STATE BANK OF PATIALA CAR LOAN INTEREST RATES

STATE BANK OF PATIALA CAR LOAN INTEREST RATES

The rich heritage of State Bank of Patiala dates back to the year 1917, when it was founded by Late His Highness Bhupinder Singh, Maharaja of erstwhile Patiala state, with one branch by the name of ‘Chowk Fort, Patiala’ to begin with. The Bank, then known as the ‘Patiala State Bank’ was state owned and setup for the explicit purpose of fostering growth of agriculture, trade and industry. The constitution, scope and operations of the Bank underwent a sea change with the formation of the Patiala and east Punjab States Union (PEPSU) in 1948.The Bank was then reorganized and brought under the control of Reserve Bank of India.

It was christened as the Bank of Patiala. Another milestone in history of the Bank was its becoming a subsidiary of the State Bank of India on 1st April,1960 when it was named as the State Bank of Patiala and since then it has grown significantly both in size and volume of business. During these glorious years, the Bank has been playing an important role in Banking sphere.

Our Bank has now added a golden chapter to its history by fully networking all its brances on Core Banking Solutions on 08.08.2005 and become the first fully networked Public Sector Bank in the country.

BP- CAR LOAN ( FOR NEW VEHICLES)

Purpose:For purchase of new passenger cars/jeeps/multi utility vehicles (MUVs) and SUVs)
Eligibility:Age: 21 to 65 years. However the loan should be repaid upto 70 years of age.Permanent employees of State/Central Govt., Public Sector Undertakings, Corporations, Private Sector Companies and reputed establishments, Professionals, self-employed and others who are income tax assesses and persons engaged in agriculture and allied activities.

Salaried:

(i) Net annual income Rs.2,50,000 and above

(ii) Net monthly income should be at least 2 times of EMI

Self Employed and Professionals:

Net annual income Rs.2, 50, 000 and above for the last year as per Income Tax Return.

Persons engaged in agriculture and allied activities:

Same as for self- employed and professionals except that income tax return will not be required.

Loan AmountNo ceiling of loan amount.Maximum loan amount to be 30 times the net monthly income / 2.5 times the net annual income.

Income of spouse, father, mother, brother, sister, son and daughter may be included for arriving at the loan eligibility (any one). The person whose income is included will join as a Co-applicant/Co- borrower.

Margin:15% of the road price of the vehicle.
RepaymentThe loan to be repaid in suitable monthly/quarterly installments within a period of 7 years.
Rate of InterestFor Term Loan:0.25% above Base Rate, i.e. 10.50% p.a.

For Overdraft:

OD will attract 0.75% more than the existing rate for Term Loans, i.e. 11.00% p.a.

Processing feeA flat rate of Rs. 500/- per application irrespective of the loan amountand tenor of the loan up to 30/09/2013.
Concession for On-Line ApplicationConcession of 0.50% in applicable processing fee will be given to all Car loan borrowers whose applications are received on line
Pre -payment penaltyNo Pre-Payment penalty is to be levied if the loan is adjusted by the borrower form his own sources. In case of loan take over, Pre-Payment penalty to be charged @ 2% on the outstanding balance.

 SBP- CAR LOAN (FOR USED VEHICLES)

Purpose:For purchase of passenger cars/jeeps/Multi Utility Vehicles (MUVs) and SUVs) not more than five years old. .
Eligibility:Age: 21 to 65 years. However the loan should be repaid upto 70 years of age.

Permanent employees of State/Central Govt., Public Sector Undertakings, Corporations, Private Sector Companies and reputed establishments are eligible under the scheme.

Professionals, self employed and others who are income tax assessees and persons engaged in agriculture and allied activities can also avail of the loan facility.

Salaried:

(i) Net annual income Rs.2,50,000 and above

(ii) Net monthly income should be at least 2 times of EMI

Self Employed and Professionals:

Net annual income Rs.2,50,000 and above for the last year as per Income Tax Return

Persons engaged in agriculture and allied activities:

Same as for self- employed and professionals except that income tax return will not be required.Loan

AmountMaximum loan amount will be 30 times the net monthly income / 2.5 times the net annual income subject to a maximum of Rs.15 lacs.

For agriculturists the annual net income should be arrived at by branches based on the nature of their activity (i.e. farming, dairy, poultry, orchards) land holding, cropping pattern, yield etc. and average level of income derived there from in the area.

Income of spouse, father, mother, brother, sister, son and daughter may be included for arriving at the loan eligibility (any one). The person whose income is included will join as a Co-applicant/Co- borrower.Margin:15%Takeover of loansTakeover of car loans may be considered selectively where

  1. The vehicle is not more than 2 years old
  2. It is a single ownership vehicle
  3. No insurance claim has been availed and
  4. The account of the borrower with the other Bank is a Standard Asset i.e. all repayments have been made as per term of sanction of the original financer.

Reimbursement of costs of un-encumbered vehicles can also be given under the takeover norms.RepaymentLoan to be repaid within 7 years from the date of original purchase of the vehicle.Rate of Interest

(Per Annum)Up to 3 years: 6.50% above Base Rate, i.e. 16.75 % p.a.

Above 3 years to 7 years: 6.75% above Base Rate, i.e. 17.00% p.a.Papers to be submitted with loan application:Statement of Bank account for last 6 months of the borrower.

Two passport sized photographs of borrower/guarantor(s)

Signature identification from Banker of borrower/guarantor.

A copy of passport/voter ID card/PAN ID card.

Proof of residence.

Latest salary slip showing all deductions and TDS certificate – form 16 in case of salaried persons.

Copy of income tax return for last two financial years duly acknowledged by ITO for professionals, self employed and others.

Proof of official address for non- salaried individualsProcessing feeA flat rate of Rs. 500/- per application irrespective of the loan amount and tenor of the loan up to 30/06/2013.Concession for On-Line ApplicationConcession of 0.50% in applicable processing fee will be given to all Car loan borrowers whose applications are received on line

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