Saliant Features of the Two-wheeler Loan :
Purpose : For purchase of brand new two-wheeler (scooter / motor bike) for personal / family use.
Term of Loan : Min. 1 year, max. 3 years.
Rate of Interest: 16% fixed., on reducing balance.
Processing Fee: 0.5%, Min. 1,500/-
Eligibility : Businessman, professionals, self-employed, salaried persons and also HUF.
Age : Min. 21 years, regular source of income
Security : Hypothecation of vehicle being purchased. 3rd party guarantee by a person acceptable to the bank.
Maximum Finance : Depends on purchase price of the vehicle / net income of the borrower. Max. 85% of the ex-showroom price.
Pre-payment Charge : None.