CERTIFIED PRE-OWNED CAR LOAN

SBI provide the best car loan scheme for you to take a loan for purchase of Certified Pre-owned Car, not more than 5 years old.

SBI offers you:
  • No Advance EMI;

  • Longest repayment tenure (5 years);

  • Lowest interest rates ;

  • Lowest EMI;

  • Interest Calculated on Daily Reducing Balance;

  • Flexibility of payment of EMI anytime during the month;

  • Low processing fee (only 1% of loan amount);

  • Optional SBI Life cover;

The Scheme
Purpose

Term Loans for purchase of Certified Pre Owned car, from certified used car dealers, not more than five years old. The loan should be repaid within 8 years from the date of the original purchase of the vehicle.

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.

Minimum Annual Income:

Net Annual Income of applicant and/or co-applicant if any, together should be Rs. 2,00,000/-

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

20% of Invoice or IDV (Insured’s Declared Value) whichever is lower.

Repayment

8 years minus the age of the vehicle subject to a maximum tenure of 5 years.

Interest

Click here to view the interest rates

Processing Fee

Click here to view the Processing Fee

Security

As per Bank's extant instructions.