CAR LOAN SCHEME FOR USED CAR

SBI provide the best car loan scheme for you to take a loan for purchase of used car, not more than 5 years old.

SBI offers you:
  • No Advance EMI;

  • Longest repayment tenure (7 years);

  • Lowest interest rates ;

  • Lowest EMI;

  • LTV 85% of On Road Price of car (includes registration, insurance and cost of accessories worth Rs 25000),

  • Interest Calculated on Daily Reducing Balance;

  • Flexibility of payment of EMI anytime during the month;

  • Low pre-payment penalty, only 2%;

  • Low processing fee (only 0.51% of loan amount);

  • Optional SBI Life cover;

The Scheme
Purpose

You can take finance for purchase of passenger cars, Multi Utility Vehicles (MUVs) and SUVs not more than five years old.

Eligibility

To avail an SBI Car Loan, 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 Professionals or self-employed individual who is an income tax assessee or

  • Person engaged in Agricultural and allied activities.

Salaried:

a) a) Net Annual Income of applicant and/or co-applicant if any, together should be Rs. 3,00,000/-

b) Self employed, professionals and Proprietary / Partnership Firms:

Net Profit or Gross Taxable income of Rs. 4,00,000/- p.a. ( income of co-applicant can be clubbed together)

c) Agriculturist:

Net Annual income of applicant and/or co applicant together to be Rs. 4,00,000/-

Salient Features
Loan Amount

Maximum Loan amount will be 2.5 times of net annual income. Spouses income could also be considered provided the spouse becomes a co-borrower in the loan.

Documents Required

You would need to submit the following documents along with the completed application form:

  • Statement of Bank account of the borrower for last 6 months.

  • 2 passport size photographs of borrower(s).

  • Signature identification from bankers of borrower(s).

  • 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

Margin

15% of the on the road price (which includes vehicle registration charges, insurance, one-time road tax and accessories).

Repayment

You can enjoy the longest repayment period in the industry with us as long as 84 months.

Interest

Click here to view the interest rates

Processing Fee

Click here to view the Processing Fee

Security

As per Bank's extant instructions.