SBI
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.
Personal Loan
Home Loan
Car Loan
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