SBI Car Loan: Interest Rates, Eligibility Criteria, Documents Required
SBI Car Loan: SBI is the leading bank which offers car loan in different segments to meet customer’s requirement. The SBI offers you the best of deals on your dream car, if you are planning to buy a car and dreaming this for long, now you need not have to wait for years as SBI offers you the best deal. The dream of owning a dream machine could soon be reality with the help of SBI’s Car Loan. With the best of deals in car loan segment the bank also offers and charges the lowest of interest rates and the lowest EMI’s. Also the bank requires minimal paper work and quick disbursement of the loan. The bank offers car loan in different categories such as New Car Loan, Combo loan, Pre-owned car loans, Loyalty car loan, used car loan, NRI loan scheme and many more.
The details for SBI car loan are as follows:
|Interest rates – others||8.75%|
|Interest rates for women||8.70%|
|Lowest EMI||Rs 1594/Lakh|
|Repayment options||Upto 7 years|
|Maximum finance||Upto 300 percent of on road price|
|Min. Income||2.50 Lakh annual|
|Maximum loan amount||Upto 4 times of net annual income|
Current SBI car loan interest rates for the year 2018 are as follows:
|Scheme name||Tenure||Interest rates|
|For men||For women|
|Car loan scheme||All Tenure||8.75% p.a.||8.70% p.a.|
|Combo Loan||All Tenure||8.75% p.a.||8.70% p.a.|
|NRI car loan||All Tenure||8.75% p.a.||8.70% p.a.|
|Pre-owned car loan||All Tenure||12.15% p.a.|
|Loyalty car loan scheme||–||8.65% p.a.||8.60% p.a.|
|Certified pre-owned car, used car loan||9.95% p.a.||9.90%p.a.|
Some Important features of SBI car loan are as follows:
- Financing on “On-Road price”. (which includes registration, extended warranty and insurance Annual maintenance contract and service package/ cost of accessories.)
- Zero Advance EMI
- SBI Life insurance cover is available and is also optional
- No pre-payment penalty or Foreclosure charges
- Overdraft facility is available with SBI car loan
- Zero processing fee for new cars
- 51% processing fee for used cars
SBI Car Loan Eligibility Criteria
The eligibility criteria to avail the SBI car loan are as follows:
|Applicant should be between 21 and 65 years of age to avail a car loan.|
|Category||Income criteria||Max. Loan Amount|
|Regular employee of state/|
Central Government, Public Sector Undertaking (PSU), Private Company or a reputed establishment.
|The net annual income of the applicant and/or co-applicant if any, together should be a minimum of Rs. 2,50,000/-|
|48 times of the Net monthly income.|
|Professionals, self-employed, businessman,|
Who are income tax assesses
|Net Profit or Gross Taxable income of Rs 4,00,000/-p.a.|
(income of co-applicant can be clubbed together)
|4 times Net profit or gross Taxable income as per ITR after adding back depreciation and repayment of all existing loans.|
|Person engaged in agriculture and allied activities||Net annual income of applicant and/or co applicant together should be a minimum of Rs. 4,00,000/-||3 times of Net annual income|
Before finalizing your lender, you should calculate the total amount payable and not only compare the rate of interest or EMI. The SBI charges 0.51% of loan amount as processing fee on certified pre-owned car loan. The minimum processing fee is Rs. 510 while the maximum payable amt is Rs. 10,530.
To apply for SBI Car loan, the following document must be submitted to the bank:
- Bank account statement of last six month
- Two passport size photographs
- Copy of passport, PAN and voter ID card
- Address proof
- Salary Slip mentioning details
- Form 16 (of income tax return) of the last two years if you belong to salaried class and three years if you are a professional, self-employed person or a businessman. The form should be duly accepted by the ITO.
- If you are a non- salaried individual, you will also have to submit proof of official address.
Terms & Condition On SBI Car Loan:
MARGIN: New/ used vehicles: 15% of the On road price (which includes insurance of the car, one time road tax, accessories and registration charges.)
REPAYMENT: SBI offers longest repayment period in the industry, i.e., of seven years (84 months)
REIMBURSEMENT OF COSTS OF CAR BY OWN SOURCES:
SBI offers finance reimbursement at the interest rate applicable on a new car, i.e, if you have purchased a car from your own resources and if it is not more than three old.
SECURITY: As per bank’s extant instructions.
FAQ’S ON STATE BANK OF INDIA (SBI) CAR LOAN:
What makes of cars does SBI finance?
SBI finance all makes of new cars, and second hand cars which are all less than five years old. Thus, the customer is free to choose any vehicle they want to own.
How does SBI car loan compare with those offered by other institutions?
There is total transparency with regards to the rate of interest and the fee charges which are applied by SBI.