SBI Car Loan

SBI provide the best car loan scheme for you to take a loan below Rs 5 lacs.

SBI offers you:  

• No Advance EMI;
• Longest  repayment tenure (7 years);
• Lowest interest rates ( there are further concessions for Corporate Salary Package accounts) ;
• Lowest EMI;
• LTV 85% of 'On Road Price' of car (includes registration, insurance and cost of accessories worth Rs 25000), 90% in case of Corporate Salary Package accounts;
• Interest Calculated on Daily Reducing  Balance;
• Flexibility of payment of EMI anytime during the month ;
• Low pre-payment penalty, only 2%;
• Low processing fee (only 0.50% of loan amount); for Corporate Salary Package accounts, only Rs.500  per application.
• Free Accidental insurance ; Optional SBI Life cover;
• Overdraft facility available.

The Scheme  

Purpose 

For purchase of new passenger cars, Multi Utility Vehicles (MUVs) and SUVs with minimum loan component of Rs. 5.0 lakh and above. 

Take over of existing loan from other Bank/Financial institution (Conditions apply)

Eligibility

         To avail an SBI Car Loan, you should be :

• Individual between the age of 21-65 years of age.
• A Permanent employee of State / Central Government, Public Sector Undertaking, Private company or a reputed establishment or 
• A Professionals or self-employed individual who is an income tax assessee or 
• A Person engaged in agriculture and allied activities. 
• Net Annual Income Rs. 100,000/- and above.

Salient Features

Loan Amount
Maximum Loan amount will be 2.5 times of net annual income. Spouse’s income could also be considered provided the spouse becomes a co-borrower in the loan.

Loan amount below Rs. 5 lacs will cover under the scheme

Documents Required
You would need to submit the following documents along with the completed application form: 

1. Statement of Bank account of the borrower for last 12 months.
2. 2 passport size photographs of borrower(s).
3. Signature identification from bankers of borrower(s).
4. A copy of passport /voters ID card/PAN card.
5. Proof of residence.
6. Latest salary-slip showing all deductions
7. I.T. Returns/Form 16: 2 years for salaried employees and 3 years for professional/self-employed/businessmen duly accepted by the ITO wherever applicable to be submitted.
8. Proof of official address for non-salaried individuals.

  

Margin 
15% of the on the road price (which includes vehicle registration charges, insurance, one-time road tax and accessories).

Repayment

You can enjoy the longest repayment period in the industry with us as long as 84 months.

Interest
8 % P.A

Processing Fee
Only 0.50% of Loan amount to be paid up front as processing fee, with minimum: Rs. 500/- and maximum Rs. 10,000
25% of Processing fee will be retained if application is rejected after pre-sanction survey.

Security
As per Bank's extant instructions.