SBI provide the best car loan scheme for purchasing of Certified Pre-owned Car, not more than 5 years old. This loan would be the best choice for people who wish to test a car for a short period and then buy a brand new luxury car in the later stage.
Features of SBI Certified Pre-Owned Car Loan
- No Advance EMI
- Longest repayment tenure (7 years)
- Lower interest rates
- Lowest EMI
- LTV 85% of ‘On Road Price’ of car (includes registration, insurance and cost of accessories)
- Interest Calculated on Daily Reducing Balance
- Flexibility of payment of EMI any time during the month
- Low pre-payment penalty, only 2%
- Low processing fee (only 0.50% of loan amount)
- Free Accidental insurance
- Optional SBI Life cover
Purpose of SBI Certified Pre-Owned Car Loan Scheme
Term Loans for purchase of Certified Pre Owned car, from certified used car dealers, not more than five years old. The loan should be repaid within 7 years from the date of the original purchase of the vehicle.
Eligibility for SBI Certified Pre-Owned Car Loan Scheme
To avail an SBI Car Loan, you should be:
- Individual between the age of 21-65 years of age.
- A Permanent employee of State / Central Government, Public Sector Undertaking, Private company or a reputed establishment or a Professionals or self-employed individual who is an income tax assessee or a Person engaged in agriculture and allied activities.
- Net Annual Income Rs. 100,000/- and above.
Loan Amount of SBI Certified Pre-Owned Car Loan Scheme
Maximum Loan amount will be 2.5 times of net annual income. Spouse’s income could also be considered provided the spouse becomes a co-borrower in the loan.
Documents Required for SBI Certified Pre-Owned Car Loan Scheme
Applicant to submit the following documents along with the completed application form:
- Statement of Bank account of the borrower for last 6 months.
- 2 passport size photographs of borrower(s).
- Signature identification from bankers of borrower(s).
- A copy of passport / voters ID card / PAN card.
- Proof of residence.
- Latest salary-slip showing all deductions
- IT Returns / Form 16: 2 years for salaried employees and 3 years for professional / self-employed / businessmen duly accepted by the ITO wherever applicable to be submitted.
- Proof of official address for non-salaried individuals.
Margin for SBI Certified Pre-Owned Car Loan Scheme
15% of the on the road price (which includes vehicle registration charges, insurance, one-time road tax and accessories).
Repayment of SBI Certified Pre-Owned Car Loan Scheme
You can enjoy the longest repayment period in the industry with us as long as 84 months.
Processing Fee for SBI Certified Pre-Owned Car Loan Scheme
Only 0.50% of Loan amount to be paid up front as processing fee, with minimum: Rs. 500/- and maximum Rs. 10,000. 25% of Processing fee will be retained if application is rejected after pre-sanction survey. Please verify with bank's website for exact details.
Security for SBI Certified Pre-Owned Car Loan Scheme
As per Bank's extant instructions.
Interest for SBI Certified Pre-Owned Car Loan Scheme
Please verify with bank's website for exact details.
