SBI Car Loan

State bank of India provide car loans to buy new car, Multi Utility Vehicle(MUV),jeep,or SUV of any make or model. Old vehicles should not be more than 5 years old. In some cases, loans are offered for relocate of existing loan from other Bank/Financial institution.

Features & profit of State bank of India Car Loan

1. Finance for one-time road tax, insurance premium ,registration fee and accessories
2. SBI car loans are available for together new and used cars
3. Applicant must visit an SBI branch in order to apply for an SBI car loan

Details of SBI Car Loan. Use our calculator to evaluate offer from multiple banks

Eligibility conditions for SBI Car Loan

1. person must be between the age of 21-65 years of age
2. A Permanent employee of Public Sector Undertaking, State / Central Government, reputed establishment or a Private company or a self-employed person who is an income tax assessed
3. Net yearly Income Rs. 100,000/- and above

   Details of SBI Car Loan. Use our calculator to evaluate offer from multiple banks

   Interest Rate (Daily reducing balance) 1st year : 8% fixed
   2nd and 3rd year : 10% fixed
   4th and 5th year : 11.25% floating
   6th and 7th year : 11.5% floating

   Processing Fees 0.5% of loan amount, with a maximum of Rs. 10,000
   25% of processing fee will not be returned ` if application is rejected after pre-sanction survey

   Loan Tenure Up to 7 years for salaried & 5 years for self-employed

   Pre-closure Charges 2 % of pre-closed amount

   Loan Amount 85% of car's price or 2.5 times net annual income, ` ` whichever is lower

   Guarantor Requirement Guarantor is required

   Documents

4. Signature identification from bankers of borrower(s)
5. report of Bank account of the borrower for last 12 months
6. 2 passport size photographs of borrower(s)
7. A copy of passport /voters ID card/PAN card
8. Proof of residence
9. most recent salary-slip showing all deduction
10. I.T. Returns/Form 16: 2 years for salaried employees and 3 years for specialized/self-employed/businessmen duly accepted by the ITO wherever appropriate to be submitted
11. evidence of official address for non-salaried individuals

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