if you want a lower interest rate, go for the shorter-term loan. When you get your two-wheeler home, you can use a bike loan EMI calculator to find out how much you’ll have to pay per month.
Dealership – Depending on whether you pay a higher or lower interest rate, the loan amount you apply for can vary depending on the dealership location. As a result, if you want a bike loan with a lower interest rate, do your research and choose a dealership with a slightly lower bike price.
Secured vs. Unsecured Loans – You will have the choice of choosing between the two types of loans or just one, depending on the lender. Furthermore, interest rates vary depending on the type of loan you select. Unsecured loans have a higher interest rate than secured loans on average because the former is riskier.
SBI Two Wheeler Loan Eligibility
Your ability to repay the loan is the biggest factor in deciding whether you’ll be eligible or not for the SBI two-wheeler loan. The following are the major criteria:
- An individual between the age of 21 to 65 years can apply for the loan.
- If you have an average monthly income of Rs 7000, you’re eligible for the SBI two Wheeler loan.
- Cibil Score has a direct impact on your two wheeler loan eligibility. If you have a low cibil score, the chances of your application being rejected are high.
SBI 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
SBI Two Wheeler Loan Documents Required
1. Salaried Individual
|Identity Proof(Any 1)||Driving Licence
|Address Proof(Any 1)||Driving Licence
|Compulsory Documents||PAN Card|
|Bank Statement||Bank statement of last 3 months|
2. Self-Employed Individual
|Identity Proof(Any 1)||Driving Licence
|Address Proof(Any 1)||Driving Licence
|Required Documents||PAN Card|
|Bank Statement||Bank statement of last 3 months|
SBI Two Wheeler Loan EMI Calculator
The applicant has the option to know the EMI’s before availing SBI Two Wheeler Loan. Thus, you can easily check through the link below:
Two Wheeler Loan EMI Calculator
SBI Two Wheeler Loan Types
SBI offers various sorts of credits to its clients and you have the choice of picking one of them according to your prerequisites. You have the accompanying two alternatives:
- Bike Loan – If you wish to purchase a bike and wish to back it then HDFC has the best proposal for you. You can benefit this advance at an appealing loan cost of 12%.
- Super Bike Two Wheeler Loan – If you’re intending to purchase a Superbike and are searching for reserves, at that point this is the best arrangement accessible for you at an alluring financing cost of 11.83%.
SBI Two Wheeler Loan Pre Calculated EMI
|Rate||4 yrs||3 yrs||2 yrs||1 yr|
How to Apply for Two Wheeler Loan
- You can apply for SBI Two Wheeler Loan online by visiting Dialabank’s online portal.
- Fill the Application Form for Two Wheeler Loan
- Our Relationship Managers will get in touch with you at 9878981166
- Get customized help and pick the most appropriate offer dependent on your necessities.
SBI Two Wheeler Loan for Top Selling Bikes
Other Available Products from SBI Bank
|SBI Personal Loan||SBI Gold Loan||SBI Home Loan|
|SBI Credit Card||SBI Two Wheeler Loan||SBI Education Loan|
FAQs for SBI Bank Two Wheeler Loan
✅ What is SBI Bank Two Wheeler Loan?
Purpose of SBI 2 Wheeler Loan State Bank of India’s 2 wheeler loan is designed to help individuals all over India purchase a new motorcycle or scooter of their choice with minimum hassle. Apart from scooter/motorcycle other 2 wheeled transport including moped and battery-operated vehicles.
✅ How can I get Two Wheeler Loan from SBI Bank?
To apply for an SBI bike loan, follow the steps given below:
- Visit the official website of State Bank of India
- Click on ‘Loans’
- In the drop-down menu, select ‘Auto Loans’
- On the next page, you will see options for ‘SBI Two Wheeler Loan Scheme’ or ‘Super Bike Loan Scheme’
- Click on the ‘Apply Now’ button under the scheme of your choice
- You will be redirected to a page where you can fill in your contact details
- An SBI representative will get in touch with you by phone or email
✅ How does SBI Bank Two Wheeler Loan work?
State Bank of India offers two-wheeler loans for a maximum amount of up to 2.50 lakhs (and more for a super bike loan). The maximum repayment tenure is up to 3 years. The interest rate starts at 16.45% p.a. for bikes and 10.65% p.a. for super bikes. The documentation is minimal and the process is hassle-free making it one of the easiest ways to own your dream bike.
✅ What is the Two Wheeler Loan Interest Rate in SBI Bank?
