The Scheme
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Eligibility |
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| To avail an SBI Car Loan, you should be |
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A Permanent employee of State/Central Government, Public Sector Undertaking, Private company or a reputed establishment or |
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A Professionals or self-employed individual who is an income tax assessee or |
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A Person engaged in agriculture and allied activities. |
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Salient Features
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Loan Amount : |
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There is no upper limit for the amount of a car loan. It is limited only by your repaying capacity. A maximum loan amount of 2 times the net annual income can be sanctioned. If married, your spouse's income could also be considered provided the spouse guarantees the loan.
The loan amount includes finance for one-time road tax, registration and insurance!! |
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Documents Required: |
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You would need to submit only the following documents along with the completed application form if you are an existing SBI account holder: |
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Bank statement for the last 6 months. |
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Two passport size photographs. |
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Latest salary slip and Form 16, in the case of salaried persons. |
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IT returns for the last two financial years, in the case of self employed individuals and professionals. |
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If you are not an account holder with SBI you would also need to furnish documents that establish your identity and give proof of residence. |
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Margin : |
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New vehicles : 10-15% when loan is upto Rs.4.0 lacs ; 15-20% when loan exceeds Rs.4.0 lacs
Old vehicles : 20-30% for vehicles upto 2 years old ; 30-40% for vehicles 2-4 years old
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Repayment Schedule : |
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you enjoy the longest repayment period in the industry with us.
Repayment period for new vehicles : Maximum of 84 months
Repayment period for old vehicles : Maximum 60 months for vehicles upto 2 years old ; Maximum 36 for vehicles which are 2-4 years old
You may prepay at will with no prepayment penalty whatsoever. |
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Security : |
As per bank's extant instructions. |
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