SBI superbike loan 2019: Minimum loan amount, income criteria, eligibility, repayment period


SBI has set certain eligibility conditions for people wishing to take out a loan for the purchase of a superbike. | Photo credit: Representative image

Highlights

  • SBI requires a margin of 15 percent of the ex-showroom price of the vehicle (superbike) and has the ability to finance up to 90 percent of the cost of the vehicle for SBI Salary Package customers, High net worth individuals (HNI) and wealthy clients.
  • People engaged in agriculture and related activities can also benefit from this scheme and for such people the bank does not require income tax declaration.

New Delhi: State Bank of India, the largest bank in the country by number of customers and size of its assets, offers several credit facilities to meet different customer requirements. The loan and credit facilities are definitely personalized according to the different market requirements. The need for a loan or a credit facility is usually required for large purchases and to benefit from high volume services.

Much of the money required to buy a superbike is the same as a person’s monetary needs when buying a mid-size sedan or hatchback. To meet the interest of superbike buyers, SBI provides the superbike loan facility under which an individual can take out a minimum loan of Rs 2.5 lakh with a maximum repayment term of 5 years.

SBI requires a margin of 15 percent of the ex-showroom price of the vehicle (superbike) and has the ability to finance up to 90 percent of the cost of the vehicle for SBI Salary Package customers, High net worth individuals (HNI) and wealthy clients. In order to qualify for a loan for the purchase of a superbike, the applicant’s age must necessarily be between 21 and 65 years old.

SBI has set certain eligibility conditions for people wishing to take out a loan for the purchase of a superbike. According to the State Bank of India, all regular employees of the state / central government, public sector enterprises, corporations, private sector enterprises and reputable establishments, professionals, self-employed, men of business, owner / partnership and other companies that are subject to income tax appraisals are eligible to apply for a superbike loan from the bank.

In addition, people engaged in agriculture and related activities can also benefit from this scheme and such people, the bank does not require income tax declaration. In addition to these eligibility constraints, the SBI also set several conditions based on earning capacity.
Under the minimum income criteria of the SBI, all salaried persons are required (either the applicant and / or the co-applicant) to have a net annual income of more than Rs 2.5 lakh.

All self-employed, professionals, owner / partnership companies and businessmen should have net profit or gross taxable income of Rs 4 lakh per year (co-applicant’s income can be combined for self-employed, professionals and businessmen) in accordance with ITR after adding back amortization and deducting repayment from all existing loans, the SBI said. Regarding farmers, the net annual income of the applicant and / or co-applicant should be Rs 4 lakh per year.


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