SBI - Car Loan

Car Loan

Apply Car Loan Online :

Move ahead in life with SBI Car Loans! If you have been putting off purchasing that Car, we invite you to go through our Car Loan Scheme.

Low interest rates, easy repayment options, total transparency.

Finance to include vehicle registration charges, insurance, one-time road tax and accessories (subject to conditions).

Well, what are you waiting for? Just contact any of our branches (more than 6000) that offer Car Loans or our Personal Banking Branches and give wheels to your desire!
You can apply for an SBI Car Loan to purchase :

*A new car, jeep, Multi Utility Vehicle (MUV) or SUV (any make or model)
*A used car / jeep / MUV /SUV (not more than 5 years old). (any make or model)

Enjoy the SBI Advantage :

Excellent service and lower costs. A quick survey of similar schemes available elsewhere and you will find that SBI Car Loans for new and old vehicles offer you :

* Lowest interest rates

*Longer repayment period of upto 84 months.

*No hidden costs or administrative charges.

*Finance for one-time road tax, registration fee, insurance premium and accessories

*No advance EMIs.(Some Banks/companies ask you to pay one or more EMIs at the time of disbursement of loan, thereby effectively reducing your loan amount.)

*Complete transparency : We levy interest on daily reducing balance method. When you pay one instalment, the interest is automatically calculated on the reduced balance thereafter. When you pay interest on an annual reducing balance, as charged by many other companies/banks, the interest amount for the coming year is determined on the amount outstanding at the beginning of the year. You continue to pay interest even on the amounts you repay during the year.

Always compare the Equated Monthly Instalments (EMIs) and the total payments you would be required to make and not the rates of interest.

The Scheme

Purpose :

You can take finance for :

A new car, jeep or Multi Utility Vehicles (MUVs)
A used car / jeep (not more than 5 years old). (Any make or model).
Take over of existing loan from other Bank/Financial institution (Conditions apply)

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.
* Net Annual Income Rs. 100,000/- and above.

Salient Features

Loan Amount:
There is no upper limit for the amount of a car loan. A maximum loan amount of 2.5 times the net annual income can be sanctioned. If married, your spouse's income could also be considered provided the spouse becomes a co-borrower in the loan. The loan amount includes finance for one-time road tax, registration and insurance!

No ceiling on the loan amount for new cars.
Loan amount for used car is subject to a maximum limit of Rs. 15 lacs.

Type of Loan :
1. Term Loan
2. Overdraft - a) For New vehicles only
b) Minimum loan amount: Rs. 3 lacs.

Documents Required :
You would need to submit the following documents along with the completed application form if you are an existing SBI account holder:

1. Statement of Bank account of the borrower for last 12 months.
2. 2 passport size photographs of borrower(s).
3. Signature identification from bankers of borrower(s).
4. A copy of passport /voters ID card/PAN card.
5. Proof of residence.
6. Latest salary-slip showing all deductions
7. 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.
8. Proof of official address for non-salaried individuals.

If you are not an account holder with SBI you would also need to furnish documents that establish your identity and give proof of residence.

Margin:

New / Used vehicles : 15% of the on the road price.

Repayment :

You enjoy the longest repayment period in the industry with us.
Repayment period:
For Salaried: Maximum of 84 months
For Self-employed & Professionals: Maximum 60 months

Repayment period for used vehicles :Up to 84 months from the date of original purchase of the vehicle (subject to maximum tenure as above).

Prepayment Penalty:
Prepayment fee of 2% of the amount of the loan prepaid will be levied subject to certain conditions.

Processing Fee :
0.50% of Loan amount and to be paid upfront.
Minimum: Rs. 500/-
Maximum Rs. 10,000
25% of Processing fee will be ratained if application is rejected after pre-sanction survey.

Security :

As per bank's extant instructions.

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