Loan amount eligible is derived on the basis of the Applicant's income (no ceiling)
The maximum loan amount is 18 times the Net Monthly Income (NMI) or 1.5 times Net Annual Income (NAI) of the applicant
In no case, the EMI (Equated Monthly Installment) / NMI (Net Monthly Income) percentage should not exceed as per the table given below :
Net Annual Income - Up to Rs.10 Lacs
EMI / NMI should not exceed - 50%
Net Annual Income - Above Rs. 10 Lacs
EMI / NMI should not exceed - 60%
Margin : 15% of the on - road price of the car, which includes taxes, insurance, accessories and extended warranty total maintenance Package etc. The maximum cost of accessories, extended warranty and total maintenance package should not exceed 5% of the ex-showroom cost of the vehicle or Rs. 50,000/- whichever is lower.
Processing Fee : Please click here (as applicable for SBI Car Loan Scheme)
Interest Rates : Please click here (as applicable for SBI Car Loan Scheme).
Security : Hypothecation of vehicle and recording of vehicle hypothecation charges in the books of the Regional Transport Office (RTO)
Repayment : Funds for repayment may be:
Remittances from abroad through normal banking channels
Out of funds from NRE / FCNR (B) / NRO accounts of the applicant
Remittances out of local funds by close relatives of NRIs
Loan must be repaid within 7 years (maximum) from date of purchase of the car
Prepayment Penalty Zero prepayment penalty, if loan is repaid before maturity
Eligibility
NRI will be an Applicant (Borrower), with a Resident Indian as a Guarantor
Both Applicant & Guarantor, should be of an age between 21 - 65 years
Loan must be repaid before the applicant reaches the age of 65
NRI applicant (borrower) should fulfill the following conditions
Possess a valid Indian passport
Maintains a steady source of income
Employed abroad for at least two years
Hold a valid job contract / work permit
Maintains an NRI account with SBI for at least twelve months with minimum average balance of Rs. 50,000/- or opens a new account with USD 5000/- or its equivalent as the initial deposit OR Maintain an NRI account with other Banks for last 24 months with a minimum balance/fixed deposits of Rs.50,000/-
Have a minimum Net Monthly Income of USD 1000/- or a minimum Net Annual Income of USD 12000/- (equivalent amount in other currencies)
“In case of other Bank customer, the borrower has to open NRI account with SBI for repayment of EMIs
Guarantor (resident Indian) should fulfill the following conditions
Guarantor, a Resident Indian, should be a relative to the NRI and should fulfill any one of the following relationships with the NRI, to stand guarantee for the loan:
Spouse
Father
Mother (including step-mother)
Son (including step-son)
Son's Wife
Daughter (including step-daughter)
Daughter's Husband
Brother's wife
Sister (including step-sister)
Sister's husband
Sister (including step-sister) of the spouse
Brother (including step-brother) of the spouse
Guarantor can be
Individual
Agriculturist
Professional
Self-employed person
Business man
Student
Parent of an NRI, receiving pension or inward remittance at regular intervals
Guarantor must have an SBI Savings bank account (only when there is an income source)No minimum income criteria for Guarantor
General
Car Loan application form
Hypothecation Agreement
Guarantee Agreement
Arrangement Letter
Power of Attorney (if required by the applicant).
Declaration Form
From Applicant (NRI Borrower)
3 passport size photos
Passport copy with page containing visa stamping
Copy of valid work permit
Employment contract copy (If the contract is in any other language, then an English translation duly attested by employer / consulate / embassy / SBI foreign office)
Latest salary certificate in original or proof of income in case of self employed / professionals e.g. IT Return (of the residing country of NRI) / Tax Residency Certificate
Copy of identity card issued by the employer
Proof of residence (driving license / utility bills etc.)
Copy of Continuous Discharge Certificate if guarantor is employed in merchant navy
Power of Attorney, if required, in Bank's standard format duly stamped and notarized / attested by Indian Embassy / Consulate
Tri-merge / any other credit reports as applicable. Score of less than 620 for Tri-merge is not eligible. If the country of residence does not have a credit score system for individuals, the bank will rely on the income level and the statement of assets & liabilities furnished by the NRI
From Guarantor (Resident Indian)
2 passport size photographs
Signature identification from banker
A copy of passport / voters ID card / PAN card
Proof of residence
Click here to download the NRI Car Loan Applicaiton Form.
Click here to download Power of Attorney for NRI Car Loan.
