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SBI Two wheeler Loan Interest Rate

Current SBI Two wheeler Loan Interest Rates India Jul 2020

Last Updated 30th Jun 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


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 - Jul 2020
  • 2020-06-07 : 0ne-fifth of customers opt for SBI loan moratorium facility
    About 21.8% of SBI retail borrowers have availed the three-month moratorium on repayments of personal, home, gold, two-wheeler, and car loan from March to May. The loan moratorium was introduced to assist the borrowers amid economic crisis due to COVID 19 and subsequent lockdown.
  • 2020-06-05 : State Bank of India reported the highest ever yearly net profit
    State Bank of India registered a Net Profit of Rs.3581 Crores bolstered by retail business loan, FDs and RDs in Q4FY20, an increase of 327% over Q4FY19. For the full year FY20, Net Profit stood at Rs. 14,488 Cr backed by retail loans like home, personal, gold, two-wheelers, and car loan along with business and mudra loan against Net Profit of Rs 862 Crores in FY19. This is also the highest ever yearly Net Profit recorded by the Bank.
  • 2020-05-08 : SBI reduced MCLR by 15 bps
    State Bank of India revised its MCLR with effect from 10 May 2020. The overnight and one-month MCLR is 6.95% which was 7.10% earlier. The three months and six months MCLR is 7% and 7.20%, respectively. MCLR for one year, two years and three years stand at 7.25%, 7.45% and 7.55%, respectively. The reduced loans will augur well for the car loan and two-wheeler loans.
  • 2019-08-08 : SBI announces super bike loan scheme to make super bikes more accessible
    State Bank of India (SBI) has announced the launch of a super bike loan scheme to assist customers in purchasing their dream bike. Under this loan scheme, individuals can take minimum loans of up to Rs. 2.5 lakh with a maximum repayment tenure of 5 years.
  • 2019-04-24 : 20 bps discount by SBI on Electric Vehicle Loans
    To boost struggling volumes of electric vehicle segment SBI is offering loan to buyers at a discount of 20 bps than its usual auto loan rate. EVs constitute only around 1000 units per annum out 3.6 million (FY19) units sold by the car industry.
*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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