Canara Bank Bike Loan
Canara Bank Two Wheeler Loan:
Loan is granted to enable consumers who are eligible as per Canara Bank Two Wheeler Loan eligibility norms, to purchase their own two-wheelers.
Canara Bank Two Wheeler Loan Interest Rate:
Finance is offered at a pre-determined Canara Bank Two Wheeler Loan rate, which is calculated on floor rate, also known as the base rate:
- Thus base rate is at 9.50% per annum
- Effective Canara Bank Two Wheeler Loan rate, at which loan is offered to applicants who are able to meet above specified Canara Bank Two Wheeler Loan eligibility norms:
Base Rate + 3% = 12.50% per annum
Canara Bank Two Wheeler Loan Eligibility Norms:
As per official website, following are persons who are eligible for loan under Canara Bank Two Wheeler Loan eligibility norms:
- Salaried class: permanent employees of government organizations, PSUs, reputed companies, recognized educational institutions
- Non-salaried class: self-employed businessmen and traders; professionals
Quantum Of Canara Bank Two Wheeler Loan:
Bank offers loan at Canara Bank Two Wheeler Loan interest rate, subject to following rules on permissible quantum:
- Salaried borrower: equivalent to amount that is lower of:
80% of value based on invoice
Or
15 times of monthly salary (net)
- Non-salaried borrower: equivalent to amount that is lower of:
80% of value based on invoice
Or
50% of yearly income (net) of immediate previous year
Procedure To Be Followed While Applying For Canara Bank Two Wheeler Loan:
- Applicants eligible as per Canara Bank Two Wheeler Loan eligibility criteria may approach nearest bank branch, along with following documents to be able to avail of loan at Canara Bank Two Wheeler Loan interest rate:
a) Duly filled-in application form
b) Two passport-sized photographs
c) Salary slip / certificate; Form16; ITR filed: as income / salary proof
d) Details of person acting as guarantee
- Before disbursal of loan, processing fee at 0.1% of loan amount is also charged.
- However, minimal amount of processing fee is Rs. 100 and maximum is Rs.250
- Above charge is over and above interest at Canara Bank Two Wheeler Loan rate.
- If bank decides, obligation to provide a third party guarantee may be waived off.
Tenure Of Canara Bank Two Wheeler Loan:
Above finance scheme is offered at Canara Bank Two Wheeler Loan rate for repayment tenure of 4 years. Depending on borrower profile and request, bank also extended above term to 5 years.
Repayment Of Canara Bank Two Wheeler Loan:
- All borrowers should repay entire amount of loan extended to them at Canara Bank Two Wheeler Loan interest rate, in a maximum of 48 equated monthly installments.
- Each installment is equal and includes interest at Canara Bank Two Wheeler Loan rate
- If disbursing branch so decides, tenure for repayment may also be extended to 60 months, wherein borrowers would have to repay loan in as many installments.
Pre-Payment Of Canara Bank Two Wheeler Loan:
If pre-closure of loan account is through take-over by any other FI or bank, then a charge at 2% on amount of loan outstanding is levied, that is over and above Canara Bank Two Wheeler Loan interest rate.
Product Page URL Of Canara Bank Two Wheeler Loan: you may visit website of bank to know more about loan:http://www.canarabank.com/english/scripts/TwoWheelerLoans.aspx
Branch Office Address (In Table):
City
|
Branch
|
Address
|
Phone number
|
Delhi
|
CONNAUGHT CIRCUS F.19
|
F 19,
CONNAUGHT CIRCUS,
NEW DELHI - 110001
|
011 - 23310856
|
Mumbai
|
MUMBAI FORT
|
PB NO. 292,
WARDEN HOUSE,
SIR PHIROZESHAH MEHTA ROAD,
MUMBAI - 400001
|
022 - 22870503
|
Kolkata
|
RABINDRA SARANI
|
P.B.NO. 6701,
274, RABINDRA SARANI-ROAD,
CALCUTTA 700007
|
033 - 22698761
|
Chennai
|
TEYNAMPET
|
NO.563/1,
ANNA SALAI(G FLOOR),, TEYNAMPET,
CHENNAI - 600018
|
044 - 24312001
|
