State Bank of Travancore Two-Wheeler Loan

The Bank of Travancore is one of the leading banks of India with its operations spread across 18 states and 3 Union Territories. Being a part of the State Bank Group, State Bank of Travancore has a widespread trusted presence in Kerala. It was established as Travancore Bank in Kerala, back in 1945. Presently, the bank operates in around 1500 branches and about 1600+ ATMs located across the country. A vast array of products and services are given by the bank consists of investment banking, private banking, asset management, pensions, consumer banking, retail banking, and mortgages.

Among its other financial products, the State Bank of Travancore offers two-wheeler loans to customers who require financial assistance for the purchase. These loans are customized with specific benefits and features, making the Bank of Travancore two-wheeler loan as one of the most beneficial loans available to customers.

Features & Benefits:

1. Purpose of Loan:

The State Bank of Travancore two-wheeler Loan has been launched to assist its customers financially in buying a two-wheeler.

2. Quantum of Credit:

With the two wheeler loan of State Bank of Travancore, customers have the benefit of availing high loan amounts. They can avail loan amounts 15 times more of their net monthly income, subjected to a maximum value of Rs 50,000.

3. The Margin on Loan:

Loan margin is defined as the cost which should be spent by the customer for buying the two-wheeler. For two wheeler loan at State Bank of Travancore, the loan margin has been fixed at 20% of the on-road cost of the vehicle, which is inclusive of the cost of life tax and insurance.

4. Loan Tenure:

Another benefit provided by the bank on two-wheeler loan is the higher mandate. The borrowers can avail the two-wheeler loan for a maximum of 72 months tenure and must repay the loan in this period along with the interest amount.

5. Security:

With the two-wheeler Loan of SBT, customers are required to bring the following things as security:

• The third party of sufficient worth gives personal Guarantee.

• The two-wheeler purchased with bank finance will be kept as collateral in bank records.

• Insurance: For buying the vehicle through the two-wheeler loan, the customer must ensure that the vehicle is insured for its full cost with a bank clause.

Processing Fee:

The State Bank of Travancore charges a nominal processing fee of Rs 150 upfront for the purchase of its two-wheeler loan.

Interest Rate :

The State Bank of Travancore provides Two Wheeler Loans at attractive rates of interest. Presently, the rate of interest imposed on the two-wheeler loan is set at 16.70% per annum, which is 6.75% above the Base Rate of the bank.

Eligibility:

The State Bank of Travancore provides two-wheeler loans to various categories of customers. This loan may be availed on the following conditions:

• The applicants who are salaried employees.

• The applicants who are employed with reputable organizations or establishments.

• The pensioners who are getting a monthly pension.

• The pensioners are holding a pension account with State Bank of Travancore where installment recovery is smooth and possible at the source.

FAQs:

Q1. What is the processing fee levied on the State Bank of Travancore two-wheeler Loan?

The processing fee levied on two-wheeler loan is Rs 150 by the bank which the person needs to pay during the time of loan application.

Q2. What is the maximum period for which one may take an SBT two-wheeler loan?

The SBT two-wheeler loan is available for a maximum period of 72 months.