The State Bank of India (SBI) car loan scheme caters to the customers who have already taken car loan from SBI.
The finance can be made 100% on the on-road price of vehicle being financed.
The persons in the age group of 21-65 are eligible.
The repayment period for the SBI car loan is maximum of 7 years.
Net Annual Income of applicant and/or co-applicant if any, together should be Rs.
2 lakh.SchemeInterest Rate w.e.f.
01.03.2018 (1 year MCLR: 8.15%)i) SBI Car Loan, ii) NRI Car Loan, iii) Combo Loan Scheme, iv) Assured Car Loan Scheme, v) SME Retail Car Loan Scheme (excluding Taxi, Transport Operators and fleet segments in SME)From 8.90% to 9.40%Loyalty Car Loan SchemeSBI Car Loan, NRI Car Loan and Combo Loan SchemeFor Men: 1.15% above 1 year MCLR i.e.
9.30% p.a.For Women: 1.10% above 1 year MCLR i.e.
9.25% p.a.Certified Pre-owned Car Loan SchemeMen: 2.45% above 1 year MCLR i.e.
10.60% p.a.For Women: 2.40% above 1 year MCLR i.e.
10.55% p.a.Certified Pre-owned Car Loan Scheme4.65% above 1 year MCLR i.e.
12.80% p.a.Super Bike Loan Scheme3.65% above 1 year MCLR i.e.
11.80% p.a.SBI Two-Wheeler Loan9.25% above 1 year MCLR i.e.
17.40% p.a.SBI Car Loan LiteCIBIL ScoreRate of Interestgt;=7503% above 2 Yr MCLR i.e.
11.25% p.a.From 650 to 7494% above 2 Yr MCLR i.e.
12.25% p.a.The documents required for the car loan scheme are:i) As per respective Car Loan Schemesii) The equitable mortgage of the Housing Loan will be extended to cover the Car Loan for the loan amount above Rs 5 Lacsiii) In case of car loans upto Rs 5 Lacs, a letter from the borrower authorizing the Bank to exercise lien on title deeds and to retain the title deeds till the car loan is completely discharged/repaid with interest and other charges.The eligibility of car loans is ) Regular employees of State/Central Govt., Public Sector Undertakings, corporations, private sector companies, and reputed establishments .ii) Professionals, Self-employed, Businessmen, proprietary/partnership firms and others who are income tax assesses can avail of the car loan facilityiii) Persons engaged in agriculture and allied activities can also avail the car loan.
Income Tax return is not required in case of agriculturists.