SBI Bank New Car Loan Scheme

By | June 28, 2018
(Last Updated On: June 29, 2018)

SBI NEW CAR LOAN SCHEME

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

Salient features of SBI Bank New Car Loan Scheme

  • Lowest Interest Rates & EMI;
  • Longest Repayment Tenure (7 years);
  • Financing on ‘On-Road price’:
    • On-Road price includes Registration, Insurance and Extended Warranty/ Total Service Package/ Annual Maintenance Contract/ Cost of Accessories
  • Interest calculated on Daily Reducing Balance;
  • No Pre-Payment Penalty or Foreclosure Charges;
  • No Advance EMI;
  • We also reimburse finance for the cars purchased out of your own funds at rate of interest applicable to New Car Financing:
    • Car should not be more than 3 month old
  • Optional SBI Life Insurance cover available;
  • Overdraft facility available.

Purpose of SBI Bank New Car Loan Scheme

For purchase of new passenger cars, Multi Utility Vehicles (MUVs) and SUVs.

Eligibility of SBI Bank New Car Loan Scheme

To avail an SBI Car Loan, you should be an individual aged 21 to 65 years, belonging to one of the following 3 categories:

Category
Income Criteria
Max. Loan Amount
Regular employee of State / Central Government, Public Sector Undertaking, Private Company or a reputed establishment.Net Annual Income of applicant and/or co-applicant if any, together should be a minimum of Rs. 2,50,000/-48 times of the Net Monthly Income
Professionals, self-employed, businessmen, proprietary/partnership firms who are income tax assesses.Net Profit or Gross Taxable income of Rs. 4,00,000/- 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
Person engaged in agricultural and allied activities.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 for SBI Bank New Car Loan Scheme

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

Salaried
Non-Salaried/ Professional/Businessmen
Person engaged in agricultural and allied activities.
Statement of bank account for last 6 months.Statement of bank account for last 6 months.Statement of bank account for last 6 months.
2 passport size photographs2 passport size photographs2 passport size photographs
Proof of IdentityProof of IdentityProof of Identity
Address ProofAddress ProofAddress Proof
Income Proof: Latest Salary Slip, Form 16Income Proof: ITR for last 2 yearsDirect 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.
I.T. Returns or Form 16 for the last 2 years.I.T. Returns or Form 16 for the last 2 years.Allied agricultural activity (like Dairy, Poultry, Plantation/ Horticulture)

  • Documentary proof of running of the activities to be provided.
Audited Balance sheet, P&L statement for 2 years, Shop & establishment act certificate / sales tax certificate / SSI registered certificate / copy of partnership.

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

Financing of SBI Bank New Car Loan Scheme

Net Annual Income upto Rs. 10 lac
Net Annual Income more than Rs. 10 lac
90% of ‘On-road Price’90% of ‘On-road Price’

Repayment of SBI Bank New Car Loan Scheme

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

Interest Rates of SBI Bank New Car Loan Scheme

Click here to view the interest rates

Processing Fee of SBI Bank New Car Loan Scheme

Click here to view the Processing Fee

Security of SBI Bank New Car Loan Scheme

As per Bank’s extant instructions.

Calculate EMI

Click here for EMI CALCULATOR

Apply Online and Check Eligibility Click here

SBI Bank Forms

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SBI Bank Reactivate Net Banking User Form  : Download/Print

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