SBI Car Loan | Interest Rates | Documents | Eligibility | Information

SBI Car Loan – You have an Option to go through SBI Car Loans Scheme which offers: – Lowest interest rate, Low processing fee, processed through speedy delivery channels with total transparency.

Current Offer: EMI of Rs.1683/- Per Lac loan amount for 7 years tenure

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SBI – Financing for ON ROAD PRICE which include vehicle registration charges, insurance, one-time road tax and accessories.

If you Want to Buy a TATA Car then SBI Offers : SBI TATA LOW MARGIN CAR LOAN SCHEME

Interest Rates Starts From: 10.45% for New cars and 16.95 to 17.20% for Used cars (Updated on 4 Feb 2013)

SBI Car Loan scheme offers to purchase:

A new car, jeep, Multi Utility Vehicle (MUV) or SUV (any make or model)

Benefits of SBI Advantage Car Loan Scheme:

outstanding 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:

No Advance EMI
Longest repayment tenure (7 years)
Lowest interest rates
Lowest EMI
LTV 85% of ‘On Road Price’ of car (includes registration, insurance and cost of accessories worth Rs 25000), 90% in case of Corporate Salary Package accounts
Interest Calculated on Daily Reducing Balance
Flexibility of payment of EMI anytime during the month
No pre-payment penalty
Free Accident insurance
Optional SBI Life cover
Overdraft facility available

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

The SBI Advantage Car Loan Scheme

Eligibility for SBI Car Loan:

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 proprietary/partnership firms who is an income tax assessee
Net Annual Income Rs. 2,50,000/- and above.

Processing Fee: Rs. 500 Flat Charges

Loan Amount

There is no upper limit for the amount of a car loan. A maximum loan amount of 4 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!

Documents Required for SBI Car Loan

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

Statement of Bank account of the borrower for last 12 months.
2 passport size photographs of borrower(s).
Signature identification from bankers 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.

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