STATE BANK OF TRAVANCORE CAR LOAN INTEREST RATE
State Bank of Travancore (SBT) was originally established as Travancore Bank Ltd. in 1945 sponsored by the erstwhile Princely State of Travancore.Under a special statute of the Indian Parliament (SBI subsidiary Banks Act 1959) it has been made an Associate of the State Bank of India and a member of the State Bank Group, the largest banking group in India. Regd. office/Head Office at: Poojapura, Trivandrum 695 012, Kerala state, India
Car Loan
For NRIs & Residents
Persons Eligible
- Salaried and other regular income earners with a minimum of 2 years standing/ experience in their line of activity
- Spouse of NRIs, based on the monthly income of the NRI.
- Minimum Net Annual Income Rs. 2,50,000/-
Amount of Loan
Eligible Amount Maximum
New Cars/Jeeps 48 times net monthly income
Second hand cars 30 times net monthly income
(vehicles upto 2 years old) Rs.4 lakhs
(vehicles 2 to 5 years old) Rs. 3 lakhs
* Margin Take over of Car loans (from other banks) can be considered.
**Reimbursement of expenses incurred for purchase of new cars by way of Hypothecation is also considered subject to conditions.
Margin
Up to Rs.20 lakhs – 15% of the road cost of the new car to be purchased (invoice cost+life tax+Insurance)
Above Rs.20 lakhs – not less than 25%
25% for second hand cars upto 2 years old
40% for second hand cars above 2 years upto 5 years old
Repayment
New Cars 84 equated monthly installments
Second hand cars 60 equated monthly installments
Security
Primary : Hypothecation of the vehicle purchased out of bank finance.
Collateral (for loans above Rs. 50000/-) :
- Personal guarantee of one or two persons of sufficient worth.
Processing Charges 0.50% of the loan amount subject to a minimum of Rs.500/- and maximum Rs.10000/-
Insurance Comprehensive Insurance is compulsory for all loans for purchase of vehicle.
Papers to be submitted to the Bank
- Application form (in duplicate)
- Passport size photos (2 nos)
- Proof of income
- A proforma invoice of the vehicle proposed to be purchased. Documents required for used cars, please contact nearest branch
- Details of guarantors
a. In the case of salaried persons :
- Salary Certificate showing deductions
- Authorisation to deduct monthly installments from the salary of the employee for credit of the loan account where check-off facility is available.
b. In the case of self employed/professional/businessmen :
- Statement of computation of taxable income
| Rate | |
| Up to 7Years | 0.75% above Base rate i.e 11% |
For overdraft Car loan accounts (Car loan OD) a differential rate of 0.50 % should be maintained over and above the above mentioned rates.
Two Wheeler Loan
For NRIs & Residents
Persons Eligible
- Salaried employees/pensioners, who are maintaining salary/pension accounts with us where recovery of instalment at source is possible
Amount of Loan
Maximum Rs. 50,000 paid directly to the seller
Repayment
72 equated monthly installments
Security
- Hypothecation of the vehicle purchased out of bank finance.
- Personal guarantee of one person of sufficient worth