Purpose - To buy a new/used(not more than 5 years) car, jeep, MUV or SUV or to takeover an existing loan from another institution.
Eligibility - You should be Individual between the age of 21-65 years of age, a Permanent employee of State / Central Government, Public Sector Undertaking, Private company or a reputed establishment or a Professional or self-employed individual who is an income tax assessee or a Person engaged in agriculture and allied activities or have Net Annual Income Rs. 100,000/- and above.
Quantum of loan - Maximum of Rs. 15 lakhs for used cars. No ceiling on loan amount for new cars.
Term of loan - Maximum of 84 months for salaried employees, 60 months for self employed individuals and professionals and 84 months for used vehicles.
Interest rates - Depends on the scheme and duration.
Paperwork - if you are an existing SBI account holder you need to furnish statement of Bank account for last 12 months, 2 passport size photographs, Signature identification from bankers, 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 3 years for professional/self-employed/businessmen duly accepted by the ITO wherever applicable to be submitted, proof of official address for non-salaried individuals.
If you are not an account holder with SBI you would also need to furnish documents that establish your identity and give proof of residence.
Prepayment Penalty - Prepayment fee of 2% of the amount of the loan prepaid
Checklist before you opt for your SBI Car Loan
- Calculate your EMI to understand how it will affect your monthly budget
- Understand your Car loan eligibility before you apply for a loan
- Compare the interest rates of various bank offers
- Evaluate the total loan cost (processing fee + service charges + total interest outflow) you would pay for each offer and zero in on the offer that gives you the least total interest outflow.
Also Read:
I m an retired officer from min of def. my pension is about 30K can I get acar loan of about 2 Lakhs
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