Are you in need of a car for your own convenience? Or just for luxury after closing a huge business deal? Or a reward and gift for someone you love most like a gift to your wife/husband or son or parents? Well, the search ends here at SBI Car Loan. You have an Option to go through SBI Car Loans Scheme which offers: Lowest interest rate, Low processing fee, processed through speedy delivery channels with total transparency.
SBI – Financing for car or automobile which include vehicle registration charges, insurance, one-time road tax and accessories.
SBI Car Loan scheme offers to purchase:
A new car, jeep, Multi Utility Vehicle (MUV) or SUV (any make or model)
Benefits of SBI Advantage Car Loan Scheme:
Obviously, it’s the outstanding service and lower costs. A quick survey of similar schemes available elsewhere and you will find that SBI Car Loans for new and old vehicles offer you:
- Lowest interest rates
- Longer repayment period of upto 84 months or 7 years.
- No hidden costs or administrative charges.
- Finance for one-time road tax, registration fee, insurance premium and accessories
- No advance EMIs
Complete clearness: Interest on daily reducing balance method. When you pay one installment, the interest is automatically calculated on the reduced balance thereafter.
Always compare the Equated Monthly Installments (EMIs) and the total payments you would be required to make and not the rates of interest.
- The SBI Advantage Car Loan Scheme
- Purpose
Term Loans & Overdraft will be sanctioned by the Bank for purchase of new passenger cars, Multi Utility Vehicles (MUVs) and SUVs with minimum loan component of Rs. 5.0 lakh and above.
Take over of existing loan from other Bank/Financial institution (Conditions apply)
Eligibility: To avail a Car Loan, you should be:
1. Individual between the age of 21-65 years of age.
2. A Permanent employee of State / Central Government, Public Sector Undertaking, Private company or a reputed establishment or
3. A Professionals or self-employed individual proprietary/partnership firms who is an income tax assessor.
4. Net Annual Income Rs. 2,50,000/- and above.
Salient Features
Loan Amount: Usually, there is no upper limit for the amount of a car loan. A maximum loan amount of 4 times the net annual income can be sanctioned. If married, your spouse’s income could also be considered provided the spouse becomes a co-borrower in the loan. The loan amount includes finance for one-time road tax, registration and insurance!
There is also no ceiling on the loan amount for new cars.
Type of Loan:
1. Term Loan
2. Overdraft
- For New vehicles only
- Minimum loan amount: Rs. 5 lakhs
- Documents Required
You would need to submit the following documents along with the completed application form if you are an existing SBI account holder:
1. Statement of Bank account of the borrower for last 12 months.
2. 2 passport size photographs of borrower(s).
3. Signature identification from bankers of borrower(s).
4. A copy of passport /voters ID card/PAN card.
5. Proof of residence.
6. Latest salary-slip showing all deductions
7. I.T. Returns/Form 16: 2 years for salaried employees and 3 years for professional/self-employed/businessmen duly accepted by the ITO wherever applicable to be submitted.
8. Proof of official address for non-salaried individuals.
If you are not an account holder with SBI you would also need to furnish documents that establish your identity and give proof of residence.
Margin: New / Used vehicles : 15% of the on the road price.
Repayment: You enjoy the longest repayment period in the industry with SBI.
Repayment period: For Salaried, For Self-employed &Professionals : Maximum of 84 months
Prepayment Penalty: Prepayment fee of 2% of the amount of the loan prepaid will be levied subject to certain conditions.
Processing Fee: 0.50% of Loan amount and to be paid upfront.
Minimum: Rs. 500/-
Maximum Rs. 10,000
25% of Processing fee will be retained if application is rejected after pre-sanction survey.
Please visit official website of SBI for more details.
Best Reading:
In conclusion, SBI car loan is one affordable if not the best deal in view of car loan in the market these days. If your budget can afford why not hesitate in getting something beneficial from a truly trusted and credible company and bank like SBI. Get your documents ready now and get your first car loan via SBI auto loan.
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The margin charged by SBI is 15% of on the road price for both new and used vehicles. SBI Car Loans offer low interest rates, easy repayment options, total transparency, no processing charges, finance to include vehicle …