Federal Bank Bike Loan
Federal Bank Two Wheeler Loan:
Bank offers easy finance at competitive Federal Bank Two Wheeler Loan rate of interest, so as to enable borrowers eligible as per Federal Bank Two Wheeler Loan eligibility norms purchase new two-wheelers for their private use.
Federal Bank Two Wheeler Loan Interest Rate:
- For determination of applicable rate of interest on loan, or Federal Bank Two Wheeler Loan rate, base rate is at 9.25% per annum.
- Thus, effective Federal Bank Two Wheeler Loan interest rate ranges between 14.50% per annum to 15% per annum.
Federal Bank Two Wheeler Loan Eligibility Norms:
As per bank norms, following are persons eligible under Federal Bank Two Wheeler Loan eligibility criteria, to be extended loan at Federal Bank Two Wheeler Loan interest rate:
- Residents borrowers, should have a minimum income of Rs.7, 500
- Non-resident Indians: should have a minimum income of Rs.20, 000
- In either of above case, net take home income, after considering deduction including of present EMI should not exceed 50% of value
- For determination of above limit, income of spouse may also be clubbed, in case of joint-application.
- In case of agricultural revenue / income being considered for establishing eligibility, borrower should have at least 2.5 acres of land bearing crops that would produce cash
Quantum Of Federal Bank Two Wheeler Loan:
Loan amount permissible as per bank policies is:
- Minimum amount of loan is Rs.25, 000
- Maximum amount of loan that may be extended at Federal Bank Two Wheeler Loan rate is Rs50 lacs, in case of individuals and Rs.200 lacs in case of institutional borrowers and group borrowers.
Procedure To Be Followed While Applying For Loan:
Applicants who are eligible for loan at Federal Bank Two Wheeler Loan interest rate may approach nearest bank branch to know more or visit official website to be able download form.
- Security is required such:
a) Primary: hypothecation on vehicle to be charged
b) Collateral: no collateral is required if loan is less than Rs.10 lacs; or if it is extended to educational institutions or corporate entities
- Guarantee is required by borrower’s spouse, in case of resident individual borrowers.
- Processing charge is at 0.5% of loan amount, subject to a minimum of Rs.500 on applications of borrowers who are eligible as per Federal Bank Two Wheeler Loan eligibility norms.
Tenure Of Federal Bank Two Wheeler Loan:
Loan has fixed repayment tenure equivalent to 4 years, for all categories of borrowers eligible under Federal Bank Two Wheeler Loan eligibility criteria.
Repayment Of Federal Bank Two Wheeler Loan:
Borrowers to purchase two-wheelers at Federal Bank Two Wheeler Loan rate should repay entire amount in a maximum of 48 equated monthly installments.
Prepayment Charges Of Federal Bank Two Wheeler Loan:
- Bank levies a prepayment charge that is equivalent to 2% on loan amount remaining or DP, whichever if higher of the two.
- However, above charge is levied over and above interest at Federal Bank Two Wheeler Loan interest rate.
Prepayment Charges Of Federal Bank Two Wheeler Loan:
Customers would have to pay a fee at 2% on overdue amount, if there is any default in payment of EMI. It is a charge independent of Federal Bank Two Wheeler Loan rate.
Product Page URL Of Federal Bank Two Wheeler Loan: you may gain further details by visiting link at official website of bank: http://www.federal-bank.com/Personal_Loans_PersonalCarLoan.aspx
Branch Office Address (In Table):
City
|
Branch
|
Address
|
Phone number
|
Delhi
|
WESTEND COLONY
|
6 & 7 CONVENIENT SHOPPING CENTRE, WESTEND COLONY,
NEW DELHI, 110021
|
011-24118544
|
Mumbai
|
ANDHERI
|
P B NO. 17387, 8, 9,10, LARAM CENTRE, S.V.ROAD, ANDHERI (WEST),
MUMBAI- 400058
|
022-26288115
|
Kolkata
|
C.R.AVENUE
|
8 CHITTARANJAN AVENUE,
KOLKATA, 700072
|
033-22126352
|
Chennai
|
MOUNT ROAD
|
S V S CLUB BUILDING, 61, ANNA SALAI, MOUNT ROAD,
CHENNAI, 600002
|
044-28512561
|
