State Bank of India (SBI) is spreading the joy among bike and car enthusiasts with its latest loan offerings that come with a host of benefits. SBI is now providing loans for bikes up to 85% of the on-road price, offering a 5-year repayment period, and presenting budget-friendly interest rates, making it easier for individuals to ride or drive their dream vehicles.
The Bike Loan Bonanza
SBI’s bike loans cover a broad spectrum, ranging from Rs 50,000 to Rs 3 lakh, allowing borrowers flexibility in choosing their preferred model. The repayment period spans over 60 months or 5 years, offering an extended duration for comfortable installment payments.
Interest Rates and Special Rebates
The interest rates on SBI two-wheeler loans vary from 13% to 14.50%. Electric vehicles (EVs) enjoy a special 0.50% rebate in the interest rate, while super bikes come with interest rates ranging from 12.15% to 20.40%, depending on the borrower’s CIBIL score.
Crunching the Numbers: Example with Royal Enfield’s Bullet
To illustrate, for the base model of Royal Enfield’s Bullet with an on-road price in Delhi of Rs 1,98,680, a loan from SBI would require a down payment of Rs 29,802. The remaining loan amount becomes payable with a monthly EMI of Rs 3,842 for 5 years. The total interest on the bike loan amounts to Rs 61,672, resulting in a total cost of Rs 2,30,550.
Car Loans by SBI
In addition to bike loans, SBI extends its generous loan offerings to car enthusiasts as well. Using the bank’s website calculator, borrowers can easily calculate the installment for an SBI car loan of Rs 8 lakh.
In summary, SBI’s bike and car loan offerings come as a boon for those looking to make their dream rides a reality, providing a perfect blend of financial assistance, convenient repayment terms, and attractive interest rates.
