Looking for SBI Car Loan?
Then you land on the right page. Here you will get all the necessary details about the SBI car loan like loan amount, loan eligibility, age limit, tenure, interest rates, how to apply, processing fees, stamp duty, documents required, pre-payment penalties, and charges, etc.
Owning a car is a dream of every middle-class family and with an SBI car loan scheme, owning a car is now possible for every middle-class family in India.
State Bank of India offers you the best deal for financing your new car with the lowest interest rates and lowest EMI and quick disbursement. As long as you meet their eligibility criteria of Car loan, you can go to any dealer showroom and gets and drive a brand new car of your choice.
State Bank of India provides car loans on new cars, used cars, Loans against the existing cars, and Commercial use vehicles.
Features and Benefits of SBI Car Loan
- Get financing your car up to 90% of the on-road price.
- Lowest Interest Rates & Lowest EMI’s.
- No Advance EMI.
- Long repayment tenure of up to 7 years.
- Finance On on-road price including registration and insurance.
- Interest calculated on Daily Reducing Balance Basis.
- SBI Life Insurance cover available (optional).
Loan Eligibility For SBI Car Loan
To be eligible for an SBI Car Loan, individual applicants must belong to the below-mentioned car loan eligibility criteria:-
To avail of an SBI Car Loan, Age of the applicant/individual should be between 21 to 67 years.
CIC Score – Minimum 606 for government salaried account holders and minimum 689 for others.
|Category||Income Criteria||Maximum Loan Amount|
|A regular salaried employee of a private company, Salary Package Account Holders (SGSP/CGSP, CSA, DSP, PMSP/RSP), Pensioners, Working professionals of Reputed Establishments.||Net Annual Income of applicant and/or co-applicant if any, together with should at least a minimum of Rs. 3,00,000/||Max. Loan Amount up to 48 times the net monthly income for salaried individuals.|
|Professionals, Self-employed, Businessmen, proprietary/partnership firms and others who are income tax assesses.||Net Profit or Gross Taxable income of Rs. 3,00,000/- p.a. (income of co-applicant can be clubbed together)||Max. Loan amount up to 4 times of Net Profit/Gross Income as per ITR.|
|A person engaged in agricultural and allied activities. (ITR Not Required).||Net Annual income of the applicant and/or co-applicant together should be a minimum of Rs. 4, 00,000/-.||Max. Loan Amount up to 3 times of Net Annual Income.|
Apart from them, there are many factors that affect the eligibility of a car loan like your credit score, your age, income level, and your debt.
if you want to improve your eligibility for a car loan then you should repay your existing debts, increase your credit score (By repaying your existing loans, closing your existing credit or debit cards, and paying off any overdrafts on your account) and Bring in Co-applicants if your income falls short of the eligibility criteria.
I hope it clears to you.
Loan Term of SBI Car Loan
- Minimum – 3 years.
- Maximum – 7 years or upto age of 70 years(Whichever is Earlier).
- In case of Co Brrower loan term depends on borrower with higher age.
Interest Rate of SBI CAR Loan
- Normal – 7.75% – 8.45%
- Through Yono – 0.25% Rebate on Actual ROI.
- ROI Depends upon CIC Score & Term of Loan.
- For Women Borrower concession of 5bps offered.
Documents Required For SBI Car Loan
Common Document for all categories of applicants.
- Proof of Identity – you can give photo copy of any one in all of these Pan Card, Passport, Voters ID card, Driving License etc.
- Address Proof – you can give photo copy of any one in all of these Ration card, Driving License, Voters ID card, Passport, Telephone Bill, Electricity bill and Life Insurance policy.
- 2 passport size photos.
- Income Proof – In case of salaried applicant Latest Salary Slip and Form 16 are required and In case of Non-Salaried/ Professional/Businessmen ITR for last 2 years are required and In case of applicant who engaged in agricultural activities Government approved proof of agricultural activity are required.
- Account statement of last 6 months (Not required for those customers who maintaining salary account in State Bank of india).
- Original copy of Quotation.
- Margin Money Receipt (Original).
- 3 PDC (Post dated cheque).
Charges and Penalties
- Processing Fee- 0.4% of Loan Amount + GST (minmum Rs 1000+GST and maximum Rs 7500+GST).
- Force closure charge- 3% + GST on Theo balance(Within 24 Months from date of disbursement).
- Prepayment charges- 1% of prepay amount + GST(Within 24 Months from date of disbursement).
- Penal interest- 2% per month over and above the applicable interest rate on the overdue amount for the period of default(Loan amount above Rs 25,000/-).
- Bounced Cheque/NACH or SI Dishonors- Rs 250+GST(Rate varies with time).