Car Loan 

SBI Certified Pre-owned Car Loan | Interest Rates | Documents

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State Bank Certified Pre owned Car Loans: SBI provide the best car loan scheme for you to take a loan for purchase of Certified Pre-owned Car, not more than 5years old.

SBI Pre-Owned Car Loans features & Benefits:

  • No Advance EMI;
  • Longest  repayment tenure (7 years);
  • Lower interest rates
  • Lowest EMI
  • LTV 85% of ‘On Road Price’ of car (includes registration, insurance and cost of accessories),
  • Interest Calculated on Daily Reducing  Balance;
  • Flexibility of payment of EMI anytime during the month;
  • Low pre-payment penalty, only 2%;
  • Low processing fee (only 0.51% of loan amount);
  • Free Accidental insurance ; Optional SBI Life cover;

Purpose 

Term Loans for purchase of Certified Pre Owned car, from certified used car dealers, not more than five years old. The loan should be repaid within 7 years from the date of the original purchase of the vehicle.

Eligibility

To avail an pre owned 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.


Loan Amount

Maximum Loan amount will be 2.5 times of net annual income. Spouse’s income could also be considered provided the spouse becomes a co-borrower in the loan.

Documents Required

You would need to submit the following documents along with the completed application form:

  1. Statement of Bank account of the borrower for last 6 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.

Margin – 15% of the on the road price (which includes vehicle registration charges, insurance, one-time road tax and accessories).

Repayment – You can enjoy the longest repayment period in the industry with us as long as 84 months.

Processing Fee – 0.51% of Loan amount

Security – As per Bank’s extant instructions.

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