As of my last update in January 2022, Canara Bank offered bike loans with interest rates that typically varied based on factors such as the loan amount, tenure, and the borrower’s profile. Interest rates for two-wheeler loans from Canara Bank usually ranged between 7% to 9% per annum.
However, interest rates and terms are subject to change over time due to market conditions, policies, and other factors. It’s advisable to directly contact Canara Bank or visit their official website for the most current and accurate information regarding their bike loan interest rates.
Canara Bank Two-wheeler loans?
Canara Bank offers two-wheeler loans to individuals looking to purchase a bike or scooter. Here are some key features and eligibility criteria for Canara Bank’s two-wheeler loans:
Key Features:
Loan Amount: Canara Bank provides loans covering a significant portion of the on-road price of the vehicle. The exact amount granted can vary based on the applicant’s eligibility.
Interest Rates: The interest rates for two-wheeler loans from Canara Bank usually range between 7% to 9% per annum. However, rates can vary based on various factors such as the loan amount, tenure, and the applicant’s profile.
Repayment Tenure: The bank offers flexible repayment periods for these loans, typically ranging from 12 months to 60 months.
Margin: The margin requirement, i.e., the percentage of the bike’s on-road price that the bank finances, can also differ. Generally, it’s around 10% to 15% of the on-road price, while the bank finances the rest.
Collateral: Loans for two-wheelers usually don’t require any additional collateral, with the vehicle itself serving as the primary security.
Eligibility Criteria:
While the specifics might slightly differ, the typical eligibility criteria for Canara Bank two-wheeler loans include:
- Applicants should be Indian residents.
- Individuals between certain age brackets, usually 21 to 65 years, are eligible.
- Regular income earners with a stable job or business.
- The applicant’s credit history, repayment capacity, and other financial liabilities are also taken into consideration.
Documents Required:
The documents required for applying for a two-wheeler loan from Canara Bank often include:
- Identity proof (Aadhar card, Passport, Voter ID, etc.)
- Address proof (Driving license, Utility bills, etc.)
- Income proof (Salary slips, Income Tax Returns, etc.)
- Quotation or proforma invoice for the vehicle
- Passport-sized photographs
Application Process:
Applying for a two-wheeler loan usually involves visiting the nearest Canara Bank branch, filling out the application form, submitting the necessary documents, and meeting the eligibility criteria. The bank will then assess the application and, upon approval, disburse the loan amount.
Please note that the specific details might vary based on the bank’s policies, and it’s advisable to contact the bank directly or visit their official website for the most updated and accurate information regarding their two-wheeler loan offerings and the application process.