SBI superbike loan scheme: Good news for motorcycle lovers! Own your dream bike, State Bank of India makes it possible
SBI superbike loan scheme: How many people around you own a superbike? No matter how cool they look, the harsh reality is that only a select few have the luxury to buy them. To buy a superbike you need an amount that is similar to what would buy you a hatchback. While all the major banks offer car loans to help you buy your dream car, the same cannot be said about bikes.
SBI superbike loan scheme: How many people around you own a superbike? No matter how cool they look, the harsh reality is that only a select few have the luxury to buy them. To buy a superbike you need an amount that is similar to what would buy you a hatchback. While all the major banks offer car loans to help you buy your dream car, the same cannot be said about bikes. But, India's largest bank by the number of customers and asset size, State Bank of India aims to change that. To make superbikes more accessible, SBI offers a superbike loan scheme under which an individual can take a minimum loan of Rs 2.5 lakh with a maximum repayment tenure of 5 years.
SBI superbike loan scheme eligibility
Of course, there are certain criteria that need to be fulfilled to make sure you are eligible for this loan scheme. According to the details provided on SBI's official website, the loan is available for -
1. Regular employees of State/Central Govt., Public Sector Undertakings, corporations, private sector companies, and reputed establishments.
2. Professionals, Self-employed, Businessmen, proprietary/partnership firms and others who are income tax assesses.
3. Persons engaged in agriculture and allied activities can also avail this scheme. Income Tax return is not required in case of agriculturists.
The bank margin 15 per cent of the ex-showroom price of the vehicle (superbike) and provides assistance to 90 per cent of the vehicle cost for SBI salary package customers, high net worth individual (HNI) and wealth customers. The person claiming the loan should be aged between 21 and 65 years.
SBI superbike loan scheme minimum salary
The bank also has minimum salary requirements for this loan -
1. Salaried: Net Annual Income of applicant and/or co-applicant if any, together should be Rs 2.50 Lacs and above.
2. Self-employed, Professionals, Proprietary/Partnership firms and Businessmen: Net Profit or Gross Taxable income of Rs 4 Lacs p.a. (income of co-applicant can be clubbed together for Self-employed, Professionals and Businessmen) as per ITR after adding back depreciation and deducting repayment of all existing loans.
3. Agriculturists: Net annual income of applicant and/or co applicant together to be Rs 4 Lacs.
On its official website, State Bank of India states that the minimum loan amount under thsi scheme is Rs 2,5 lakh and the repayment tenure can be up to 5 years.
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