Loan-Against-Existing Two-Wheeler / R.C book
Short term finance requirements such as medical emergencies, school and college fees etc., can be fulfilled by availing a loan against two-wheeler R.C book at Erode with Shri Chakra Two Wheeler Finance.You could get upto 85% of the current market value of your two-wheeler as loan.
1.Zero processing / document charges.
2.Financing vehicles upto 10 years from the date of manufacturing.
3.Instant cash / direct fund transfer to the applicant’s bank account.
4.The RC book is mandatory for providing a loan against existing two-wheeler.
5.Physical inspection of the two- wheeler will be done while disbursing the loan to arrive at the market value.
6.Guarantor for the loan is mandatory:
a) The guarantor must own a house, if the applicant is in a rented house.
b) If the applicant owns a house, the guarantor can either be in a rented or own house
Features
- No credit check and income proof required.
- Interest rate can vary from 1.80 % to 2.5 % per month.
- Flexible EMI tenure from 1 month to 24 months.
- Maximum time for loan processing and disbursement would be around 15 minutes, provided the applicant submits all required documents.
- Customers can continue to use their two-wheelers and need not be deposited in our custody.
- Insurance for two-wheelers will be arranged, if needed.
- Multiple modes of repayment – Online Banking / Payment Wallets / Cash.
Eligibility
- Daily wage worker / Salaried / Self – Employed businessmen / Student.
- Applicant should be between 18 and 65 years of age.
- Reside either in an own / rented house in and around Erode.
- Previous loans on the vehicle have to be closed for getting a new loan against existing two-wheeler.
- RC book should not be hypothecated or should have an NOC from the financier.
Loan Documents
Applicant
- Two passport size photos
- Aadhaar Card
- Driving Licence / Voter ID
- Latest Utility Bill (Gas Connection bill, if in rented house)
- R C Book of the Two Wheeler
Guarantor
- One passport size photo
- Aadhaar Card / Voter ID / Driving Licence
* Please note that Shri Chakra Two-Wheeler Finance may ask for additional documents, if needed.
EMI Calculator
FEES & CHARGES
| EMI Pickup / Collection charges | Rs. 150/- |
| Processing Fee / Document Charge | Nil |
| Valuation and Verification Charges | Rs. 150/- |
| Late Payment Fees | Rs. 5/- Per Day for the default days |
| Fee for NOC/NDC | Nil |
| Foreclosure Charges | Within 1 month of loan disbursement date – 3.5%
Within 2 months of loan disbursement date – 7% Within 3 months of loan disbursement date – 10% Above 3 months of loan disbursement date – 12% of the principal outstanding amount |
| Part Payment Charges | Part Payment is not allowed |
| Legal/Collections/Repossession & Incidental Charges | As per actual |
| Other Charges (If applicable) | Rs. 100/- |
How to Apply
Apply Online
Visit our Office
Shri Chakra Two Wheeler Finance
8/1, First Floor , Agilmedu 4th Street ,
opposite Maruthi Lorry office,
Erode – 638009
Landmark: Near Kalyan Silks, Erode
+91 93842 63478 / +91 97151 63478