State Bank of India offers SBI Car Loan for purchase of new passenger cars, Multi Utility Vehicles (MUVs) and SUVs. You also have an opportunity to get reimbursement, if you have already purchased a car out of your own funds. The only condition is that the Car should not be more than 3 months old. In addition to this, you get loan at lowest interest rate and longest repayment tenure.
Eligibility for SBI Car Loan:
First of all, you age should be between 21 to 65 years. You also should belong to either of the following categories:
- Regular employee of State / Central Government
- Public Sector Undertaking
- Private Company or a reputed establishment
- Proprietary or partnership firms who are income tax assesses
- Person engaged in agricultural and allied activities
Furthermore, your income bracket should be either of the following:
- If you are any one from point 1. to point 3., then your Net Annual Income should be a minimum of Rs. 3,00,000/-
- Net Profit or Gross Taxable income of Rs. 4,00,000/- p.a., if you belong to point 4. to point 7.
- Maybe, you are engaged in agricultural activities. In that case, your Net Annual income should be a minimum of Rs. 4,00,000/-
Maximum Loan Amount Eligibility:
Your maximum loan amount could be either of the following:
- Loan amount maybe 48 times of the Net Monthly Income, if Net Annual Income is minimum Rs.3.00 Lakhs
- While you are earning Net Profit or Gross Taxable income of Rs. 4.00 Lakhs p.a., then you get a loan of 4 times the Net Profit or Gross Taxable income as per ITR. After adding back depreciation and repayment of all existing loans
- And, if your Net Annual income is minimum Rs. 4.00 Lakhs, then you are eligible for 3 times of Net Annual Income
Finally, once you find your eligibility, then comes documentation. So, you need to submit the following documents along with the completed Vehicle Loan application form:
If you are Salaried, then following documents for you:
- Bank account statement for last 6 months.
- 2 passport size photographs
- Proof of Identity
- Address Proof
- Income Proof: Latest Salary Slip, I.T. Returns or Form 16 for the last 2 years.
For those who are Self Employed or Businessmen, they need to submit following extra documents in addition to all the above:
- Audited Balance sheet
- P&L statement for 2 years
- Shop & establishment act certificate / sales tax certificate / SSI registered certificate / copy of partnership.
Quantum of Financing:
85% of ‘On-road Price’
Read : Cent Vehicle, Central Bank of India Car Loan
You can get a maximum of 84 months or 7 years for repayment of your loan.
Rate of Interest:
Its 9.65% per annum for men and 9.60% per annum for women.
Please click here for the details.
As per Bank’s extant instructions.