State Bank of Travancore Car Loan – Compare and Apply for SBT Car loans, Interest rates, Documents, Eligibility, processing Fees.
- 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.
Car Loans (effective from 26.09.2011)
|Tenure||Rate of Interest
|Up to 3 Years||1.75% above Base rate i.e 12.25 %|
|Above 3 Years up to 5 Years||2.00% above Base Rate i.e 12.50%|
|Above 5 Years upto 7 Years||2.50% above Base rate i.e 13.00 %|
For overdraft Car loan accounts (Car loan OD) a differential rate of 0.50 % should be maintained over and above the above mentioned rates.
Amount of Loan
- Eligible Amount Maximum
- New Cars/Jeeps 30 times net monthly income Rs.30 lakhs
- 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.
- 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
- New Cars 84 equated monthly installments
- Second hand cars 60 equated monthly installments
Primary : Hypothecation of the vehicle purchased out of bank finance.
Collateral (for Car 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.
Documents / 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 :
- Salary Certificate showing deductions
- 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
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