Owning your dream car makes it easier for you to travel round the places. It is easy to navigate the whole city in less time. Now you no longer have to depend on the vagaries of public transport but owning one which makes the journey comfortable for you and your family.
You can easily plan your weekend getaways or long distance drives throughout miles with your very own car. But among scores of lenders in the marketplace, how to spot the one lender who can do reliable justice with your dreams?
Go for SBI Car loans, the loan offered by State Bank of India which is an oldest and trustworthy among millions of Indians within a blink of an eye. This reputed bank offers you varsity of loans enclosed in the scheme name as under:
- SBI New Car Loan scheme
- SBI Combo Loan scheme
- Certified pre-owned car loan
- SBI Loyalty car loan scheme
Look for the convenient interest rate which SBI offers that can suit your affordability on a longer term so that you cannot miss out any moment of your long-driven journey with your dream car.
SBI Car Loan Interest Rate 2017
The following are the interest rates applicable on SBI Car loan for both men and women borrowers:
- SBI Car Loan Scheme: The interest rate for men applicants is 9.25% p.a. as compared to women applicants i.e. 9.20% p.a.
- SBI Combo Loan Scheme: The interest rate for men applicants is 9.25% p.a. as compared to women applicants i.e. 9.20% p.a.
- For NRI Car loan: The interest rate for men applicants is 9.25% p.a as against 9.20% p.a. for women applicants.
- For Certified Pre-owned car loan: The interest rate for men applicants is 4.65% p.a. above 1 year as against 12.65 % p.a. for women borrowers.
- For SBI Loyalty Car Loan Scheme: The interest rate for men applicant is 9.15% p.a. as against 9.10% p.a. available for women applicant. The interest rates for both men and women are enclosed under car loan, combo loan and NRI car loan segment. On the other hand, the interest rate for both men applicant is 10.45% p.a. as against 10.40% p.a. for women applicant.
- SBI Assured Car Loan Scheme: The interest rate for men applicant is 9.25% p.a. as against 9.20% p.a. for women applicant.
SBI Car Loan Eligibility
The applicants required to meet the requisite eligibility criteria for availing car loans:
- The loan applicant should be between the age of 21 to 65 years at the time of securing car loans.
- The salaried applicants need to possess a minimum net income of atleast ₹ 2.50 lakhs p.a. The income of closest blood relations like the parents, spouse or siblings can be considered for arriving at a figure of ₹ 2.50 lakhs.
- The net profit or gross taxable income of self-employed, professionals and business owners should possess a minimum net worth of ₹ 4 lakhs p.a. for the loan approval. In case of co-borrowers. The income of both is annexed in order to check the eligibility criteria.
- The minimum income of agriculturist applicant is required to possess a minimum income of ₹ 4 lakhs p.a. The applicant can use SBI car loan calculator to evaluate the eligibility criteria.
SBI Car Loan Calculator
SBI Car loan Calculator is an online arithmetic calculator for ascertaining your EMI value. Input the details such as loan amount, interest rate, and tenure in order to determine your EMI amount. SBI Car loan Calculator offers you an estimate on how much monthly installments you will expend at an optimal rate of interest at a specified tenure.
For example : Ravi has applied for a 7-year car loan of ₹ 20 lakhs for buying Maruti Baleno with an interest rate, 9.25% per annum subject to his eligibility criteria. The expected EMI will be ₹32,432, while interest outgo and overall repayments are expected to be ₹7,24,329 and ₹27,24,329 .
SBI Car loan Documents
The salaried, self-employed businessmen and agriculturists are required to provide the following documentary proof as herewith:
- Statement of bank account for last 6 months
- Two passport size photographs
- Proof of identity: (Copy of any one) Passport/ PAN Card/ Voters ID card/ Driving License etc. 4. Address Proof :- (Copy of any one) Ration card/Driving License/Voters ID card/Passport /Telephone Bill/ Electricity bill/Life Insurance policy.
- Income proof : latest salary slip, form 16 for salaried employees; ITR for last 2 years for self-employed businessmen and direct agricultural activity (crop cultivation) evidence required for Khasra/Citta Adangal(showing crop pattern), Patta/Khatoni(showing land holding) with a photograph. All land should be on free-hold basis and ownership proof is required in the name of the borrower.
- Agriculturists need to provide documentary proof of running the activities like allied agricultural activity (such as Dairy, Poultry, Plantation/Horticulture)
- Self-employed businessmen are required to produce documents such as audited balance sheet, P&L statement for 2 years, shop & establishment act certificate / sales tax certificate / SSI registered certificate / copy of partnership.