SBI provides the best car loan scheme for you to take a loan for purchase of used car, not more than 5 years old. Featuring no Advance EMI, longest repayment tenure (7 years), lower interest rates, lower EMI, LTV 85% of ‘On Road Price’ of car (includes registration, insurance and cost of accessories worth Rs 25000), interest Calculated on Daily Reducing Balance, Flexibility of payment of EMI any time during the month, low pre-payment penalty ie. only 2%, low processing fee (only 0.50% of loan amount), free Accidental insurance, optional SBI Life cover.
Purpose of Used Car Loan Scheme
You can take finance for purchase of passenger cars, Multi Utility Vehicles (MUVs) and SUVs not more than five years old.
Eligibility for Used 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.
Maximum Loan Amount for Used 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 Availing SBI Used Car Loan Scheme
You would need to submit the following documents along with the completed application form:
- Statement of Bank account of the borrower for last 12 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 or salary certificate showing all deductions
- I.T. 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 Used Car Loan Scheme
15% of the on the road price (which includes vehicle registration charges, insurance, one-time road tax and accessories).
Repayment of Used Car Loan Scheme
You can enjoy the longest repayment period in the industry with SBI as long as 84 months.
Interest of Used Car Loan Scheme
See SBI website for latest interest rate.
Processing Fee for Used 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 visit SBI website for current rate.
Security for Used Car Loan Scheme
As per Bank's extant instructions.