SBI is a leading player in car
financing in India. Here is useful information regarding SBI car
loan schemes.
SBI
State Bank, the largest bank in India, offers attractive auto loans. State Bank Auto Loan has low interest rates, easy repayment options, and total transparency. Finance package includes vehicle registration charges, insurance, one-time road tax and accessories. And as State Bank branches are located even in remote areas, it is easy to apply. Loan can be availed for new or old car, jeep or Multi Utility Vehicles.
Features
- Low interest rates
- Repayment period of upto 84 months
- No administrative charges
- Expenses for one-time road tax, registration fee, insurance premium and accessories included in finance
- One need not pay any advance EMI
- Interest is levied on daily reducing balance method. When a customer pays one instalment, the interest is automatically calculated on the reduced balance thereafter.
Eligibility
Anyone with net annual income of Rs One Lakh is eligible for auto loan of SBI. The individual must be between the age of 21-65 years of age. He must be 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. People engaged in agriculture and allied activities can also avail SBI loan.
Loan Amount
The upper limit for car loan amount is not fixed. The bank could sanction a maximum loan amount of 2.5 times the net annual income. Spouse's income could also be considered if the spouse becomes a co-borrower. The sanction amount includes finance for one-time road tax, registration and insurance. Loan amount for used car has the maximum limit of Rs 15 lakhs.
Documents Needed
The applicants need to furnish residence proof, identity proof and income proof besides the copy of PAN card. SBI account holders need not produces proof regarding residence and identity.
