SBI Car Loan

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SBI Car Loan

Why SBI Car Loan?

Are financial problems resisting your desires of buying a car? Press a brake on your out flowing thoughts. SBI or State Bank of India is here with its best offer on Car Loan. It is the largest  bank in India, well known for its attractive and reliable services. Get the Best SBI Car Loan with Affordable Interest Rates & EMIs. Loannow will help you in availing the best Car loan, with instant and quick approval. Cherish your life with the ride of a fascinating car. Enjoy the incredible drive and make your life colorful.

Features

  • No Advance EMI;
  • Longest repayment tenure (7 years);
  • Attractive Interest Rates ;
  • Lowest & Affordable EMI;
  • Simple and Minimum Documentation;
  • For Net Annual Income upto Rs. 10 lac: Funding up to  85% of 'On Road Price' of car (includes registration, insurance and Extended Warranty/ Total Service Package/ Annual Maintenance Contract/ cost of accessories)
    For Net Annual Income more than Rs. 10 lac: Funding up to 85% on "ex-showroom price" or 80%  on "On-road price", whichever selected by the borrower
  • Reduced Interest Rates
  • Flexibility of payment of EMI anytime during the month;
  • No pre-payment penalty
  • Optional SBI Life cover
  • Overdraft facility available

Purpose

For purchasing your dream vehicle, any type of car.

SBI Car loan Documents

Documentation required for Car Loan

List of Car Loan documents required

  • Age proof
  • ID proof
  • Application form
  • Photograph
  • Residence proof
  • Income proof
  • Bank statement
  • Signature verification proof
  • Pro-forma Invoice or Rate List

Post Sanction / Pre Disbursement Documentation

  • Loan Agreement duly signed along with RTO set
  • Standing Instruction (SI) Request / ECS Form / Post Date Cheques (PDCs). Security Cheques required for SI and ECS
  • Margin money receipt

 

SBI Car Loan Eligibility

Eligibility for Car Loan

Eligibility

Eligibility Individuals as well as Business Concerns (Corporate or non-corporate).Minimum net monthly salary / pension / income – 20000/-. Income of spouse /Parent can be added.
Amount Provided For Individuals / Proprietorship Concerns: 25 times of the monthly net salary OR Rs.25 lacs (for one or more vehicles), whichever is lower. Income of parent(s) / spouse can be taken into account for determining loan amount. In such cases, the parent(s)/ spouse shall stand as additional guarantor.  For Business Concerns (Corporate or non-corporate): No ceiling on loan amount (for one or more vehicles).
Interest Rates New Car: 10.50% to 12.50% depending on the segment of vehicle and tenure selected (Floating)Pre-Owned Car: 15.50% to 17.00% depending on the segment of vehicle (Floating)
* Interest rate can vary as per individual's portfolio.
* All loans repayment period are over 6 months. No short term loans.
* Credit at sole discretion of the Banks we have a tie-up with.
* The Organisation do not charge money from customers.