SBI Sets Terms For Super Bike Loans
A super bike is a brilliant example of growing technology. These bikes are incredibly sleek, powerful and are designed to follow only one thing, speed. You might be dreaming about buying a super bike for yourself, but the problem is that they are quite expensive.
So, to attain the money required to buy one, you can apply for a State Bank of India super bike loan. These loans are specially created to let patrons buy their favorite super bikes. And through the means of this article, we will provide you with all the requirements that you need to apply for a SBI super bike loan, so that you can buy the super bike you have always dreamed about.
- Purpose: Purpose of the SBI super bike loan is of course the purchase of the super bike of your choosing. The bike can be from any company provided that it is of 500 cc or more capacity. You have to provide all the details of your chosen bike and give the exact cost as well.
- Margin: The margin for this SBI super bike loan will be of 15% of the vehicle’s ex-showroom price.
- Age: They will ask of you for your age, and you will only be eligible for the SBI super bike loan if you are between the ages of 21-65.
- Eligibility: There are a certain more eligibility rules that you must follow if you want to qualify for the SBI super bike loan –
- The first necessary requirement to attain this loan is that you have to be a regular employee of State or Central government sector. Or you should be in public sector undertakings, a part of private sector companies, corporations or other reputed enterprises.
- You can also be professional, businessmen, self-employed, work in a proprietary or private firm, and you are eligible for the SBI super bike loan.
- Even if you are not part of any of the aforementioned jobs, and are instead working in agriculture or other allied activities, you can still obtain the SBI super bike loan. But you will have to give your Income Tax return for all of them, save for agriculture worker.
Minimum income criteria
There is a basic income criteria that you have to follow if you wish to receive the SBI super bike loans, and following are the conditions:
- Salaried professionals: if you are a salaried professional working for either of the aforementioned private, public or government jobs. Then you need to have at least the net annual income of rupees six lakhs or above.
- Self employed and businessmen: If you are a self employed individual, partnership firm member, proprietary firm worker, or business men. Then you need to have a Gross Taxable income or net profit of at least rupees six lakhs per annum. With the ITR after summating back depreciation and reducing repayment of all other loans on you.
- Agriculture workers: If you are working in the agriculture sector, then you need to have a net annual income of at least six lakhs or above.
- Maximum repayment period: This is of five years.
Here’s a list of documents that you will be required to submit for this loan:
- SBI account of at least six months.
- Your two passport sized photos.
- Your signature of identification from the bank.
- A copy of your PAN card, passport, or voter’s ID.
- Proof of residence.
- Your last salary slip with TDS certificate-Form 16.
- You have to give a proof of your official address if you’re not a salaried person.
If you follow all of these given requirements, then you will be able to apply for an SBI super bike loan in no time. And that beautiful super bike you’ve always dreamed of will be yours soon. Check out SBI here to apply for your loan today.
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