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Salient Features:: Sbi New Car Loan Scheme

SBI provides a car loan scheme with several benefits: low interest rates, longest repayment terms up to 7 years, low EMIs, and loan amounts up to 48 times monthly or 4 times annual income. The loan can be used to purchase new passenger cars, SUVs, or MUVs. Borrowers must be Indian individuals or salaried professionals aged 21-65 years with a minimum annual income of 250,000 rupees. Required documents include bank statements, identity and address proofs, salary slips, tax returns, and 15% down payment of the on-road car price.

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156 views3 pages

Salient Features:: Sbi New Car Loan Scheme

SBI provides a car loan scheme with several benefits: low interest rates, longest repayment terms up to 7 years, low EMIs, and loan amounts up to 48 times monthly or 4 times annual income. The loan can be used to purchase new passenger cars, SUVs, or MUVs. Borrowers must be Indian individuals or salaried professionals aged 21-65 years with a minimum annual income of 250,000 rupees. Required documents include bank statements, identity and address proofs, salary slips, tax returns, and 15% down payment of the on-road car price.

Uploaded by

Jitendra Joshi
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOC, PDF, TXT or read online on Scribd
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SBI NEW CAR LOAN SCHEME

SBI provide the best car loan scheme for you. Salient features:

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No Advance EMI; Longest repayment tenure (7 years); Lowest interest rates ( there are further concessions for Corporate Salary Package accounts) ; 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; Interest Calculated on Daily Reducing Balance; Flexibility of payment of EMI anytime during the month ; No pre-payment penalty; Free Accident insurance ; Optional SBI Life cover; Overdraft facility available.

Purpose For purchase of new passenger cars, Multi Utility Vehicles (MUVs) and SUVs.

Eligibility To avail an SBI Car Loan, you should be : Individual between the age of 21-65 years of age. Regular employee of State / Central Government, Public Sector Undertaking, Private company or a reputed establishment. Professionals, self-employed, businessmen, proprietary/partnership firms who is an income tax assessee. Person engaged in Agricultural and allied activities. Net Annual Income Rs. 2,50,000/- and above.

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. Documents Required

You would need to submit the following documents along with the completed application form: 1. 2. 3. 4. 5. 6. 7. Statement of Bank account of the borrower for last 6 months. 2 passport size photographs of borrower(s). Signature identification from bankers 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 2 years for professional/self-employed/businessmen duly accepted by the ITO wherever applicable 8. Proof of official address for non-salaried individuals Margin 15% of the on road price (which includes vehicle registration charges, insurance, one-time road tax and accessories).

Repayment You can enjoy the longest repayment period in the industry with us as long as 84 months. Reimbursement of costs of car purchased by own sources We 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.

Interest Click here to view the interest rates Processing Fee 0.5% of loan amount

Security As per Bank's extant instructions. Interest Rates w.e.f. 23.04.2012 (Base Rate 10 % p.a.) SBI CAR LOAN SCHEME

Tenure

For all tenures

Rate of Interest For Term Loan: 1.25% above Base Rate, i.e. 11.25% p.a. For Overdraft: 1.75% above Base Rate, i.e. 11.75% p.a.

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