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

1. No Advance EMI
2. Longest  repayment tenure (7 years)
3. Lower interest rates
4. Lowest EMI
5. LTV 85% of ‘On Road Price’ of car (includes registration, insurance and cost of accessories)
6. Interest Calculated on Daily Reducing  Balance
7. Flexibility of payment of EMI any time during the month
8. Low pre-payment penalty, only 2%
9. Low processing fee (only 0.50% of loan amount)
10. Free Accidental insurance
11. 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:

1. Individual between the age of 21-65 years of age.
2. 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.
3. 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:

1. Statement of Bank account of the borrower for last 6 months.
2. 2 passport size photographs of borrower(s).
3. Signature identification from bankers of borrower(s).
4. A copy of passport / voters ID card / PAN card.
5. Proof of residence.
6. Latest salary-slip showing all deductions
7. 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.
8. 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.