Eligibility Criteria for State Bank Of Patiala Two wheeler loan

Minimum and Maximum Age

21 Yrs. – 65 Yrs.

Note: However, many banks require minimum age of 18 years

Loan Amount

  • Upto Rs. 10 lakhs. Some banks give maximum loan upto Rs. 15 lakhs
    Note: State Bank Of Patiala Two wheeler loan amount depends upon the value of the Two wheeler and the EMI you can pay

Net Monthly Income

  • Min. Rs. 18,000 per month

Employment Type

  • Salaried and Self Employed
  • Interest rates are typically in the range of 7.75% to 29.00% per annum

Minimum Work Experience

  • 1 year of total work experience
  • Business tenure should of 5 years & ITR required for at least 2 years (For Self Employed only)

CIBIL Score for State Bank Of Patiala Two wheeler loan

  • 600 & more credit history
    Note: Most banks avoid giving loans if you have low credit score

State Bank Of Patiala Two wheeler loan  Eligibility

Income Level of Individual

Based on the income of the borrower, the State Bank Of Patiala Two wheeler loan  amount to be disbursed from the lender side will vary. Obviously, with a greater income sufficing the payment of EMIs without any discomfort, the Two wheeler loan  amount disbursal can be much more. However, income levels are not much to deal with the pressure of higher EMIs, the lender or banker will most probably disburse a comparatively lower amount of Two wheeler loan  so that the repayment from borrower side can be a lot smoother.

Stability of Income 

When the lenders/bankers sit down to calculate your eligibility based on income, they not only check the amount of your earning but also the stability of the job/work be it as a salaried or self-employed. Higher the stability, higher the probability are the chances of more State Bank Of Patiala Two wheeler loan  amount coming your way.

Credit History

 All your trials of obtaining a State Bank Of Patiala Two wheeler loan  can go down in vain if you have a poor credit history resulting from a default in payments of credit cards or other loans prevously. So, please make sure you have and maintain a very good CIBIL score preferably above 750  to get the State Bank Of Patiala Two wheeler loan  approved from most banks.

 

Two wheelerType / Vehicle Type

The eligibility criteria also varies depending on type of Two wheelers you are buying. As you know, a wide range Two wheelers. The Two wheelers, which figure in these type /segment, are expected to have a slightly different resale value based on the model, reviews, engine performance and other features.

Employment Status for Salaried – When in the case of a salaried, the individual is should have worked for atleast 2-3 years and in the current job for a minimum 1 year to convince the banks for a smooth approval of the State Bank Of Patiala Two wheeler loan .

 

Relationship with Bank– The strength of relationship with the lender/bank can either be a gain or loss-making proposition. If you are applying for a State Bank Of Patiala Two wheeler loan  at a bank with whom you already have a successful journey in the form of CASA or other products, you could then negotiate for a higherState Bank Of Patiala Two wheeler loan  amount at best interest rates.

Business continuity for Self-employed – Businessmen or Self-employed professionals must be in the same business line for a minimum of 2-3 years to get the approval for a State Bank Of Patiala Two wheeler loan .

Category of Your Employer 

 If you are from a  Fortune 500 company of India, you should put yourself in the right position to get a larger amount of State Bank Of Patiala Two wheeler loan  as lenders or banks will confirm your job stability to be pretty good. If you are not belong to such firms, it is necessary you must earn reasonably higher income so that a higher State Bank Of Patiala Two wheeler loan  amount could come running at your doorstep. Now that you know the critical major factors you should take care of while applying for a State Bank Of Patiala Two wheeler loan , get yourself aware of the eligibility params set by select lenders and banks in India.



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