STATE BANK OF HYDERABAD CAR LOAN INTEREST RATES
State Bank of Hyderabad was constituted as Hyderabad State Bank on 8.8.1941 under Hyderabad State Bank Act, 1941. The Bank started with the unique distinction of being the central bank of the erstwhile State of Hyderabad, covering present-day Telangana region of Andhra Pradesh, Hyderabad-Karnataka of Karnataka and Marathwada of Maharashtra, to manage its currency – Osmania Sikka and public debt apart from the functions of commercial banking. The first branch of the Bank was opened at Gunfoundry, Hyderabad on 5th April, 1942.
In 1953, the Bank took over the assets and liabilities of the Hyderabad Mercantile Bank Ltd. In the same year, the Bank started conducting Government and Treasury business as agent of Reserve Bank of India. In 1956, the Bank was taken over by Reserve Bank of India as its first subsidiary and its name was changed from Hyderabad State Bank to State Bank of Hyderabad. The Bank became a subsidiary of the State Bank of India on the 1st October 1959 and is now the largest Associate Bank of State Bank of India
|Loans sanctioned for purchase of new passenger cars, Multi Utility Vehicles (MUVs) and SUVs|
|15% of the On Road price of the Vehicle|
|Upto 7 years|
|All loans should be given on a floating rate basis i.e.,the effective interest will increase or decrease in BASE RATE.|
BASE RATE: 10.20%
Less than 3 years
|15.70% p.a. (5.50% above BR)|
3 to 5 years
|15.95% p.a. (5.75% above BR)|
No Pre-payment penalty is there.
To avail an SBH 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
- Professionals, self-employed, businessmen who is an income tax assessee or
- Person engaged in agriculture and allied activities.
- Net Annual Income `250,000/- and above.
- Statement of bank account of the borrower for last 6 months.
- 2 passport size photographs 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
- No Advance EMI
- Longest repayment tenure (7 years)
- Competitive EMI
- 85% of ‘On Road Price’ of car (includes registration, insurance and cost of accessories worth `25000)
- Interest Calculated on Daily Reducing Balance
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d. For Old Cars
UP TO 3 YEARS
Above 3 years
Rs.4.00 lakhs uptoRs.20 lakhs
For studies in India= NIL
For Studies Abroad= NIL