Through financial leases, all the risks and rewards of ownership are transferred from the legal owners of goods (lessors) to users of the goods (lessees). Financial leases are classified as loans. Financial leases that permits consumers to acquire durables through household debt arrangements instead of conventional loan contracts.
Following are the documents to be furnished by applicant for SBI Auto loans:
SBI provides, different car loan schemes in the personal banking sector which attracts many common features. They are listed here with individual details. All are considered to be Term loans for purchase of New / Used / Certified Pre-owned passenger cars, Multi Utility Vehicles (MUVs) and SUVs. Used and Certified Pre-Owned car, MUV, SUV upto 5 years old.
A new scheme “SBI Loan to Affluent Pensioners” is formulated to match the requirements and higher repayment capacity of those with higher salaries and pensions. Eligibility, Maximum amount, security and other terms depends on whether applicant is Normal Pensioner or Family Pensioner. The salient features of “SBI Loan to Affluent Pensioners” scheme are as under:
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.
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.
SBI offers car loans for the longest tenors (84 months) and also provides finance for both new cars as well as old cars (not more than five years old). Interest for Car loans shall be on daily reducing balance, unlike the flat rate of interest or interest based on annual reducing balance method used by several other financiers. Finance includes for one-time road tax, registration fee and insurance premium also.