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;


Tenure Rate of Interest
For all tenures For Term Loan
0.75% above Base Rate i.e. 10.45% p.a.


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 :-




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.


i) Submission of both the invoices alongwith application form.

ii) Disbursement:

a) Simultaneously for two vehicles


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:

  1. Statement of Bank account of the borrower for last 6 months.
  2. 2 passport size photographs of borrower(s).
  3. A copy of passport /voters ID card/PAN card.
  4. Proof of residence.
  5. Latest salary-slip showing all deductions
  6. 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
  7. Proof of official address for non-salaried individuals


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


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/-