To apply for an SBI two-wheeler loan online, visit the State Bank of India website, navigate to “Loans,” then “Vehicle Loans” or “Auto Loans,” select the “Two-Wheeler Loan” scheme, and click “Apply Now”. You will be directed to an online application form where you can enter your details, and a bank representative will contact you to complete the process. SBI offers a fully digital application process, including e-document verification and e-signing for faster approval. 

Step-by-step guide

1. Go to the official SBI website: Visit the State Bank of India website.
2. Navigate to the loans section: Find and click on “Loans” in the menu.
3. Select vehicle loans: From the drop-down menu, choose either “Vehicle Loans” or “Auto Loans”.
4. Choose the right scheme: Look for the “SBI Two-Wheeler Loan” or “Super Bike Loan” scheme and click the “Apply Now” button under the one that fits your needs.
5. Fill out the application: You will be redirected to an online form. Complete the form with your personal, contact, and financial details.
6. Await contact: Submit the form. An SBI representative will contact you by phone or email to guide you through the next steps, which may include e-document submission and e-signing. 

SBI Two-Wheeler Loan

features

• Scheme: SBI Two Wheeler Loan Finance Scheme
• Purpose: Loan for purchase of new two-wheeler
  • Such as Scooter / Motorcycle / Moped / Bike / Battery Operated / Electric Two Wheeler Vehicle of reputed make (Registration with RTO is mandatory)
• Two Wheeler Loan Against Vehicle Price: 85% of the on-road price of the vehicle
• Age Criteria: 18-65 Years
• Minimum Income Criteria: Salaried and Pensioners – Net Monthly Income ₹10,000/-. For Others – Net Annual Income ₹1.50 Lakh

• Loan amount:
  • Minimum Rs.50,000/-, Maximum Loan Rs.3,00,000/-
  • Subject to a maximum of 6 times the Net Monthly Income and applicable EMI/NMI ratio
• EMI/NMI Ratio:
  • Up to 60% off for existing SBI salary package customers
  • Up to 50% for all other applicants
• Repayment period: Up to 60 months (conditions apply)

SBI Two-Wheeler Loan Interest Rates

SBI Two-Wheeler Loan

The State Bank of India (SBI) is India’s largest public sector bank. It provides loans for two-wheelers and superbikes to its consumers. The interest rates start from 12.60% p.a. The repayment tenure is up to 5 years and a 0.50% deduction on the interest rate is provided for electric bikes.

  The maximum loan amount for a two-wheeler loan is Rs.3 lakh, with a four-year repayment period. The lowest loan amount for superbike loans is Rs.1.5 lakh. 

SBI Two-Wheeler Loan Interest Rates

Under the regular two-wheeler loan scheme, a 0.50% p.a. interest rate deduction is offered in case you purchase an electric vehicle. 

Features and Benefits of SBI Two-Wheeler Loan

The main features and benefits of the two-wheeler loan offered by SBI are mentioned below: 

1. Super bike loan applicants get up to 85% funding if they are SBI salary, package/Wealth/HNI customers.
2. Can be used to purchase scooters, motorcycles, mopeds, super bikes, and electric two-wheelers.
3. The Income of co-applicants can be clubbed to increase eligibility.
4. Minimal documentation is required.
5. Depending on the type of loan, the loan amount that will be provided will vary.
6. Up to Rs.25 lakh may be provided as a loan.

SBI Two-Wheeler Loan EMI Calculator

Before you take out a loan, it’s a good idea to acquire a clear sense of what your Equated Monthly Instalment will be. This will assist you in better planning your money and budgeting, ensuring that your EMI is an amount that you can pay back on a consistent and stress-free basis. An online two wheeler loan EMI calculator can provide you with a complete amortisation chart. 

All you have to do is input the appropriate information in the required fields or modify the sliders to reflect the correct information, which includes your chosen loan amount, interest rate, and loan payback term. Based on the parameters provided, the precise EMI that you must pay will be displayed on the same page, making it easier for you to determine your budget and spending.

SBI Two-Wheeler Loan Eligibility Criteria

The eligibility criteria for an SBI bike loan are given below:

Documents Required for SBI Two-Wheeler Loan

Documents Required for SBI Two-Wheeler Loan are given below:

1. Completely filled application form. 
2. Bank account statements for the last 6 months. 
3. Identification of signature from records of the bank. 
4. Valid identity proof such as voters ID/passport/PAN card. 
5. Proof of residential address such as utility bills, passport, tax receipts, etc. 
6. 2 passport size photographs. 

Loan Eligibility for Self-Employed Applicants

1. Income Tax Return copies for the two preceding financial years acknowledged by the ITO.
2. Proof of official address for non-salaried individuals.

How to Apply for SBI Two-Wheeler Loan?

To apply for an SBI bike loan, follow the procedure given below: 

1. Visit the official website of State Bank of India. 

1. Click on ‘Loans‘. 
2. In the drop-down menu, select ‘Vehicle Loans’. 
3. On the next page, you will see options for ‘SBI Two-Wheeler Scheme‘ or ‘Super Bike Loan Scheme‘. 
4. Click on the ‘Apply Now‘ button under the scheme of your choice. 
5. You will be redirected to a page where you can fill in your contact details. 
6. An SBI representative will get in touch with you by phone or email.

The State Bank of India commonly referred to as SBI, along with its Associates, the State Bank of Bikaner and Jaipur, the State Bank of Patiala, etc. accounts for an estimated 60% of all banking transactions that take place across the country. The history of SBI dates back to the British Rule of India and it became a nationalized entity in the 1955 through an Act of Parliament. Due to its or its associate bank’s presence no matter what part of the country you are in, it is a household name and well recognized not just in India but also around the world. Some of the key international branches of The State Bank of India include but are not limited to those located in Sri Lanka, New York, Chicago, Los Angeles, Sydney, The Bahamas, Bahrain, Frankfurt, Toronto, London and Paris.

The diverse range of services offered by the State Bank of India to its customers includes credit card services under the SBI Cards Brand, insurance services under SBI Life and SBI General Insurance. In terms of banking services, SBI and its associates provide complete range of banking services including but not limited to savings, current, NRE/NRO accounts, international banking, rural and agri-banking and loans ranging from home loan to 2-wheeler loan.

In India, two-wheelers are more than just a commuting choice; they are in many cases a necessity. Especially due to poor and mostly overcrowded public transport in most major cities, owning a two-wheeler has become a necessity for Indians. In many ways, a two-wheel transport is a greener as well as cheaper alternative to owning a car or hiring a cab in fact in some parts of India, commuting using a motorcycle or scooter is even cheaper than using public transport.

But it is not just big cities where 2 wheelers are the norm, a major chunk of 2 wheeler sales in India in fact occur in the rural areas, where narrower and roads make using a motor cycle/scooter the preferred transportation option. However, with rising prices, 2 wheelers are still an expensive proposition for certain sections of Indian society. It is for these economically weaker sections and for young individuals who are just starting out on their job that 2 wheeler loans are marketed by Banks and NBFCs across India including SBI.

State Bank of India’s 2 wheeler loan is designed to help individuals all over India purchase a new motorcycle or scooter of their choice with minimum hassle. Apart from scooter/motorcycle other 2 wheeled transport including moped and battery-operated vehicles.