STATE BANK OF INDIA CAR LOAN INTEREST RATES
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A term loan granted to Indian Nationals for pursuing higher education in India or abroad where admission has been secured.
SBI NEW CAR LOAN SCHEME
SBI provide the best car loan scheme for you.
Salient features:
· No Advance EMI;
· Longest repayment tenure (7 years);
· Lowest interest rates ;
· 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;
· No pre-payment penalty;
· Free Accident insurance ; Optional SBI Life cover;
· Overdraft facility available.
Purpose
For purchase of new passenger cars, Multi Utility Vehicles (MUVs) and SUVs.
Eligibility
To avail an SBI Car Loan, you should be :
· Individual between the age of 21-65 years of age.
· Regular employee of State / Central Government, Public Sector Undertaking, Private company or a reputed establishment.
· Professionals, self-employed, businessmen, proprietary/partnership firms who is an income tax assessee.
· Person engaged in Agricultural and allied activities.
· Gross Annual Income :-
Salaried:
a) For Central Government, Central Public Sector Undertakings, Defence/ Paramilitary Forces and Railway Employees who have salary package accounts with SBI and minimum 3 months salary have regularly come in these accounts: Gross Annual Income of applicant and/or co-applicant if any, together should be Rs. 4,00,000/- p.a. and above.
b) For Salaried customers other than above mentioned Categories: Gross Annual Income of applicant and/or co-applicant if any, together should be Rs. 6,00,000/- p.a. and above.
Self employed, professionals and Proprietary/Partnership Firms:
Net Profit or Gross Taxable income of Rs. 6,00,000/- p.a. as per ITR after adding back depreciation and repayment of all existing loans.
Agriculturist: Gross Annual Income of Rs 6,00,000 and above.
Loan Amount
There is no upper limit for the amount of a car loan. A maximum loan amount of 48 times of Net Monthly Income or 4 times of Net Annual Income can be sanctioned.
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 6 months.
2. 2 passport size photographs of borrower(s).
3. A copy of passport /voters ID card/PAN card.
4. Proof of residence.
5. Latest salary-slip showing all deductions
6. I.T. Returns/Form 16: 2 years for salaried employees and 2 years for professional/self-employed/businessmen duly accepted by the ITO wherever applicable
7. Proof of official address for non-salaried individuals
Margin
15% of the on 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.
Reimbursement of costs of car purchased by own sources
We also reimburse finance for the cars purchased out of own funds which are not more than 3 month old at rate of interest applicable to New Car.
Interest
Click here to view the interest rates
Interest Rates w.e.f. 04.02.2013 (Base Rate 9.70 % p.a.)
SBI CAR LOAN SCHEME
| Tenure |
Rate of Interest |
| For all tenures |
For Term Loan and Overdraft: |
0.75% above Base Rate, i.e. 10.45% p.a.
NRI Car Loan
| Tenure |
Rate of Interest |
| For all tenures |
0.75% above Base Rate, i.e. 10.45% p.a |
Processing Fee
0.51% of the loan amount subject to minimum of Rs. 1020/- and maximum of Rs. 10200/-
Security
As per Bank’s extant instructions.
CAR LOAN SCHEME FOR USED CAR
SBI provide the best car loan scheme for you to take a loan for purchase of used car, not more than 5 years old.
SBI offers you:
• No Advance EMI;
• Longest repayment tenure (7 years);
• Lower interest rates
• Lower EMI;
• LTV 85% of ‘On Road Price’ of car (includes registration, insurance and cost of accessories worth Rs 25000),
• 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 0.51% of loan amount);
• Optional SBI Life cover.
The Scheme
Purpose
You can take finance for purchase of passenger cars, Multi Utility Vehicles (MUVs) and SUVs not more than five years old.
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.
· Gross Annual Income :-
Salaried:
a) For Central Government, Central Public Sector Undertakings, Defence/ Paramilitary Forces and Railway Employees who have salary package accounts with SBI and minimum 3 months salary have regularly come in these accounts: Gross Annual Income of applicant and/or co-applicant if any, together should be Rs. 4,00,000/- p.a. and above.
b) For Salaried customers other than above mentioned Categories:
Gross Annual Income of applicant and/or co-applicant if any, together should be Rs. 6,00,000/-p.a. and above.
Self employed, professionals and Proprietary/Partnership Firms:
Net Profit or Gross Taxable income of Rs. 6,00,000/- p.a. as per ITR after adding back depreciation and repayment of all existing loans.
Agriculturist: Gross Annual Income of Rs 6,00,000 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.
Documents Required
You would need to submit the following documents along with the completed application form:
- Statement of Bank account of the borrower for last 12 months.
- 2 passport size photographs of borrower(s).
- Signature identification from bankers of borrower(s).
- A copy of passport /voters ID card/PAN card.
- Proof of residence.
- Latest salary-slip showing all deductions
- 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.
- 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
Click here to view the interest rates.
Used Vehicles
| Tenure |
Rate of Interest |
| Up to 3 years |
7.25% above Base Rate i.e. 16.95% p.a. |
| Above 3 yrs |
7.50% above Base Rate i.e. 17.20% p.a. |
Processing Fee
0.51% of Loan amount
Security
As per Bank’s extant instructions.