Get a vehicle loan of up to Rs 3 Lakh this Diwali!

Diwali and Dhanteras are right around the corner, which means banks and businesses will be offering the best deals on vehicles, among other things. Those of you who want to buy a new bike or scooter but can’t afford it can now use SBI’s two-wheeler loaner program to get it!

Schema name: SBI Two-Wheel Loaner Program

Objective: The loan scheme can be used to purchase a new two-wheeler i.e.: brand name scooters/motorcycles/mopeds/battery/electric vehicles (registration with the RTO is required)

Loan to the value of the vehicle: 85% of the road price of the vehicle

Age criteria: 21-57 years old

Minimum income criteria: Net monthly income Rs 12,500/-

Amount of the loan: Minimum Rs 20,000/-, Maximum 3,00,000/-

Subject to a maximum of 4 times net monthly income and applicable EMI/NMI ratio

Repayment period: 36-48 Months.

Eligibility:

Loanees must have been salaried clients of the following categories:

• Client existing salary package from our bank.

• Existing SBI bank salaried customers and new bank customers.

• Professionals, freelancers and other IT experts

• Person engaged in agriculture and related activities.

Required documents:

The following documents must be submitted with the loan application:

• Borrower’s bank account statement for the last 6 months.

• 2 Passport size photographs of the borrower/guarantor(s).

• Verification of the signature from the bank file.

• A copy of passport/voter ID card/PAN card.

• Proof of residency in the form of tax receipts, phone bill, electricity bill, or any other document that meets regulatory and/or KYC requirements.

• Last payslip showing all deductions and TDS-form 16 certificate in the case of salaried persons.

• Copy of income tax declaration for the last two years, duly recognized by the ITO for professionals, self-employed and others. The tax declaration is not obligatory in the case of farmers.

• Proof of address for self-employed persons.

First published: October 11, 2022, 05:05 IST