Karnataka Bank Bike Loan
Karnataka Bank Two Wheeler Loan:
- Bank offers easy funding at Karnataka Bank Two Wheeler Loan rate to facilitate acquisition of two-wheelers by applicants eligible for loan as per Karnataka Bank Two Wheeler Loan eligibility criteria.
- Named as KBL Easy Ride, it is extended to borrowers at a revised Karnataka Bank Two Wheeler Loan interest rate, applicable from 14-02-2011
Karnataka Bank Two Wheeler Loan Interest Rate:
Loan is extended at a Karnataka Bank Two Wheeler Loan rate as follows:
- Above rate of interest is linked to floor rate, known as base rate.
- Base rate at present is: 9.75% per annum
- Hence, effective Karnataka Bank Two Wheeler Loan rate is at 11.75% per annum
Karnataka Bank Two Wheeler Loan Eligibility Norms:
Persons eligible for loan under prescribed Karnataka Bank Two Wheeler Loan eligibility norms are as follows:
- Salaried employees
- Non-salaried such as self-employed businessmen and professionals
- Institutions, including company, firm and trusts
- Income sufficiency:
a) Salaried borrower: Rs.4500 per month
b) Non-salaried borrower: Rs.3500 per month
- Age permissible: minimum age at loan approval and maximum age at maturity:
a) Salaried borrower: 21 years and 55 years
b) Non-salaried borrower: 21 years and 60 years
- Karnataka Bank Two Wheeler Loan interest rate is constant for all categories of borrowers as per above Karnataka Bank Two Wheeler Loan eligibility norms
Quantum Of Karnataka Bank Two Wheeler Loan:
- Loan quantum disbursed is calculated as per amount that is lower between:
a) Up to 15 times of net salary (salaried borrower); and equivalent amount based on gross annual income that has been declared
Or
b) 100% of value based on invoice price
- Upper cap on loan amount permissible is Rs.1 lac
Procedure To Be Followed While Applying For Karnataka Bank Two Wheeler Loan:
Customers who wish to avail of finance at Karnataka Bank Two Wheeler Loan rate may:
- Online: may log on to official website of bank and fill in online application form
- Offline: approach any branch of bank to apply.
- Security is required in the form of hypothecation on vehicle
- A third party that is solvent may act as guarantor
- Insurance of vehicle to be acquired should be done
- Borrower should also bear road tax on vehicle.
- Relevant set of documents that have to be necessarily submitted:
a) Proof of income
b) Letter of undertaking that vehicle to be acquired would only be used by a valid driver’s licence-holder.
- Processing charge is at 0.50% on loan amount, subject to a minimum of Rs.100.
- Above fee is over and above Karnataka Bank Two Wheeler Loan interest rate.
Tenure Of Karnataka Bank Two Wheeler Loan:
Entire loan amount should be repaid in a maximum of 5 years’ tenure, irrespective of profile of borrower and quantum disbursed at Karnataka Bank Two Wheeler Loan rate.
Repayment Of Karnataka Bank Two Wheeler Loan:
Borrowers should ensure that entire amount of loan is disbursed in a maximum of 60 equated monthly installments, through PDCs, that would include principal and interest at Karnataka Bank Two Wheeler Loan interest rate.
Prepayment Of Karnataka Bank Two Wheeler Loan:
A penalty is also levied at 1% on loan amount outstanding that is independent of Karnataka Bank Two Wheeler Loan rate.
Product Page URL Of Karnataka Bank Two Wheeler Loan: further details about loan scheme, including Karnataka Bank Two Wheeler Loan eligibility norms, is available athttp://www.karnatakabank.com/ktk/SpAdvances.htm
Branch Office Address (In Table):
City
|
Branch
|
Address
|
Phone number
|
Delhi
|
LAXMI NAGAR
|
DR CHAWLA COMPLEX,1 BY 17,LALITHA PARK,VIKAS MARG,LAXMINAGAR,
NEW DELHI 110092
|
011-26262693
|
Mumbai
|
FORT
|
294 A, HAROON HOUSE,
PERIN NARIMAN STREET,
BEHIND R B I,
FORT,
MUMBAI 400001
|
022-26408630
|
Kolkata
|
PARK STREET
|
1ST FLOOR,SHUBHAM,1,SAROJINI NAIDU SARANI,PARK STREET,
KOLKATA 700017
|
033 23629988
|
Chennai
|
R A PURAM
|
77,FREEN WAYS ROAD,RAJA ANAMALAIPURAM,
CHENNAI 600028
|
(044) 24913138
|
