If you want to buy a new two-wheeler, you may be able to get a loan from the bank to help you

The following groups of people may apply for this loan:

• Any person in service with a monthly salary of Rs.4000 or more
• A self-employed person who has an annual income of Rs.48,000 or more.
• The person must have proof that he had at least Rs.48,000 a year income for the last 3 years.
• You can get up to 90% of the cost of the two-wheeler as a loan.
• If you are buying a moped, the loan cannot be more than Rs.20,000.
• If you are buying a scooter or motorcycle, then the loan is limited to Rs.60,000.
• The bank will decide how much interest you have to pay, and how long you will have to repay the loan.
• If you are not able to repay the loan, then the bank will take possession of the vehicle.
• The bank may ask that a person from outside your family guarantee the loan. If you are unable to repay the loan, the person who guaranteed it will have to.

Contact

Your local bank