State Bank of Mysore Car Loan | Interest Rates | Documents | Information

Car Loan Scheme of State Bank of Mysore For the purchase of new passengers Cars, Jeeps, Multi Utility Vehicles (MUV) and SUVs. Rate of Interest starts from 10.90% pa.

Car Loan Scheme  For New Cars:

Salient features of the scheme:

Purpose:

For the purchase of new passengers Cars, Jeeps, Multi Utility Vehicles (MUV) and SUVs.

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Professional Details
Loan Amount

Occupation

Annual Income

City

Eligibility:
Individuals between the age group of 21 years to 65 years.

Annual Income:

Salaried class with an annual income of Rs. 2,50,000/- & above. Self employed & Professionals with an annual income of Rs.2,50,000/- & above.

Loan amount:

For salaried persons: 48 times of the Net Monthly Income

For others: 4 times of the Net Annual Income

The income of the spouse can be included for arriving at the loan amount, provided spouse joins as co-borrower.

Margin: 15%
Security:

1) Hypothecation Charge over the car.

2) Noting of Bank’s lien with the R.T.O.

3) Third party guarantee (if there is a need)

Repayment: the loan to be repaid in 84 EMIs (Maximum)

Insurance:
Comprehensive insurance cover for the full value of the vehicle.

 

Service Charges:

0.20 % of the loan amount with a minimum of Rs.500/- and maximum of Rs.10,000/-

Prepayment charges: No Pre Closure / Pre Payment penalty on all car loans.

FREE ACCIDENT INSURANCE COVER (DEATH RISK ONLY)

Papers to be submitted: 

  1. Statement of Bank account of the borrower for last 12 months.
  2. 2 passport size photographs of borrower/guarantor.
  3. Signature identification from bankers of borrower/guarantor.
  4.  A copy of Passport /Voters ID card/PAN card.
  5.  Proof of residence by way of tax receipts, telephone bill, electricity bill or any other document that comply with the regulatory and/or KYC requirements.
  6. Latest salary-slip showing all deductions and TDS Certificate-Form 16 in case of salaried persons.
  7.  Copy of Income tax Return for the last 2 financial years duly acknowledged by the ITO for professionals, Self employed and others.
  8.  Proof of official address for non-salaried individuals.
  9.  Proforma invoice of the vehicle.