SBS Motor Insurance Loan :: State Bank of Sikkim

SBS Motor Insurance Loan

State Bank of Sikkim offers Motor Insurance Loan, the most unique form of Loan. The loan is applicable to all the Commercial Motor Vehicle having registration in the state of Sikkim.

Eligibility

1. Commercial Motor Vehicles having registration in the state of Sikkim.

2. Vehicle should have valid registration and route permit with up-to-date tax paid.

3. Owner of the vehicle/applicant should possess.

a) SSC/COI/Residential Certificate

b) Aadhar Card

c) Voter's Card

Purpose

To insure commercial motor vehicle with 1st Class Insurance

Amount of Loan

The minimum amount under the scheme is Rs. 10,000/= and maximum amount is Rs. 50,000/=

Rate of Interest

9.00% per annum Fixed at present.

Repayment and Period of Loan

To be repaid in 10 EMIs from the date of loan

Security

No mortgage or security to be pledged.

Processing and other charges

Nil