SBI Car Loan

 SBI Car Loan | Interest Rates | Documents | Eligibility | Apply

SBI Car Loan – You have an Option to go through SBI Car Loans Scheme which offers: – Lowest interest rate, Low processing fee, processed through speedy delivery channels with total transparency.
SBI – Financing for ON ROAD PRICE which include vehicle registration charges, insurance, one-time road tax and accessories.

• A new car, jeep, Multi Utility Vehicle (MUV) or SUV (any make or model)

Benefits of SBI Advantage Car Loan Scheme:
outstanding service and lower costs. A quick survey of similar schemes available elsewhere and you will find that SBI Car Loans for new and old vehicles offer you:

• Lowest interest rates
• Longer repayment period of upto 84 months or 7 years.
• No hidden costs or administrative charges.
• Finance for one-time road tax, registration fee, insurance premium and accessories
• No advance EMIs
• Complete clearness: Interest on daily reducing balance method. When you pay one instalment, the interest is automatically calculated on the reduced balance thereafter.

Always compare the Equated Monthly Instalments (EMIs) and the total payments you would be required to make and not the rates of interest.
The SBI Advantage Car Loan Scheme

Purpose
Term Loans & Overdraft will be sanctioned by the Bank 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 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 proprietary/partnership firms who is an income tax assessee
• Net Annual Income Rs. 2,50,000/- and above.

Salient Features

Loan Amount
There is no upper limit for the amount of a car loan. A maximum loan amount of 4 times the net annual income can be sanctioned. If married, your spouse’s income could also be considered provided the spouse becomes a co-borrower in the loan. The loan amount includes finance for one-time road tax, registration and insurance!
No ceiling on the loan amount for new cars.


Type of Loan

1. Term Loan
2. Overdraft – a) For New vehicles only
b) Minimum loan amount: Rs. 5 lakhs
Documents Required
You would need to submit the following documents along with the completed application form if you are an existing SBI account holder:

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.

If you are not an account holder with SBI you would also need to furnish documents that establish your identity and give proof of residence.
Margin
New / Used vehicles : 15% of the on the road price.
Repayment
You enjoy the longest repayment period in the industry with SBI.
Repayment period:
For Salaried, For Self-employed & Professionals : Maximum of 84 months
Prepayment Penalty:

Prepayment fee of 2% of the amount of the loan prepaid will be levied subject to certain conditions.
Processing Fee
0.50% of Loan amount and to be paid upfront.
Minimum: Rs. 500/-
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.
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