State Bank of India is the largest banking and financial services company in India by assets. Needless to say this means you are clearly availing car loan from one of the top banks in India. So let us have a look at the some of the car loans from SBI.
The Features of SBI Car Loan
- You need not pay EMI in advance
- Up to seven years loan payment tenure
- No charges for pre- payment of car loan
- Get up to 85% of car loan amount based on the On Road price
- Car loan with Over draft facility
- No fixed monthly date for EMI
What you can do with Loan?
The SBI car loan is available for any one wishes to purchase a new cars including MUVs, SUVs or any other passenger car.
Requirements of Applying for SBI Car Loan
- Be aged from 21 to 65 years of age
- On roll employee in a State / Central Government, Public Sector Undertaking, Private Company or a reputed establishment.
- Any person who is under the purview of income tax which includes Professionals, self-employed, businessmen, proprietary/partnership firms.
- Even agriculture or related professionals can also apply
What is the Car Loan Amount you can get?
- Based on your Net monthly income or your In hand income you can expect around 48 times of the income
- Business professionals or firms can get up to four times their net profit or gross income which is legally accepted or under the ITR. The car loan amount is finalized after all existing liabilities and depreciation is taken into consideration
What is the Down Payment?
- You have to pay 15 percent of the total On road price of the car if your net annual income is up to 10 lakhs
- For applicants with more than 10 lakhs annual income, you have to pay 15 for ex-showroom price and 20 percent in case of on road price of the car
How to Pay Back the Car Loan?
- You can choose up to 84 months of repayment tenure
- Reimbursement of costs of car purchased by with own money
- You also get money for the cars that have been brought with your own income and if the car is less than 90 days old. The rate of interest is charged as per the cost of the new car.
Processing Charges for SBI Car Loan
- 0.51% of the car loan amount
- The minimum amount is Rs. 1020/-
- The maximum amount of processing charge is 10200/-
- No charges applicable till
You will have to Carry these Documents
- Last six months bank statement
- Two passport size photographs
- Copy of passport /voters ID card/PAN card
- Address proof
- Pay slip of the last month with net income
- Income tax return for the last two years
The Range of SBI Car Loans
- SBI New Car Loan
- SBI Combo Car Loan
- Certified Pre Owned Car loan
- Used Car Loan
Then there is SBI Advantage Car Loan as well. This one of a kind car loan gives you Over Draft facility with your loan account. This loan is best if you are planning to buy a car but do not have immediate cash. So if you are planning put in the cash into the bank account very soon or have a big down payment, then you go for the Advantage car loan.
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