SBI CAR LOAN 2017

SBI Car Loan 2017 | Read everything about SBI Car loan in 2017, check your eligibility, view latest interest rates, apply online for the Sbi Auto loan

SBI Car Loan 2017

Car Loan

Cars or two wheelers are more of a requirement than a luxury nowadays. It gives you the benefit travelling at your pace and comfort.

Many people do not have cars or two wheeler mostly because of lack of capital with them. In such cases taking an auto loan can be very beneficial because you have the option to repay the money in small installments.

 

SBI Car Loan 2017

SBI is one of the most preferred banks in India for auto loans because it provides competitive interest rates, longer loan tenure and flexible repayment options.

Features of SBI Car Loan 2017:

 

  • Low processing fee: SBI charges only a minimal processing charges for your car loan. There is only a processing fee of 0.51% of the loan amount. Minimum processing fee in SBI is Rs. 1020 and maximum is Rs. 10200.

 

  • Loan on On-Road price: The loan amount that you get is up to 80% to 85% of the on-road price of the vehicle. It includes registration, insurance, extended warranty, total service package,annual maintenance contract, cost of accessories etc.

 

  • Overdraft facility: By taking a car loan from SBI, you can also enjoy the overdraft facility provided by the bank.

 

    • Additional life insurance cover: In SBI, there is also an optional life insurance cover.
    • Best EMI options: Taking car loan from SBI bank gives you the benefit of lowest EMIs without having to pay any advance EMIs. You also have the option to pay the EMIs at any time of the month.
    • Interest rate: The interest rate of a person is calculated on the basis of daily reducing balance and it is usually between 9.60% to 9.65%.

 

 

  • No prepayment penalty: There is no prepayment penalty or loan foreclosure charges.

 

 

  • Long tenure: SBI offers the longest loan tenure to suit the capability of the borrower. The borrower has the option to choose a tenure up to seven years.

 

ELIGIBILITY

You are eligible for SBI auto loan if you are:

  • Regularly working in a government or reputed private company.
  • Minimum 21 years old.
  • Maximum 65 years old at the time of loan maturity.
  • A professional, self employed individual, businessman, proprietary or partnership firm or a person engaged in agricultural and allied activities.
  • SBI bank offers different loan schemes to meet individual’s needs and the minimum income required for each loan scheme varies.

 

VARIOUS SCHEMES IN 2017

 

  • SBI New Car Loan Scheme: SBI gives you a car loan for new cars so that you can own a brand new car. This scheme also has the overdraft facility.

 

 

  • SBI Combo Loan Scheme: This loan is for those customers who want to take loan for both car and a two wheeler.

 

  • NRI Car Loan: SBI also offers car loans to Non Resident Indians.
  • SBI Pre Owned Car Loan: You can get a loan for a pre owned registered car which is not more than five years.
  • SBI Loyalty Car Loan Scheme: This loan scheme is for SBI Home Loan borrowers.
  • SBI 2 Wheeler Loan: If you are interested in buying a new 2-wheeler, this loan is perfect for you.
  • SBI Super Bike Loan Scheme: This is for those customers who want to buy a superbike (engine capacity of 500cc or more).

 

 

Comparison:

 

Scheme Minimum Income Requirement Maximum Loan Amount Repayment Tenure
SBI New Car Loan Salaried Rs. 2,50,000 48 times the net monthly income 84 months(7 years)
Self-employed Rs. 4,00,000 net profit 4 times the net profit or gross taxable income
Agriculturist Rs. 4,00,000 3 times the net annual income
SBI Combo Loan Salaried Rs. 2,50,000 48 times the net monthly income 84 months(7 years)
Self-employed Rs. 4,00,000 net profit 4 times the net profit or gross taxable income
Agriculturist Rs. 4,00,000 3 times the net annual income
SBI Pre Owned Car Loan Rs. 2,00,000 2.5 times the net annual income Maximum 5  years(8 years minus the age of the car)
SBI Loyalty Car Loan Rs. 2,00,000 84 months(7 years)
SBI 2-wheeler Loan Salaried Rs. 75,000 for regular petrol/diesel/gas operated vehicles

And

Rs. 60,000 for mopeds and battery operated vehicles

6 times the net monthly income 36 months(3 years)
Self-employed Half of net annual income
Agriculturist Depends on their activity
SBI Superbike Loan Salaried Rs. 6,00,000 60 months(5 years)
Self-employed Rs. 6,00,000 net profit
Agriculturist Rs. 6,00,000

 

DOCUMENTS REQUIRED

  • 2 passport size photographs.
  • Identity proof (Voters ID card, PAN card, Passport etc).
  • Address proof (Voters ID card, Passport, Aadhar card, latest electricity or telephone bills etc).
  • Last three months salary slips
  • Last three years Income Tax Returns or Form 16.
  • Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account

 

SBI CAR LOAN 2017 INTEREST RATES

 

Scheme Name Interest rate
For Men For Women
SBI Car Loan Scheme 9.65%(MCLR+0.75%) 9.60%(MCLR+0.70%)
SBI Combo Loan Scheme 9.65%(MCLR+0.75%) 9.60%(MCLR+0.70%)
NRI Car Loan 9.65%(MCLR+0.75%) 9.60%(MCLR+0.70%)
Certified Pre-owned car loan 13.05%(MCLR+4.15%)
SBI Loyalty Car Loan Scheme Car Loan, Combo Loan, NRI Car Loan 9.55%(MCLR+0.65%) 9.50%(MCLR+0.60%)
Certified Pre-owned Car Loan Scheme , Used Car Loan Scheme 10.85%(MCLR+1.95%) 10.80%(MCLR+1.90%)
SUPER BIKE LOAN SCHEME 12.05%(MCLR+3.15%)
Two Wheeler Loan Scheme 17.65 %(MCLR+8.75%)

SBI is the most preferred banks in India for any kind of loans you require. SBI has not only done the banking part, but has also touched the lives of many people.

 

APPLY FOR SBI CAR LOAN

 

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