The interest rate starts from 11.83% onwards based on your credit score and income criterion.
|For Bikes : 16.45% p.a.||For Super Bikes: 10.65% p.a.|
✅ How to check Two Wheeler Loan status in SBI Bank?
Once you have applied for an SBI Two Wheeler Loan, you can check the status of your two-wheeler loan either online or offline. After you have applied for a two-wheeler loan you will be given a reference number. You will have to use the reference number and your registered mobile number to check the status of your two-wheeler loan.
✅ How to calculate Two Wheeler Loan Interest in SBI Bank?
- Interest Calculated on Daily Reducing Balance.
✅ What is the maximum loan amount I can avail on Two Wheeler Loan from Axis BANK?
- Min Rs.30,000/-, Max : < Rs.2.50 lacs (For Loan Amount > 2.50 lacs Super Bike Scheme)
- For salaried: The maximum loan amount that can be granted would be restricted to 6 times the net monthly income of salaried persons (i.e., net of all deductions including actual monthly tax deductions at source).
- For others: The maximum loan amount that can be granted would be restricted to 50% of the net annual income as per ITR after netting off depreciation and repayment of all existing loans
✅ What is the loan tenure of SBI Bank Two Wheeler Loan?
Repayment: 36 Months in Normal Bike loans & Up to 5 Years in Super Bikes.
✅ Can I get 100% Two Wheeler Loan from SBI Bank?
Total loan value provided is up to 85% of the market price of the 2 wheeler in question.
✅ How much Processing Fee is applicable on SBI Bank Two Wheeler Loan?
1.22% of the Loan amount for Normal Bike Loans
Super Bike Loans – 2.00% of the loan amount subject to a minimum of Rs. 6,000/- and maximum of Rs. 20,000/-
✅ What are the EMI options available on SBI Bank Two Wheeler Loan?
- Flexibility of payment of EMI anytime during the month.
- If you apply for a 2 wheeler loan from SBI, your lowest EMI for ten thousand amount will be ₹ 335.
✅ What are the charges for Prepayment in SBI Bank Two Wheeler Loan?
You can foreclose your two-wheeler loan from SBI with Nil charges.
✅ Can I get a top-up loan on my existing SBI Bank Two Wheeler Loan?
SBI offers “SBI Two Wheeler Top Up Loan” to their customer to borrow a certain amount over and above their two-wheeler loan amount.
✅ Do I need to provide a guarantor to avail a Two Wheeler Loan from SBI Bank?
Yes, a single guarantor is to be provided.
✅ How to get SBI Bank Two Wheeler Loan Statement?
SBI Two Wheeler Loan Statement The State Bank of India (SBI) offers customers an online portal through which they can acquire their Two Wheeler loan statements or interest certificates. This is a quick and convenient way for SBI customers to obtain the necessary information they require, without leaving the comfort of their home.
✅ How to Pay SBI Bank Two Wheeler Loan Interest Online?
You can conveniently pay through SBI’s Internet Banking Facility.
✅ What if I can’t pay the interest on SBI Bank Two Wheeler Loan for 3 months?
- Optional SBI life cover available.
- Repayment period is a maximum of 36 months.
✅ How can I apply for EMI Moratorium on SBI Bank Two Wheeler Loan?
Call the customer care numbers of SBI and inform the executive about your requirement. The call should be made from the registered mobile number. Alternatively, you can visit the nearest branch office and submit a request as per Annexure – I.
You can visit the official website of SBI and choose the option to avail the EMI moratorium in relation to your loan account. You will be required to authenticate the same by using your registered mobile phone number and generating an OTP.
Alternatively, you can also avail the moratorium option by sending an SMS reply.
✅ What is the number for SBI Bank Two Wheeler Loan agent?
You can contact Dialabank’s agents by ringing us on 9878981166
✅ Can I close SBI Bank Two Wheeler Loan online?
If you wish to close your account in SBI through online means, then there are no such steps or process. You need to go to your home bank branch and close your SBI Two Wheeler Loan.
✅ What is SBI Bank Two Wheeler Loan Customer Care Number?
The numbers are 1800 11 2211 and 1800 425 3800.
✅ How can I get NOC from SBI Bank Bank for Two Wheeler Loan?
The certificate you receive for the closure of a loan is a No Objection Certificate(NOC) and for a settlement, you will give a letter to that effect. In both cases, if you don’t receive the letter you can contact the main branch of the bank and inform the authorities about the same.
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