| State Bank of India Car Loan |
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| Introduction |
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| SBI car loan scheme has been designed to help you in purchasing your dream car. Bank charges low interest rates, and gives you easy repayment options. Bank maintains total transparency. Amount includes vehicle registration charges, insurance, one-time road tax and accessories as per conditions. |
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| Highlights |
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New Car |
Used Car |
| Loan Type |
Term Loan |
Term Loan |
| Ex-Showroom/On Road |
On Road |
On Road |
| Loan Amount |
There is no maximum loan amount for a new car loan. A maximum loan amount of 48 times of Net Monthly Income or 4 times of Net Annual Income can be sanctioned.
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Maximum Loan amount allowed is 2.5 times of net annual income.
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| Tenure |
Min. - 12 months.
Max. - 84 months.
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Min. - 36 months.
Max. - 84 months.
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| Interest Rate |
10.45 % |
17.5 % |
| Time to Process Loan |
4 days |
7 days |
| Preferred Manufacturers |
Chevorlet, FIAT, Ford, GENERAL MOTORS INDIA, HINDUSTAN MOTORS, Honda, Hyundai, Mahindra, Maruti, Mercedes-Benz, Mitsubishi, Nissan, Reva, SAN Engineering, Skoda, Tata Motors, Toyota |
Chevorlet, FIAT, Ford, GENERAL MOTORS INDIA, HINDUSTAN MOTORS, Honda, Hyundai, Mahindra, Maruti, Mercedes-Benz, Mitsubishi, Nissan, Reva, SAN Engineering, Skoda, Tata Motors, Toyota |
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 Fees & charges
Fees & charges
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New Car |
Used Car |
| Stamp Duty |
As Per Actuals |
As Per Actuals |
| Pre-Payment Charges |
2 % |
2 % |
| Legal, Repossession and Incidental Charges |
As Per Actuals |
As Per Actuals |
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| Comment on Charges |
Processing Charges-Rs 500
Margin - 15% |
Processing charges: 0.51%
Margin -15% |
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Special Offers
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Special Privileges |
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| New Car |
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Bank 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. |
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| New Car |
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The interest for second and third years will be 10% and thereafter the interest will be a floating one depending on the prevailing rate. |
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Eligibility Criteria
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Eligibility Criteria
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Salaried
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Salaried:
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| Income |
Rs 10000 |
| Age |
Min.: 21 Yrs. Max.: 65 Yrs. |
| Current Employment Years |
1 Yrs. |
| Total Employment Years |
2 Yrs. |
| Documents Required: |
| ID Proof |
Yes |
| Residence Proof |
Yes |
| Income Proof |
Yes |
| Telephone |
Yes |
| Photograph |
Yes |
| Bank Statement |
Yes |
| Signature Proof |
Yes |
| Others |
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
Proof of official address for non-salaried individuals |
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Self Employed
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Self Employed:
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| Income |
Rs 10000 |
| Age |
Min.: 21 Yrs. Max.: 65 Yrs. |
| Total Employment Years |
3 Yrs. |
| Documents Required: |
| ID Proof |
Yes |
| Residence Proof |
Yes |
| Income Proof |
Yes |
| Telephone |
Yes |
| Photograph |
Yes |
| Bank Statement |
Yes |
| Signature Proof |
Yes |
| Others |
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
Proof of official address for non-salaried individuals |
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