Comprehensive Car loan for new vehicles:
Comprehensive Car loan for used vehicles:
Car Loan Scheme
Salient features of the scheme:
Purpose:
For the purchase of new passengers Cars, Jeeps, Multi Utility Vehicles (MUV) and SUVs.
Eligibility:
Individuals between the age group of 21 years to 65 years.
Annual Income:
Salaried class with an annual income of Rs. 2,50,000/- & above. Self employed & Professionals with an annual income of Rs.2,50,000/- & above.
Loan amount:
For salaried persons: 48 times of the Net Monthly Income
For others: 4 times of the Net Annual Income
The income of the spouse can be included for arriving at the loan amount, provided spouse joins as co-borrower.
Margin: 15%
Rate of Interest: click here for details
Security:
1) Hypothecation Charge over the car.
2) Noting of Bank’s lien with the R.T.O.
3) Third party guarantee (if there is a need)
Repayment: the loan to be repaid in 84 EMIs (Maximum)
Insurance:
Comprehensive insurance cover for the full value of the vehicle.
Service Charges:
0.20 % of the loan amount with a minimum of Rs.500/- and maximum of Rs.10,000/-
Prepayment charges: No Pre Closure / Pre Payment penalty on all car loans.
FREE ACCIDENT INSURANCE COVER (DEATH RISK ONLY)
Papers to be submitted:
- Statement of Bank account of the borrower for last 12 months.
- 2 passport size photographs of borrower/guarantor.
- Signature identification from bankers of borrower/guarantor.
- A copy of Passport /Voters ID card/PAN card.
- Proof of residence by way of tax receipts, telephone bill, electricity bill or any other document that comply with the regulatory and/or KYC requirements.
- Latest salary-slip showing all deductions and TDS Certificate-Form 16 in case of salaried persons.
- Copy of Income tax Return for the last 2 financial years duly acknowledged by the ITO for professionals, Self employed and others.
- Proof of official address for non-salaried individuals.
- Proforma invoice of the vehicle.
Salient features of the scheme:
Purpose:
For the purchase of passengers Cars, Jeeps, Multi Utility Vehicles which are not more than 5 years old.
Rates of Interest: <--click here for details
Valuation:
Certificate of fitness / valuation from a reputed garage is required.
Repayment:
The loan has to be repaid within 7 years from the date of original purchase of the vehicle.
Other conditions are as applicable to New Car Loan a/cs as above
For further details,
Please Contact your nearest Branch of State Bank of
or
Call our Toll free Number : 1800 425 2244
