SBI Combo Loan Scheme – Interest rates Offers Information
State Bank of India Offers Car Loan & Two Wheeler loan in Combo Loan Schemes. Check out Interest Rates, Documents, Eligibility & Process of Loan.
Salient features:
- 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;
- Optional SBI Life cover;
SBI COMBO LOAN SCHEME – Interest Rates
| Tenure | Rate of Interest |
| For all tenures | For Term Loan 0.75% above Base Rate i.e. 10.45% p.a. |
Eligibility
To avail the Loan, you should be :
- Individual between the age of 21-65 years of age.
- Regular employee of State / Central Government, Public Sector Undertaking, Private company or a reputed establishment.
- Professionals, self-employed, businessmen, proprietary / partnership firms who is an income tax assessee.
- Person engaged in Agricultural and allied activities.
- Gross Annual Income :-
Salaried:
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.
Loan Amount
There is no upper limit for the amount of the loan. A maximum loan amount of 48 times of Net Monthly Income or 4 times of Net Annual Income can be sanctioned.
Process
i) Submission of both the invoices alongwith application form.
ii) Disbursement:
a) Simultaneously for two vehicles
or,
b) First Car Loan portion and then two-wheeler portion. But any case both disbursement should be within one month
Documents Required
You would need to submit the following documents along with the completed application form:
- 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 2 years for professional/self-employed/businessmen duly accepted by the ITO wherever applicable
- Proof of official address for non-salaried individuals
Margin
15% of the on road price of the Car and two-wheeler (which includes vehicle registration charges, insurance, one-time road tax and accessories).
Repayment
You can enjoy the longest repayment period of 84 months.
Processing Fee
0.51% of the loan amount subject to minimum of Rs. 1020/- and maximum of Rs. 10200/-
