State Bank Of Patiala Bike Loans

Find details of state bank of patiala bike loan through State Bank Of Patiala EMI calculator. Just enter the loan amount of bike you want to get financed and rate of interest. State Bank Of Patiala EMI calculator automatically calculates the installment on reducing balance and it does not have any other processing fee.

State Bank Of Patiala
State Bank Of Patiala

New Bike Loan Rates

Down Payment
Processing Fee1
Interest Rate16
Document ChargesRs.250

Loan Eligibility Calculator

State Bank of Patiala Bike Loan eligibility, Interest Rate, documents and process

Eligibility: i) Permanent employees of State/Central Govt., Public Sector Undertakings, corporations, private sector companies, and reputed establishments. ii) Professionals,self-employed,businessmen
Loan amount 90% of the cost of vehicle + accessories For salaried: The maximum loan amount is 15 times of the net monthly income or 1.5 times the net annual income (i.e., net of all deductions including actual monthly tax deductions at source).
Margin 10%. of the cost of vehicle + accessories
Age Eligibility People with age between 21- 65 years are eligible.
Income Criteria Salaried: Net Monthly Income of Rs 4,000 and above. Self employed, professionals and Proprietary/Partnership Firms: Net Profit or Gross Taxable income of Rs. 50000/- p.a. as per ITR after netting off depreciation and repayment of all existing loans.
Repayment 5 years Maximum.
Processing fee 1.22% of loan amount: Min Rs. 255/- Max: Rs. 510/-
Documents The following papers are to be submitted along with loan application: i) Statement of Bank account of the borrower for last 6 months. This will facilitate in arriving at the credit score of the applicant in the car loan scoring model. ii) 2 passport size photographs of borrower/guarantor (s). iii) Signature identification from bankers of borrower/guarantor (s). iv) A copy of passport /voters ID card/PAN card. v) Proof of residence by way of tax receipts, telephone bill, electricity bill or any other document that comply with the regulatory and/or KYC requirements. Proof of official address for non-salaried individuals. vi) Latest salary-slip showing all deductions and TDS certificateForm 16 in case of salaried persons. vii) I.T. Returns/Form 16 for the last 2 years for salaried employees and 2 years in respect of professional/self-employed/businessmen duly accepted by the ITO to be submitted. It is not necessary to obtain both I.T. Return and Form 16 from the applicant. IT Return not mandatory in case of agriculturists.
Insurance The vehicle purchased is to be kept comprehensively insured in the name of the borrower for the market value and the Bank’s interest as a hypothecatee should be noted in the certificate of insurance and insurance policy.