Own Your Dream Car with SBI New Car Loan Scheme

Owning your brand new car has never been so easy. Well, SBI’s new car loan scheme has all that you ever dreamt of. With minimal documentation and quick disbursal, get yourself a new passenger car, multi utility vehicle (MUVs) and Sports Utility Vehicle (SUVs).

Under SBI’s new car loan scheme, avail lower interest rates, zero foreclosure charges, quick disbursal, and minimal paperwork.

SBI Car Loan – Processing Fee, Repayment, Tenure Period, Pre-Payment.

State Bank of India (SBI) finances upto 90% of the vehicle on-road price as loan. So, you no more have to worry about lesser funds for buying yourself a car. (On-road price includes the vehicle price, registration charges, insurance and extended warranty or total service package or annual maintenance contract or cost of accessories). The bank charges a processing fees of Rs. 1000/- plus GST on car loan upto Rs. 6 lakh and Rs. 1500/- plus GST on a loan amount above Rs. 6 lakhs. Borrow the SBI Car Loan for upto a period extending to 7 years. Make repayment of the car loan in easy monthly instalments at an interest rate of 8.90% to 9.40%. SBI calculates interest on daily reducing balance. You may also opt for pre-payment of the car loan as it levies you zero penalty charges on pre-payments. The Bank offers SBI life insurance cover on your new car.

Eligibility Criteria for SBI Car Loan

In order to avail Sbi car loan, the applicant should be in the age group 21 to 65 years.

• The bank offers car loan to regular employees of the state/ central government, public sector undertaking, private company or a reputed establishment with an annual income of Rs. 2,50,000. (loan amount- 48 times of Annual income).
• It is also offered to professionals, or self-employed businessmen, partnership firms with gross taxable income of Rs. 4,00,000 per annum. (Loan – 4x of annual net profit).
• SBI Car loan is also extended to individuals engaged in agricultural and allied activities with an annual income of Rs.4,00,000/-. (Loan amount- 3x of annual net profit).

Documents Required for SBI Car Loan

Documents that need to be submitted while applying for SBI Car loan include identity proof, residence proof, last 6 months bank account statement, 2 Passport size photographs. Apart from these, you require to submit-

• Salaried- Latest salary slip/ form 16, ITR for the last 2 years.
• Businessmen/ self-employed- ITR for last 2 years, Audited balance sheet, P&L statement for 2 years, Shop & establishment act certificate/ Sales tax certificate/ SSI registered certificate/ copy of partnership.
• Persons engaged in agricultural and allied activities- Direct agricultural activity, allied agricultural activity.