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:
For the purchase of new passengers Cars, Jeeps, Multi Utility Vehicles (MUV) and SUVs.
Individuals between the age group of 21 years to 65 years.
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.
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.
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)
Comprehensive insurance cover for the full value of the vehicle.
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:
- Statement of Bank account of the borrower for last 12 months.
- 2 passport size photographs of borrower/guarantor.
- Signature identification from bankers of borrower/guarantor.
- A copy of Passport /Voters ID card/PAN card.
- 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.
- Latest salary-slip showing all deductions and TDS Certificate-Form 16 in case of salaried persons.
- Copy of Income tax Return for the last 2 financial years duly acknowledged by the ITO for professionals, Self employed and others.
- Proof of official address for non-salaried individuals.
- Proforma invoice of the vehicle.