With SBI Car Loan Bring Home a Stylish Car

Looking to buy a car of your dreams, but don’t have enough savings for that? Well, nothing to worry as your dream of buying a stylish car can easily be fulfilled with SBI Car Loan. Yes, State Bank of India (SBI) one of the leading car finance company in India with over 15,000 branches in the country is a name you can trust when it comes to availing a car loan. To know more about this product, read this article below.

The bank offers loan to both salaried as well as self-employed to purchase passenger cars, sports utility vehicles (SUVs) and multi-utility vehicles (MUVs) for a maximum tenure of 7 years. However, if you want to buy a used car on loan, make sure the 4-wheeler should not be more than 5 years of age. The maximum repayment tenure of the second-hand vehicle is up to 5 years.

Apply SBI Car Loan

The bank offers you loan at an interest rate ranging between 9.60%-9.65% p.a. for new car and 13.05%p.a. for a used car. Moreover, the biggest USP of the bank is the fact that it gives the finance with no prepayment fee, unlike other lenders that charge a certain amount on the same. This is the reason that SBI holds a strong position in the car loan market, grabbing the attention of many borrowers.

To avail the loan, take a look at the below eligibility criteria:

As already mentioned above both salaried and self-employed can avail a loan  from the bank, if they meet the eligibility norms.

Salaried:

  • The age of the applicant should be 21-65 years.
  • The minimum annual income of the applicant and co-applicant, if any should be Rs.3 Lakh.
  • A salaried individual can avail a maximum loan of up to 48 times of his/her net monthly income.

Self-employed:

  • The age of the applicant should be 21-65 years.
  • The net profit/gross taxable income of the applicant should be Rs.4 Lakh per annum.
  • A self-employed can avail a maximum loan of up to 4 times net profit or gross taxable income as per ITR.

Now, the next thing you should be aware is the documentation, which is equally important to avail the loan. So, let’s take a look below at the documents of salaried and self-employed.

Salaried Professional:

  • Age Proof, Identity Proof, Income Proof, Address Proof, Signature Verification Proof, etc.

Self-employed:

  • Age Proof, Identity Proof, Income Proof, Address Proof, Signature Verification Proof, etc.

However, after knowing the eligibility and documentation, it is also crucial for you to know about SBI Loyalty Car Loan Scheme that comes with plenty of benefits and features. But, before you avail it, you need to meet the eligibility norms of the same and should be aware of its details. The interest rate offered to you under this scheme ranges between 9.50%-9.55% p.a. up to a maximum repayment period of 7 years with No processing fee & prepayment penalty. The minimum income of the applicant/co-applicant should be Rs.2 Lakh per annum and should be aged between 21-65 years.

Further more, it would not be fair, if SBI Car Loan EMI Calculator be missed from here. This smart device is very helpful in knowing the EMIs of your loan. It lets you know the exact amount of your EMIs that you will pay in order to repay the loan. By feeding few details such as loan amount, tenure, and interest rate, this tool gives you the results instantly. Moreover, if you want to grab any further information about SBI Car Loan, you can also get in touch with SBI Car Loan Customer Care executives on a toll- free number, i.e. 1800 425 3800.

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