Bank of India Two Wheeler Loan
In a two wheeler loan, you borrow money from the bank or non-banking financial organization at some rate of interest for a period of time. In TWL loan, the bank provides you loan to buy a scooter, bikes, and other Two wheelers. Bank can finance your Two wheeler up to 90% of the ex-showroom value. You have to pay some rates of interest to the bank. Bank of India provides Two Wheeler loans at very low rates of interest. The two-wheeler loan usually comes in the category of secured loan. A secured loan is a kind of loan where you pledge something to the bank as a security. However, you don’t pledge anything from your existing property in a two-wheeler loan but you pledge the two-wheeler to the bank that you are buying. Bank or other lender is completely liable to bound your two-wheeler if you don’t return the loan.
First of all the age of the applicant should be more than 18 years.
After that, the applicant should be a citizen of India.
The applicant should be earning from somewhere.
The monthly income of the applicant should be Rs. 7000 per month for the salaried applicant.
After that, the income of the self-employed person should be Rs. 6000 per month at least.
Rates of Interest
The rates of interest vary from person to person. It usually based on the income of the applicant and on the two-wheeler he/she going to buy and besides that, the tenure of the loan is also a factor in deciding the rate of interest.
2 passport sized colored photographs. (without spectacles)
One proof of Identity: Aadhar Card/PAN Card/Voter ID Card/Passport
One proof of residence: Aadhar Card/PAN Card/Voter ID Card/Passport/Driving License
Rental Agreement: Water and electricity bills for the last six months/Ration Card
How to apply?
You can easily apply online.