| State Bank of Mysore Car Loan |
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| Introduction |
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| State Bank of Mysore gives loan for both new as well as used vehicles. For purchase of new car, bank gives loan up to an amount of 30 times of Net Monthly income for salaried persons and 2.5 times of Net Annual income for others. In case of used vehicles bank gives loan for purchase of passenger Cars, Jeeps, Multi Utility vehicles not more than 5 years old. On the purchase of new vehicle bank has a provision of comprehensive insurance for full value of the vehicle. There is a facility of free accident insurance cover (death risk only). The bank offers a car loan on floating rate of interest. |
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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 |
loan amount
30 times the Net Monthly Income for salaried persons.
2.5 times the Net Annual Income for others.
The income of the spouse can be included for arriving at the loan
amount, provided spouse joins as co-borrower.
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Upto 3 years - 16.25%
Above 3 years - 17.00%
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| Tenure |
Min. - 12 months.
Max. - 84 months.
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Min. - 36 months.
Max. - 60 months.
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| Interest Rate |
12.75 % |
17.5 % |
| Time to Process Loan |
7 days |
7 days |
| Preferred Manufacturers |
Chevrolet, FIAT, Ford, GENERAL MOTORS INDIA, HINDUSTAN MOTORS, Honda, Hyundai, Mahindra, Maruti, Mercedes-Benz, Mitsubishi, Nissan, Reva, SAN Engineering, Skoda, Tata Motors, Toyota |
Chevrolet, 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-0.5%
Margin-15% |
Margin-15%
Processing Charges-0.50% |
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Special Offers
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Special Privileges |
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| New Car |
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Comprehensive insurance for full value of the vehicle |
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| New Car |
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Comprehensive insurance for full value of the vehicle. |
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