Canara Bank Two-wheeler loans

The individuals who are willing to take their own bikes, for them the Canara bank is offering two-wheeler loans with easy documentation. 

Features and benefits of Canara Bank Two-wheeler loans:

• Easy to apply online with hassle-free documentation.
• A loan could be applied for bikes purchased for personal use.
• Salaried, entrepreneurs, professionals, agriculturists, staff, or ex-staff of BOB
• One can repay the loan for up to 60 months.
• Available at an affordable interest rate starting from 11.65%.
• There are no pre-closure charges in two-wheeler loans.
  

To take a loan from the Canara bank the applicants have to fulfill the minimum eligibility criteria.

Know about Canara Bank Two-Wheeler loan eligibility Criteria

• Must be a resident of India
• Employees of Government | semi-government undertakings, autonomous bodies, public sector undertakings, private companies or reputed establishments, professionals, or self-employed individuals/ Businessmen, etc. are eligible to apply for a loan.
• Having a credit score of 750, or above to apply for a loan.
• The minimum age to apply for a loan is 21 years and the maximum is 65 years.
• The minimum income of Rs.12,000/- should be of the individual has set by the Canara bank.

The documents required to apply for Canara bank Two-wheeler loans

For Self-employed 

• Passport-sized photographs.
• PAN details
• Application forms should be signed by the applicants.
• Identity Proof - PAN/ Voter ID/ Passport/ Driving License.
• Address proof - Passport/ license/ utility bill/ Registered rent agreement.
• Income documents- ITR of last two years
• Business existence proof- Under this you can submit VAT/ Service tax registration/ incorporation details if having companies/ Business address proof.

For salaried 

• Passport-sized photographs.
• PAN Details
• Application forms should be signed by the applicants.
• Identity Proof - PAN/ Voter ID/ Passport/ Driving License.
• Address proof - Passport/ license/ utility bill/ Registered rent agreement.
• Income documents- Form 16 or latest 3-month bank statement

How to do EMI calculation Canara Bank Two-wheeler loans?

• EMIs are the monthly installment that you are required to pay each month to repay the loan. For loans applied up to Rs 10,000, the bank asks the applicant to pay an EMI of Rs 335 each month. Always plan your EMIs focusing based on these factors.
• The longer tenure of loan repayments will reduce the monthly EMI per lakh.
• Depending on the burrowing amount of the loan, the EMI will be decided.
• It all depends on the calculation of the methods by banks.

What is the repayment schedule of Canara Bank?

Maximum 60 EMIs are allowed for applying for a new two-wheeler loan and a maximum of 36 EMIs is allowed in the case of a Used Two-Wheeler Loan. 

How to apply for Canara Bank Two-wheeler loans

• Visit the official website of Canara Bank
• In the main navigation tab, click on ‘Vehicle Loans’
• Select ‘Two-Wheeler Loan’
• Click on the ‘Apply Now button on the page
• Enter the required details on the next page
• A Canara bank representative will get in touch with your regarding your application.