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SBI Car Loan


Loan Name Interest Rate Processing Fee Loan Amount Tenure
SBI New Car Loan Scheme 9.30% -9.80%, Floating 0 - 7 Years
Details
Documents Required

For Salaried Individuals

  • Duly filled in application form along with 2 passport sized photographs
  • Proof of Residence or Address (Any One): Aadhar Card/ Driving License/ Utility Bills including water bill, electricity bill, LPG bill, telephone bill/ Passport
  • Proof of Identification (Any One): Passport/ PAN/ Election ID Card/ Driver’s License
  • PAN Card
  • Statement of bank account for the last 6 months
  • Income Proof Details – Form 16 for last 2 years, Latest Salary Slip for 3 months

For individuals engaged in Agricultural and Allied Activities

  • Duly filled in application form along with 2 passport sized photographs
  • Proof of Residence or Address (Any One): Aadhar Card/ Driving License/ Utility Bills including water bill, electricity bill, LPG bill, telephone bill/ Passport
  • Proof of Identification (Any One): Passport/ PAN/ Election ID Card/ Driver’s License
  • PAN Card
  • Statement of bank account for the last 6 months
  • Income Proof Details – Direct Agricultural activity (crop cultivation), Khasra/Chitta Adangal (shows the cropping pattern), Patta/Khatoni which shows the landholding with a photograph.
  • All the land should be on freehold basis and the ownership proof should be in the name of the borrower.

For Non-Salaried/ Businessmen/ Professionals

  • Duly filled in application form along with 2 passport sized photographs
  • Proof of Residence or Address (Any One): Aadhar Card/ Driving License/ Utility Bills including water bill, electricity bill, LPG bill, telephone bill/ Passport
  • Proof of Identification (Any One): Passport/ PAN/ Election ID Card/ Driver’s License
  • PAN Card
  • Statement of bank account for the last 6 months
  • Income Proof Details –Income Tax Returns for the last 6 months
  • Business Proof Details – Audited Balance Sheet, Profit and loss account statement for the last 2 years, SSI registered certificate, Shop and Establishment Act Certificate, Sales Tax Certificate, Copy of partnership.
Benefits

  • Longest repayment period (up to 7 years)
  • Get loan amount on the road price
  • No advance equated monthly instalments
  • Lowest Interest Rates
  • Lowest Equated monthly instalments
  • SBI Life Insurance coverage is available on an optional basis
Eligibility

  • Minimum age of the applicant should be 21 years
  • Maximum age of the applicant should be 65 years
  • The applicant should be a resident Indian.

The applicants should fall under the below-mentioned categories to secure the loan

Category Income Criteria Maximum Loan Amount  
Should be a regular employee in State/ Central Government or Private Company or Public Sector Undertaking or a reputed establishment Net Annual Income of the applicant and or the co-applicant if any should be minimum of Rs 2,50,000 48 times of total Net Monthly Income  
If the applicant is engaged in agricultural and related activities Net Annual Income of the applicant and or co-applicant together should be minimum of Rs 4,00,000 3 times the Net Annual Income  
Professionals, self-employed, Businessmen, Partnership/Proprietary firms who are income tax assesses Net Profit or Gross Taxable Income of Rs 3,00,000 per annum (in this case, the income of the co-applicant can be clubbed together) 4 times the Net Profit or Gross Taxable Income as per the Income Tax Regulations after adding back depreciation amount and repayment of all existing loans.  
Other Details

  • If the net annual income is up to Rs 10 lakhs then get financing of up to 90% of On-road Price.
  • If the net annual income is more than Rs 10 lakhs then get financing of up to 90% of On-road Price.

Q: What are the benefits that SBI provides for Women car loan borrowers?

A: SBI provides a lower interest rate on the car loan for women borrowers. The borrower can get 0.05% lesser rates while comparing with regular customers.

Q: What are the salient features of SBI car loan?

A: SBI offers the following features to the car loan borrowers:

  • Lowest interest rates and as well as the lowest EMI too.
  • The longest repayment tenure is up to 7 years.
  • Financing on "On-road price"
  • The interest rate is calculated on daily reducing balances
  • No foreclosure charges
  • No Advance EMI
  • Optional cover SBI life insurance is available

Q: Is there any special benefit on “On-road price”?

A: Yes, On-road price includes Registration, Insurance and Extended warranty/Annual maintenance contract/Total service package/Cost of accessories

Q: How can a customer take over the car loan from another bank to SBI?

A: By submitting the following documents a customer can take over the car loan from another bank to SBI:

  • Letter undertaking the issue of NOC by the present lender (financial institution or bank).
  • Account statement by the lender
  • Original sanction letter of the lender
  • RC book
  • Foreclosure letter
  • List of documents held by the lender
  • Copy of insurance

Q: How many types of car loans do SBI provides to the borrowers?

A: Based on the borrower's income SBI provides different types of Car Loans. They are listed below:

  • SBI new car loan scheme.
  • Certified pre-owned car loan scheme.
  • SBI loyalty car loan scheme.
  • SBI assured car loan scheme.
  • SBI car loan lite scheme.

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