SBI Car Loan – You have an Option to go through SBI Car Loan interest rates scheme 2014 which offers: 10.95% p.a, Low processing fee, processed through speedy delivery channels with total transparency.
Current Offer: EMI of Rs 1709.62 per lakh loan amount for 7 years tenure.
Interest Rates w.e.f. 01.02.2014 (Base Rate 10.00 % p.a.): 10.75% p.a. for all tenures
SBI Car Loan Interest Rates – 2014
- 10.95% for New cars
- 10.95% p.a NRI Car Loans
- 17.25% – 17.50% for Used cars
Eligibility for SBI Car Loan:
Individual between the age of 21-65 years of age.
- a) For Central Government, Central Public Sector Undertakings, Defence/ Paramilitary Forces and Railway Employees who have salary package accounts with SBI and minimum 3 months salary have regularly come in these accounts: Gross Annual Income of applicant and/or co-applicant if any, together should be Rs. 4,00,000/- p.a. and above.
- b) For Salaried customers other than above mentioned Categories: Gross Annual Income of applicant and/or co-applicant if any, together should be Rs. 6,00,000/- p.a. and above.
- Self employed, professionals and Proprietary/Partnership Firms: Net Profit or Gross Taxable income of Rs. 6,00,000/- p.a. as per ITR after adding back depreciation and repayment of all existing loans.
- Agriculturist: Gross Annual Income of Rs 6,00,000 and above.
SBI – Financing for ON ROAD PRICE which include vehicle registration charges, insurance, one-time road tax and accessories.
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 Installments (EMIs) and the total payments you would be required to make and not the rates of interest.
The SBI Advantage Car Loan Scheme
Processing Fee: Rs. 500/- per application till 31.01.2014
There is no upper limit for the amount of a car loan. A maximum loan amount of 48 times of Net Monthly Income or 4 times of Net Annual Income can be sanctioned.
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 6 months.
- 2 passport size photographs 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.
Margin: New / Used vehicles : 15% of the on road price (which includes vehicle registration charges, insurance, one-time road tax and accessories).
- You enjoy the longest repayment period in the industry with SBI.
- Repayment period:
- For Salaried, For Self-employed & Professionals : Maximum of 84 months
Reimbursement of costs of car purchased by own sources
SBI also reimburse finance for the cars purchased out of own funds which are not more than 3 month old at rate of interest applicable to New Car.
Security: As per bank’s extant instructions.
Other Products from SBI:
Source: State Bank of India Website.
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