South Indian Bank Bike Loan
South Indian Bank Two Wheeler Loan:
All eligible applicants as per South Indian Bank Two Wheeler Loan eligibility criteria may be able to get finance to purchase their own two-wheeler at a competitive South Indian Bank Two Wheeler Loan rate of interest.
South Indian Bank Two Wheeler Loan Interest Rate:
- Effective rate of interest is calculated on base rate, that stands at 9.10% per annum
- Bank follows a differential pattern for the determination of South Indian Bank Two Wheeler Loan interest rate:
a) As per new scheme: base rate + 4.40% per annum
b) On loan scheme that has been fully collateralized: base rate + 2.90% per annum
South Indian Bank Two Wheeler Loan Eligibility Norms:
Both persons and non-persons eligible for loan at South Indian Bank Two Wheeler Loan rate are as under:
- Salaried employees: those permanently employed in a reputed concern such as government body and public sector units, private limited companies, educational concerns are all eligible or loan under South Indian Bank Two Wheeler Loan eligibility criteria.
- Non-salaried persons: all others besides salaried persons, who are either self-employed business persons or professionals, may also avail of loan at South Indian Bank Two Wheeler Loan interest rate.
- All agriculturalists are also eligible for loan, provided they are working on a large scale as per bank norms.
Quantum Of South Indian Bank Two Wheeler Loan:
- Maximum permissible amount that may be disbursed at South Indian Bank Two Wheeler Loan rate is Rs.75, 000
- Margin on loan is calculated as per security provided:
a) If fully-secured loan: 10% on loan amount
b) If partially-secured loan at 50% of total value: 15% on loan amount
c) If loan is not secured: 25% on loan amount
- Actual amount of money that may be extended is equivalent to:
Cost of vehicle: [basic + duties + other taxes + Octroi + life tax + insurance premium for first year]
Less
Margin stated above.
- Amount to be disbursed is also dependent on income or salary that the borrower draws and repayment capacity based on it.
Procedure To Be Followed While Applying For South Indian Bank Two Wheeler Loan:
- If you are eligible according to above stated South Indian Bank Two Wheeler Loan eligibility criteria, you may be able to avail of loan at South Indian Bank Two Wheeler Loan interest rate, by paying an upfront charge at 0.50% on amount.
- Above charge is over and above interest at South Indian Bank Two Wheeler Loan rate.
- Application form may also be downloaded from official website of bank.
- Documents to be submitted:
a) Filled-in application form
b) Two passport-sized photographs
c) Photo ID proof
d) Signature validation proof
e) Proof of residence
f) Proof of income / salary
Tenure Of South Indian Bank Two Wheeler Loan:
Repayment tenure of loan extends to a maximum of 5 years. However, should the borrower so choose, loan account may also be pre-closed, that is repaid before maturity of stipulated time.
Repayment Of South Indian Bank Two Wheeler Loan:
- Loan amount has to be mandatorily repaid in a maximum of 60 equated monthly installments.
- Modes of repayment may be as under:
a) Post-dated cheques
b) ECS / SI
Prepayment Of Loan:
You may also choose to pre-pay full amount of loan, without incurring any pre-payment charge. No other hidden charges are either levied over and above interest at South Indian Bank Two Wheeler Loan interest rate.
Default / Delay In Re-Payment Of South Indian Bank Two Wheeler Loan:
- A penalty at 2% on amount left unpaid or defaulted is levied, if there is a delay in payment of EMI.
- Above is independent of South Indian Bank Two Wheeler Loan rate.
Product Page URL Of South Indian Bank Two Wheeler Loan: You may also visit bank’s official website in case of any further information about product, including South Indian Bank Two Wheeler Loan eligibility:http://www.southindianbank.com/content/viewContent.aspx?linkIdLvl2=12&linkId=94
Branch Office Address (In Table):
City
|
Branch
|
Address
|
Phone number
|
Delhi
|
Shahdara
|
D-215,
Vivek Vihar, Shahdara,
New Delhi
|
011 22165020
|
Mumbai
|
Vithalbhai Patel Road
|
163 to 165, Ground Floor, Anand Bhavan Building, Vithalbhai Patel Road,
Mumbai
|
022 23800122
|
Kolkata
|
Kalighat
|
Rash Behari Avenue, Manoharpukur,
Kalighat, Kolkata
|
-
|
Chennai
|
Parry’s
|
64,
Armenian Street,
Parry’s,
Chennai - 600001
|
044- 25360592 / 25385711
|
