Central Bank of India Two Wheeler Loan: Central Bank of India offers Two Wheeler Loan which is easy to take and pay. The loan can be availed with minimal paperwork and low processing fee. The maximum tenure period is up to 60 months.
|Rate of interest||7.25% to 7.70%|
|loan repayment period||max 60 months|
|processing fee||As decided by the Bank from time to time|
|guarantor required||no guarantor needed|
|prepayment fee||As decided by the Bank from time to time|
Purpose of Central Bank of India Two Wheeler Loan
Loan can be taken from Central Bank of India for purchase of new two wheeler of any model i.e. scooter, motorcycle, moped, scooter, scooty, battery operated scooter etc. Generally the middle class of the society like salaried class, small businessmen, farmers, self employed etc apply for two wheeler loan. The new two wheelers are popular among Indians because of their convenience, affordable price and ease of commuting on the roads. But not everyone can buy a new two wheeler. To meet the needs of such customers, Central Bank of India offers new Two Wheeler Loans at reasonable interest rates. The bank is famous for its quick loan disbursement.
Eligibility Criteria for taking Two Wheeler Loan from Central Bank of India
- Government employees, semi-government employees, public sector employees, professionals in private companies or self-employed individuals, businessmen, etc. can take a two wheeler loan.
- The minimum age of the applicant should be 18 years.
- Father or mother or spouse can be added as co-borrower.
- The maximum age of the applicant should not exceed 65 years on loan maturity.
- You must have a valid driving license.
- The minimum net annual income as per bank rules should be Rs 50,000.
Documents Required for Central Bank of India Two Wheeler Loan
- Your photograph and the well filled two wheeler loan application form
- Passport, Voter ID Card, Driving License, PAN Card, Aadhar Card, Government Department ID Card for Proof of Identity
- Latest salary slip or Form 16 (for salaried individuals) for income proof, Income Tax returns of last 2 financial years
- Bank statement or pass book of last 6 months
- Bank account details for address proof, latest electricity bill, latest mobile/telephone bill, latest credit card details, rent agreement
- Mark Sheet for Age Proof, SSC, HSC
- Signature Verification (optional)
How much can I get a two wheeler loan from Central Bank of India?
- Loan up to 90% on ‘On Road Price’ (Cost of Vehicle + Registration Fee + Road Tax + Cost of Insurance)
- Maximum loan amount: Rs 10 lakh
- 5% to 30% of the on-road value including invoice value, cost of one-time road tax, first comprehensive insurance premium for one year. It varies from bank to bank and also depends on whether the two-wheeler purchased is new or used.
Central Bank Of India Two Wheeler Loan Repayment Tenure
A maximum of 60 EMIs is allowed for a new car loan and a maximum of 36 EMIs is allowed for repayment in case of a two wheeler loan. The repayment period of a used car also depends on how old the car is.
- Primary: The two wheeler that is purchased is treated as mortgage.
- Collateral: Can be used by Central Bank of India as third party guarantee to the account holder.
Important to know about Central Bank of India Two Wheeler Loan :-
- The income of the spouse may be taken into account for determining the income criteria.
- Some banks also charge a processing fee of around 0.50% of the loan amount.
- Some banks offer lower interest rates with discounts on processing fees especially for their account holders.
- Some banks offer loans up to 100% to their account holders for certain models.
- Compare interest rates across banks and choose the lowest interest rates.
Benefits of taking Central Bank of India Two Wheeler Loan
- The process to apply for a two-wheeler loan is very easy and even Central Bank of India Bank provides you the facility to apply for it online with minimal documentation.
- You get quick approval of the loan. Central Bank of India banks sanction loans on the spot and take very less time for loan disbursement.
- Taking a two-wheeler loan reduces the burden on your budget as it is comparatively convenient to pay the entire amount in one lump sum to buy a two-wheeler.
- Due to the availability of a large number of two-wheeler banks in the market, you can get a two wheeler loan at very competitive rates.
- Many banks provide loans to women applicants at concessional rates. So if you are a woman and want to take a loan then this is beneficial for you.
- You will get flexible repayment options ranging from 12 to 60 months.
- You can get some additional benefits like insurance cover or accidental accident cover with your two-wheeler loan.
Central Bank Of India Contact Details
- Contact Number for Two Wheeler Loan – 18002001911, 022-27574214, 022-67123529
- Email ID – email@example.com, firstname.lastname@example.org
- missed call number. – 9222250000
- Customer Care No. – 1800-222-396, 1800-222-368
Frequently Asked Questions About Two Wheeler Loan From Central Bank Of India
What is the interest rate of Central Bank of India two wheeler loan?
The Central Bank of India Two-Wheeler Loan interest rate ranges from 7.45% to 7.70% p.a.
What is the age limit of Central Bank of India Two-Wheeler Loan?
Minimum age is 18 years and maximum is 65 years.
What is the amount I can get on Central Bank of India Two Wheeler Loan?
The maximum you can get for a two-wheeler loan from Central Bank of India is 10 lakhs.
Is there any processing fee for Central Bank of India two wheeler loan?
Yes, the processing fee of Central Bank of India Two-Wheeler Loan is 0.5% of the loan amount.
Whether self-employed individuals provide guarantee to get two-wheeler for Central Bank of India?
Yes, self-employed individuals are required to provide a single guarantor with a good credit score.
Can I prepay Central Bank of India Two-Wheeler Loan?
Yes, you can prepay the loan.
How To Apply For Central Bank Of India Two Wheeler Loan Online
Click on the link to apply online for Central Bank of India Two-Wheeler Loan .