STATE BANK OF TRAVANCORE CAR LOAN INTEREST RATE

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 :

  1. Salary Certificate showing deductions
  2. 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 7Years0.75% 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

 

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