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SBI Two wheeler Loan Interest Rate

Current SBI Two wheeler Loan Interest Rates India Sep 2020

Last Updated 23rd Sep 2020

Interest Rates 12.65%
Maximum Loan Amount Eligibility 85% of On Road Price
Maximum Loan Tenure 3 years
Lowest EMI per Rs. Ten Thousand Loan Amount ₹ 335
Processing Fee 1.25% of Loan Amount with Min Rs. 250 and Max Rs. 500
Prepayment Charges Nil charges
Interest Calculation EMI on a monthly reducing balance
Age Between 21 years and 65 years

SBI Two wheeler Loan

SBI Bike Loan Interest Rates

SBI bike loan Interest rate calculator works on various inputs like:

  • Salary - Higher salary bracket individuals are offered loans at lower interest rates. SBI auto loan rate varies with your net monthly income.
  • Employer category – Employer category of the borrower is a major deciding factor in order to determine his/her rate of interest. SBI has a list of company categories of salaried individuals to which they avail two wheeler loans. So, higher company category leads to low rate of interest.
  • Type of two wheeler - SBI interest rate depends upon the type of bike you want to buy. If you have applied loan for a high value two wheeler, then the bank offer low interest rate on your two wheeler.
  • Relationship with the Bank – SBI offers special rates, offers and charges to the salary account holders of the bank. Those who have managed their accounts low SBI 2 wheeler interest rate.

SBI Two wheeler Loan Eligibility

Eligibility of 2 wheeler loan in SBI relies upon different factors but the most important factor is your ability to repay the loan. Two wheeler loan calculator calculates eligibility of an applicant depending upon various factors like

  • Age: Age plays an important role to know your eligibility and repayment capacity. SBI offers two wheeler loan to individuals who are atleast 21 years old at the time of loan approval and maximum 65 years at the time of loan maturity.
  • Income: SBI bike loan calculator calculates your eligibility based upon your income. Usually bank set minimum levels of income to apply for two wheeler loan. SBI asks for net monthly income of ₹ 10,000 from salaried professionals.
  • CIBIL Score: Your past CIBIL history and repayment record of existing loans and credit cards has direct impact on your two wheeler loan eligibility. If you have a poor repayment record, then you may not get the loan but on the other side, a regular repayment record increases your two wheeler loan eligibility.

SBI Two wheeler Loan EMI

Two wheeler Loan EMI of SBI is a fixed amount that you pay each month towards the repayment of your bike loan till the end of tenure. Lowest EMI offered by SBI is ₹ 335 per ten thousand loan amount at lowest two wheeler loan interest rate of 12.65%. SBI bike loan EMI calculator depends on factors like:

  • Auto Loan SBI interest is an important factor which affects your EMI. Higher the interest rate, higher will be the EMI
  • Loan tenure matters equally as longer tenure reduces your monthly EMI per lakh
  • Your EMI depends upon the amount of loan you are going to borrow. Loan EMI will be high if you apply for a high loan amount
  • Two wheeler loan EMI calculation varies from bank to bank depending upon the method of calculation

SBI 2 Wheeler Loan Apply

SBI gives the facility of bike loan to the people who want to fulfil their dream of having their own 2 wheeler. There are some features and benefits of taking auto loan from SBI:

  • No advance EMI
  • Lowest interest rates
  • Free accidental insurance

Documents Required for SBI 2 wheeler Loan

Two wheeler loan SBI documents for salaried employees

  • Signed loan application form
  • Photographs
  • Income Tax PAN Copy
  • Identity Proof – Driving License/ PAN/ Passport/ Voter ID
  • Address Proof - Registered Rent Agreement/ Passport/ Leave and License/ Utility Bill
  • Income Documents – Form 16, last 3 months pay slip, bank statement of 3 months showing salary credit and any EMI debit

Two wheeler loan SBI documents for Self-Employed

  • Signed loan application form
  • Photographs
  • Income Tax PAN Copy
  • Identity Proof - Driving License/ PAN/ Passport/ Voter ID
  • Address Proof - Registered Rent Agreement/ Passport/ Leave and License/ Utility Bill
  • Income Documents – Last 2 years ITR
  • Business existence proof such as VAT/ service tax registration, business address proof, incorporation details in case of companies

FAQs

How much interest is charged by SBI on two wheeler loan?

SBI bike loan interest rates today are 12.65% to 17.90%.

What is the lowest EMI for ten thousand amount on SBI two wheeler loan?

If you apply for a 2 wheeler loan from SBI, your lowest EMI for ten thousand amount will be ₹ 335.

What is the maximum tenure of SBI bike loan?

You can repay your bike loan from SBI in a flexible period of maximum 3 years.

How much auto loan I can borrow from SBI?

SBI offers you 85% of On Road Price of two wheeler as loan.

How much processing fee is charged by SBI on bike loan?

SBI charge a processing fee of 1.25% of Loan Amount with Min Rs. 250 and Max Rs. 500 with applicable service tax.

Is age an eligibility factor to get two wheeler loan from SBI?

Yes, age is an important eligibility factor to get SBI two wheeler loan as you should be at least 21 years old at loan approval time and 65 years old at loan maturity time.

Are there any prepayment charges on SBI two wheeler loan?

You can foreclose your two wheeler loan from SBI with Nil charges.


SBI Two Wheeler Loan News - Sep 2020
  • 2020-09-22 : SBI offers up to 2 years repayment relief for home and retail loans
    State Bank of India announced the option to choose either a moratorium of up to 24 months or reschedule the instalments and extend the tenure by a period equivalent to the moratorium granted, for its retail customers. ​​​The bank is aiming to assist the customers amid the COVID 19 and economic slowdown.
  • 2020-09-11 : State Bank of India targets 3x growth in retail, MSME gold loans
    SBI is targeting 3x growth in retail loans which includes home, personal, car, two-wheeler and gold loans along with MSME loans. The bank has planned to use YONO, its digital banking platform, to cut down on response time and scale-up activity.
  • 2020-09-11 : SBI to launch online application window for retail recasts
    SBI is planning to launch a portal on its website to enable its customers to apply for the restructuring of loans. Loans include retail loans like home, personal, gold, two-wheeler, and two-wheeler along with business loans. The portal is set for a September-15 launch; it will allow borrowers to ascertain their eligibility for recast in two to three days. SBI adds a security feature to its debit cum ATM cards
  • 2020-08-06 : SBI reports Q1FY21 net profit of Rs. 4776.50 crore
    State Bank of India reported a net profit of Rs.4776.50 crores for the period ended June 30, 2020, as against a net profit of Rs.6909.95 crores for the period ended March 31, 2020. The Bank posted a total income of Rs.87984.33 crores backed by retail loans like home, personal, car, two-wheeler, and gold loan along with the business and mudra loans. Further, the bank total deposits which include FD, RD, current and savings account grew at 15.96 per cent YoY.
  • 2020-07-14 : SBI plans to double YONO user base in 6 months
    State Bank of India is planning to double its digital-banking app YONO (You Only Need One) customer base in the next six months. Currently, 24 million users are registered under YONO, the digital platform which offers financial services like a personal loan and lifestyle products and services of the lender.
*Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. Read More
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