SBI NEW CAR LOAN SCHEME
SBI Bank offers you the best deal for financing your new car. Lowest interest rates, lowest EMI, minimal paperwork and quick disbursement.
Salient features of SBI Bank New Car Loan Scheme
- Lowest Interest Rates & EMI;
- Longest Repayment Tenure (7 years);
- Financing on ‘On-Road price’:
- On-Road price includes Registration, Insurance and Extended Warranty/ Total Service Package/ Annual Maintenance Contract/ Cost of Accessories
- Interest calculated on Daily Reducing Balance;
- No Pre-Payment Penalty or Foreclosure Charges;
- No Advance EMI;
- We also reimburse finance for the cars purchased out of your own funds at rate of interest applicable to New Car Financing:
- Car should not be more than 3 month old
- Optional SBI Life Insurance cover available;
- Overdraft facility available.
Purpose of SBI Bank New Car Loan Scheme
For purchase of new passenger cars, Multi Utility Vehicles (MUVs) and SUVs.
Eligibility of SBI Bank New Car Loan Scheme
To avail an SBI Car Loan, you should be an individual aged 21 to 65 years, belonging to one of the following 3 categories:
Max. Loan Amount
|Regular employee of State / Central Government, Public Sector Undertaking, Private Company or a reputed establishment.||Net Annual Income of applicant and/or co-applicant if any, together should be a minimum of Rs. 2,50,000/-||48 times of the Net Monthly Income|
|Professionals, self-employed, businessmen, proprietary/partnership firms who are income tax assesses.||Net Profit or Gross Taxable income of Rs. 4,00,000/- p.a.|
(income of co-applicant can be clubbed together)
|4 times Net Profit or Gross Taxable income as per ITR after adding back depreciation and repayment of all existing loans|
|Person engaged in agricultural and allied activities.||Net Annual income of applicant and/or co applicant together should be a minimum of Rs. 4,00,000/-||3 times of Net Annual Income|
Documents Required for SBI Bank New Car Loan Scheme
You would need to submit the following documents along with the completed application form:
Person engaged in agricultural and allied activities.
|Statement of bank account for last 6 months.||Statement of bank account for last 6 months.||Statement of bank account for last 6 months.|
|2 passport size photographs||2 passport size photographs||2 passport size photographs|
|Proof of Identity||Proof of Identity||Proof of Identity|
|Address Proof||Address Proof||Address Proof|
|Income Proof: Latest Salary Slip, Form 16||Income Proof: ITR for last 2 years||Direct agricultural activity (crop cultivation):|
|I.T. Returns or Form 16 for the last 2 years.||I.T. Returns or Form 16 for the last 2 years.||Allied agricultural activity (like Dairy, Poultry, Plantation/ Horticulture)|
|Audited Balance sheet, P&L statement for 2 years, Shop & establishment act certificate / sales tax certificate / SSI registered certificate / copy of partnership.|
Proof of Identity : – (Copy of any one) Passport/ PAN Card/ Voters ID card/ Driving License etc. Address Proof :- (Copy of any one) Ration card/Driving License/Voters ID card/Passport /Telephone Bill/ Electricity bill/Life Insurance policy
Financing of SBI Bank New Car Loan Scheme
Net Annual Income upto Rs. 10 lac
Net Annual Income more than Rs. 10 lac
|90% of ‘On-road Price’||90% of ‘On-road Price’|
Repayment of SBI Bank New Car Loan Scheme
You can enjoy the longest repayment period in the industry with us: 84 months.
Interest Rates of SBI Bank New Car Loan Scheme
Processing Fee of SBI Bank New Car Loan Scheme
Security of SBI Bank New Car Loan Scheme
As per Bank’s extant instructions.
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