Bike Loan

Purpose

• To purchase new two wheeler viz.: Scooter(s), Motor cycle(s) & Scooterrete

Eligibility

• Gross monthly income (Self employed/Business/Salaried & Other income) of borrower along with that of spouse/other family members should be at least double of monthly installment of the loan

Limit

• For individuals: 30 times of Net Monthly income or loan amount whichever is lower

• For business concerns: Need Based

Margin

• Natural Person (for personal purpose)- not less than 50% of purchase price of vehicle 

   (subject to NRB stipulation)

Nature

• Term loan

Interest rate

• Competitive rate (subject to change)

Repayment

• 3 yrs on EMI basis

Security

• Registration of bike in favor of bank
• Guarantee of spouse/other family member or 3rd party guarantee acceptable to the Bank.

Insurance

• Comprehensive policy with third party insurance as per Banks’ clause

Bank has tie up arrangement with different companies for financing of bikes.