SBI Car Loan: Your Best Option to Realise Your Car Dream

It is like a dream come true when you buy your own car. A car gives so many benefits. You can plan road trips, go on long drives with your friends and family. It is such an exciting feeling to drive a car on the roads. As soon as any car is launched in the market, some car aspirants try to find out every bit of information about it. In today’s time a car is not only a status symbol but also a necessity. You never know when an emergency knocks your door at midnight.

Having a car would mean you can have at least some assurance in terms of travelling. So have you planned to buy a car? Have some savings with you? If yes, then I have some news for you. State Bank of India offers a car loan to interested applicants at an affordable rate of interest. A SBI car loan can be availed by a loan borrower who meets the criteria set by the bank. The repayment tenure for the same is seven years.

SBI New car loan scheme If you are planning to buy a stylish car then you should secure this loan from SBI as soon as possible. A salaried individual, as well as a self-employed individual is eligible to apply for the same. Even an individual engaged in any kind of agricultural activity can approach the bank for a personal loan. Any applicant between the age group of 21 to 65 years can apply for this product. It can be used to buy any passenger car or a sports-utility vehicle or a multi-utility vehicle.

In case of Salaried individuals, the minimum annual income requirement is ₹ 2.5 Lakhs. For a self-employed individual and a person engaged in agricultural activity, the minimum net annual income requirement is ₹ 4 Lakhs. The applicants have the provision to add co-applicant’s income in the net annual income. The bank offers the product at an interest rate of 9.20% to 9.25%. It also charges a processing fee of 0.50% of the sanctioned loan amount plus service taxes. The maximum and minimum amount can be ₹ 9,100 and ₹ 450 respectively.

SBI Loyalty car loan scheme– This scheme is picture perfect for those who want 100% finance. If this is the case with you too, you can avail this scheme too. You should be aware of the fact that this scheme has made for the SBI Home loan borrowers. Any applicant between the age group of 21 to 65 years can apply for this product. Salaried employees of Central/State government, public sector undertakings and private companies, businessmen, self-employed individuals and people who are engaged in agricultural activities can apply for this product.

The applicant and co-applicant must have a combined net annual income of a minimum of ₹ 2 Lakhs. The tenure for the same is seven years. The rate of interest is 9.10% to 9.15% and the processing fee is 0.25% of the sanctioned loan amount along with the service taxes applicable. The maximum and minimum amount can be ₹ 4,500 and ₹ 450 respectively.

Certified Pre-owned car loan scheme– Those who are looking to buy an used or second hand car can avail this scheme. You just have to ensure that the vehicle you intend to purchase is not more than five years old. Any applicant between the age group of 21 to 65 years can apply for this product. Salaried employees of Central/State government, public sector undertakings and private companies, businessmen, self-employed individuals and people who are engaged in agricultural activities can apply for loan online product.

The applicant and co-applicant need to have a combined net annual income of a minimum of ₹ 2 Lakhs. The tenure period for the same is five years. The bank charges an interest rate of 12.65% and a processing fee of 0.50% of the loan amount plus the service taxes. The maximum and minimum amount can be ₹ 9,100 and ₹ 450 respectively.

Documents required for a SBI car loan:

The important documents to be submitted to the State Bank of India for availing a car loan have been listed below-

  • Two photographs of passport size
  • Proof of Identity- Driving License/Aadhar Card/Passport/Voter ID Card/PAN Card
  • Completely filled loan application form
  • Proof of Residence- Electricity bill/Driving License/Passport/Ration card/Voters ID card/Life Insurance policy/Telephone Bill
  • Bank account statement of the previous six months
  • Proof of Income- Salaried employee: Latest Salary slip and Form 16, Income Tax returns. For Self-employed: Audited Balance Sheet plus Profit & Loss account for the last  two financial years and Income tax returns
  • For Self-employed: SSI registered certificate/sales tax certificate/Shop & establishment act certificate/copy of partnership

So don’t hold your dreams any longer. Fulfil them with a SBI car loan.