Find details of state bank of india car loan through State Bank Of India EMI calculator. Just enter the loan amount of car you want to get financed and rate of interest. State Bank Of India EMI calculator automatically calculates the installment on reducing balance and it does not have any other processing fee.
State Bank Of India avails you with host of services and facilities online with which you can get car loan approval in an easier way. The customers who are dreamt of owning their desired car will turn their dream into reality via the golden opportunity provided by State Bank Of India. The eligibility criteria set by the bank that any individual having minimum gross income of Rs. 1.00 lakh per annum erases the hindrance that only silver-spooned can purchase the latest available cars. The bank even churns out the repaying capacity of an individual who had applied for loan by extending the tenure up to 8 years for new car while it is 5 years for used cars. Vicky. in proves to be the powerful tool through the provision of accurate information on processing fee, documentation charges, EMI amount of such banks
Loan Eligibility Calculator
State Bank of India Car Loan eligibility, Interest Rate, documents and process
Eligibility for SBI Car Loan:
An Individual should be between the age of 21 to 65 years.
Salaried:
b) For Salaried customers other than above mentioned Categories: Net Annual Income of applicant and/or co-applicant if any, together should be Rs. 3,00,000/-
Self employed, professionals and Proprietary/Partnership Firms: Net Profit or Gross Taxable income of Rs. 4,00,000/- p.a. ( income of co-applicant can be clubbed together)
Agriculturist: Net Annual income of applicant and/or co applicant together to be Rs. 4,00,000/-
SBI – Financing for ON ROAD PRICE 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:
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:
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
No pre-payment penalty
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 SchemeProcessing Fee: 0.51% of loan amount, minimum Rs. 1020/- and maximum Rs. 10200/-
Loan Amount
There is no upper limit for the amount of a car loan. A maximum loan amount of 48 times of Net Monthly Income or 4 times of Net Annual Income can be sanctioned.
Check List of Documents Required for SBI Car Loan
You would need to submit the following documents along with the completed application form if you are an existing SBI account holder:
Statement of Bank account of the borrower for last 6 months.
2 passport size photographs of borrower(s).
A copy of passport /voters ID card/PAN card.
Proof of residence.
Latest salary-slip showing all deductions
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.
Proof of official address for non-salaried individuals.
Margin:
New / Used vehicles : 15% of the on road price (which includes vehicle registration charges, insurance, one-time road tax and accessories).
Repayment
You enjoy the longest repayment period in the industry with SBI.
Repayment period:
For Salaried, For Self-employed & Professionals : Maximum of 84 months
Reimbursement of costs of car purchased by own sources
SBI also reimburse finance for the cars purchased out of own funds which are not more than 3 month old at rate of interest applicable to New Car.
Security:
As per bank’s extant instructions.
Most Important Terms & Conditions on SBI Car Loan:
TAT: The loan applications with complete information and required documents will be disposed within a period of 2 days at urban Centres and 4 days at Rural Centres.
Disbursement:
The loan will be disbursed only on the following conditions:
1. Loan Amount will be credited to the account of supplier/dealer by way of RTGS/NEFT facility.
2. All necessary statutory compliances are in place. The Bank reserves the right to collect any tax if levied by the State/Central Government and/or other Authorities in respect of this transaction.
KYC:
All loans will be sanctioned after completion of KYC verification.
CIBIL Disclosure:
The Borrower(s) hereby agree and give consent for disclosure by the Bank all or any (a) information and data relating to the Borrower(s) (b) information or data relating to any credit facility availed or/to be availed by the Borrower(s) and default, if any, committed by the Borrower(s) in discharge of his/their such obligation as the Bank may deem appropriate and necessary, to disclose and furnish to Credit Information Bureau (India) Ltd. (CIBIL), and any other agency authorized in this behalf by RBI.
Default:
In case of default i.e. if the amount due is not paid by due date, the customer will be sent reminders from time to time for payment of any outstanding on his loan account, by post, fax, telephone, email, SMS messaging and/or through third parties appointed for collection purpose to remind, follow-up and collect dues.
TAT:
The loan applications with complete information and required documents will be disposed within a period of 2 days at urban Centres and 4 days at Rural Centres.
