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SBI Two wheeler Loan Interest Rate

Current SBI Two wheeler Loan Interest Rates India Mar 2021

Last Updated 01st Mar 2021

Interest Rates 16.05%
Maximum Loan Amount Eligibility 75% of On Road Price
Maximum Loan Tenure 3 years
Lowest EMI per ₹ Ten Thousand Loan Amount ₹ 352
Processing Fee 2% of Loan Amount with Min Rs. 1000
Prepayment Charges Nil charges
Interest Calculation EMI on a monthly reducing balance
Age Between 21 years and 65 years
Apply for Two Wheeler Loan @ 11.60%*

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 ₹ 352 per ten thousand loan amount at lowest two wheeler loan interest rate of 16.05%. 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 16.05% to 0.00%.

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 ₹ 352.

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 75% 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 2% of Loan Amount with Min Rs. 1000 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.


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SBI Two Wheeler Loan News - Mar 2021
  • 2020-12-10 : SBI recasts only 4,000 retail loans
    SBI has recast loans of just around 4,000 retail customers so far under the limited window of the RBI, indicating that barring micro, small and medium businesses, not many are availing of easier repayment norms. The bank clarified that 100,000 retail borrowers logged on to its website to check their eligibility, but not many were found to have met the stringent conditions set by RBI.
  • 2020-12-10 : SBI goes easy on a plan to spin off Yono
    State Bank of India is going slow on its plans to divest its stake in digital platform Yono, YONO is a digital initiative by SBI and stands for “You Only Need One”. YONO helps customers to apply for retail loans like home, personal, gold, two-wheeler and car loan along with business and mudra loans digitally. Further, it also helps in investing in FD and RDs. The special digital tool also provides the facility to apply for the current and savings account.
  • 2020-11-11 : SBI to focus on financial inclusion
    SBI is planning to increase the share of its newly created business vertical, financial inclusion and micro-markets from the current 12% to 20% by March 2022. The bank recently created a separate FI&MM vertical within the bank with an aim of financial inclusion of rural and semi-urban areas to improve customer experience in the hinterland.
  • 2020-11-05 : SBI net profit rises to ₹4,574 crores in Q2
    SBI September quarter net profit jumped 52% year-on-year to Rs 4,574.16 crore as the provisions declined during the quarter. Credit growth for the bank logged an improvement of 6.02% over the previous year driven by home, personal, car, two-wheeler and gold loan along with mudra and business loan. Total advances at the end of Q2 were at Rs 23.83 trillion. Further, total Deposits which includes fixed and recurring deposits grew at 14.4% on a yearly basis to Rs 34.70 trillion, out of which current account deposit grew by 8.55% YoY while saving bank deposits grew by 16.28 per cent YoY.
  • 2020-09-26 : Avail 2 years repayment relief for two-wheeler loans with SBI
    SBI offered an option to either choose a moratorium for two years or reschedule the EMIs and extend the loan tenure by two years for two-wheeler loan borrowers. This decision has been taken after RBI ordered the increase of a moratorium.
*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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