SBI New Car Loan Scheme

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SBI New Car Loan Scheme
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SBI offers you the best deal for financing your new car. Lowest interest rates, lowest EMI, minimal paperwork and quick disbursement.

Salient Features

  • Lowest Interest Rates & EMI;
  • Longest Repayment Tenure (7 years);
  • Financing on ‘On-Road price':
  • On-Road price includes Registration & Insurance.
  • Interest calculated on Daily Reducing Balance;
  • For purchase of new passenger cars, Multi Utility Vehicles (MUVs) and SUVs.
  • No prepayment charges
  • No foreclosure charges after 1 year

Flexi pay option in car loan

Bank has exclusive Flexi pay option for its customer. Under Flexi pay option, borrowers can choose either of the below 2 options

  • First 6 months EMI to be 50% of Regular EMI applicable, provided, the tenure of loan is minimum 36 months.
  • First 6 months EMI to be 50% of Regular EMI applicable & next 6 months 75% of Regular EMI applicable, provided, the tenure of loan is minimum 60 months.
  • Dial 1800-11-2211 for more information/ applying through Contact Centre
  • Give a Missed Call on 7208933142 or SMS “CAR” on 7208933145 to get a call back from our Contact Centre

Eligibility

  • To avail an SBI Car Loan, you should be an individual aged 21 to 70 years, belonging to one of the following 3 categories:
Category Income Criteria Max. Loan Amount
Regular employees of Central Public Sector Enterprises (Maharatnas/ Navratnas/ Miniratnas).   Defence Salary package (DSP), Para Military salary package (PMSP) & Indian Coastal Guard Package (IGSP) Customers and Short Commissioned Officers of various Defence establishments.  Net Annual Income of applicant and/or co-applicant if any, together should be a minimum of Rs. 3,00,000/-. 48 times of the Net Monthly Income.
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).		 4 times Net Profit or Gross Taxable income as per ITR after adding back depreciation and repayment of all existing loans.
Persons engaged in agriculture and allied activities. Income Tax return is not required in case of agriculturists. Net Annual income of applicant and/or co applicant together should be a minimum of Rs. 4, 00,000/-. 3 times of Net Annual Income.

Documents Required

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

Salaried

  • Statement of bank account for last 6 months.
  • 2 passport size photographs
  • Proof of Identity
  • Address Proof
  • Income Proof: Latest Salary Slip, Form 16
  • I.T. Returns or Form 16 for the last 2 years.
  • Proof of Identity : - (Copy of any one) Passport/ PAN Card/ Voters ID card/ Driving License etc. Address Proof :- (Copy of any one) Ration card/Driving License/Voters ID card/Passport /Telephone Bill/ Electricity bill/Life Insurance policy

Form 16/ITR is waived for our Salary Package customers who are maintaining their salary account with the Bank for minimum 12 months.

Statement of Bank Account (For six months) is waived   for our Salary Package customers who are maintaining Salary account with us.

Non-Salaried/ Professional/Businessmen

  • Statement of bank account for last 6 months.
  • 2 passport size photographs
  • Proof of Identity
  • Address Proof
  • Income Proof: ITR for last 2 years
  • I.T. Returns or Form 16 for the last 2 years.
  • Audited Balance sheet, P&L statement for 2 years, Shop & establishment act certificate / sales tax certificate / SSI registered certificate / copy of partnership.

Person engaged in agricultural and allied activities.

  • Statement of bank account for last 6 months.
  • 2 passport size photographs
  • Proof of Identity
  • Address Proof
  • Direct agricultural activity (crop cultivation):
    Khasra/Chitta Adangal (showing cropping pattern) Patta/Khatoni (showing land holding) with photograph. All land should be on free hold basis and ownership proof to be in the name of borrower.
  • Allied agricultural activity (like Dairy, Poultry, Plantation/ Horticulture)
    Documentary proof of running of the activities to be provided.

  • Proof of Identity : - (Copy of any one) Passport/ PAN Card/ Voters ID card/ Driving License etc. Address Proof :- (Copy of any one) Ration card/Driving License/Voters ID card/Passport /Telephone Bill/ Electricity bill/Life Insurance policy
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Last Updated On : Thursday, 20-04-2023

Interest Rates

8.65% p.a.

 

*T&C Apply.

 

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