The Followings are the most important TERMS AND CONDITIONS (MITC) related to SBI CAR LOAN SCHEME:
a). SBI Car Loan
b). SBI NRI Car Loan
c). SBI Used Car Loan
d).SBI Certified Preapproved Car Loan
e). SBI Two-wheeler loan
Purpose for which Auto loan can be availed:
The loan will be sanctioned for the purpose to purchase of new Cars/used cars, Multi Utility Vehicles (MUVs) & Semi Utility Vehicles (SUVs).
Loan tenure:
Maximum 84 months for all category of loans in this scheme.
Loan to Value Ratio (LTV):
Maximum allowable LTV ratio is 85% of "on road price" of the automobile. 15% margin has to be borne by the borrower.
Rate of Interest:
Fixed Rate of Interest:- Interest on the loan will be charged at the predominating fixed rate of interest on every day reducing balance at every month rests, subject to rate of interest reset at the finish of every years on the basis of fixed rates of interest prevailing then. SBI may at its free will specify the periodicity of computation of interest. Further, SBI may at its sole discretion adjust the rate of interest suitably & prospectively in the event of major volatility in rates of interest in the work of the period of the agreement. SBI shall be the sole judge to decide whether such condition exists or not. If the Borrower is not agreeable to the revised rate of interest so fixed, the Borrower can request SBI, within 15 days of receipt of the notice intimating alter in rates of interest from SBI, to terminate the loan & the Borrower shall repay the Loan & any other amount due to SBI in full & final settlement in accordance with the provisions of the Agreement relating to pre-closure.
Floating Rate of Interest: - Interest on the loan will be charged at prevailing floating rate of interest on a every day reducing balance at every month rest. The rate of interest is subject to revision from time to time due to (i) changes in Base Rate or (ii) revision even without modify in Base Rate the Bank has the choice to reduce or increase the EMI or extend the repayment period or both consequent on revision in rate of interest.
Calculation of Interest:- Interest on the amount of the will be applied at the prevailing rate per annum on every day reducing balance with every month rests. Penal interest:- Penal interest won't be charged for loans upto Rs.25,000/-. For Loans above Rs.25000/- , if the irregularity exceeds EMI or Installment amount, for a period of month , then penal interest would be charged @2% p.a.(over and above the applicable rate of interest) on the overdue amount for the period of default.
Bounced cheque/ECS or SI dishonours:-
A penalty of Rs 250/- will be charged for every bounced cheque/ECS or SI dishonors. The rate may vary from time to time.
Intimation of modify in Base Rate:-
The borrower shall be deemed to have notice of changes in the rate of interest whenever there's changes in Base Rate or increase in rates of interest where there is no modify in Base Rate are either displayed on the Notice Board of the Branch or published in news papers or made through entries of the rate of interestcharged in the passbook/statement of account furnished to the borrower and the borrower is liable to pay such revised rate of interest.
Repayment:
For the loan disbursed on or before 15th of the month, the repayment to be started on 10th of the following month. For the loan disbursed on or after 16th of the month, the repayment to be started on 20th of the following month. Six PDCs covering the loan amount to be given. Wherever ECS is obtainable, the Bank may use the service for paperless debit of installments. Pre-Payment penalty:- Pre-payment penalty is waived.
Security:
a) Borrower undertakes to get hypothecation to the Bank marked in Registration book of the vehicle immediately after purchase of the vehicle. c) Bank will confirm the original RC book for noting down the charges in favour of the Bank.
Insurance:
The vehicle bought is to be kept comprehensively insured for the market value or at least 10% above the loan amount outstanding, whichever is higher, and the Bankâ??s interest as a hypothecatee ought to be noted in the Certificate of insurance and Insurance owner. The borrower must make definite that renewal of insurance is done on the due dates and make definite a duplicate reaches the Bank for its record. Failing which the insurance will be taken at the Banksâ?? finish by debit to the loan account of the borrower. Inspection: For Standard Asset accounts periodical inspections are waived after the preliminary inspection. However, if there is a default of two every month installments, inspection would be necessary. In case of NPA accounts inspections ought to be made two times a year.
SBI - Auto Loan:
The inspection charges are to be recovered every time an inspection is carried out as per the laid down instructions. The inspection fee of Rs. 350/- will be recovered by the inspecting branch by raising a debit on the financing branch and credit it to its commission account.
Fees and charges:
one. Processing fee:
a) For Automobile Loans:-
Processing fee is to be recovered on the loan amount upfront as under:
i) When loans are sanctioned: 0.50% of the loan amount subject to Maximum of Rs. 500/- and maximum of Rs. 10000/-.
ii) When loans are rejected: 25% of the â??Processing Feeâ?? will be retained if the application is rejected after pre-sanction survey subject to Maximum of Rs. 500/- and maximum of Rs. 2500/-.
b) For Two-wheeler Loans:-
When loans are sanctioned:
1). 20% of the loan amount subject to Maximum of Rs. 250/- and maximum of Rs. 500/-.
2). State Bank of India retains the right to fine-tune any charges or fees from time to time or to introduce any new charges or fees, as it may deem appropriate, with due intimation to customer.
Disbursement:
The loan will be disbursed only on the following conditions:
1. Loan Amount will be credited to the account of supplier/dealer by way of RTGS/NEFT facility. 2. All necessary statutory compliances are in place. The Bank reserves the right to collect any tax if levied by the State/Central Government and/or other Authorities in respect of this transaction. KYC: All loans will be sanctioned after completion of KYC verification.
CIBIL Disclosure:
The Borrower(s) hereby agree & give consent for disclosure by the Bank all or any
(a) knowledge & knowledge relating to the Borrower(s)
(b) knowledge or knowledge relating to any credit facility availed or/to be availed by the Borrower(s)& default, if any, committed by the Borrower(s) in discharge of his/their such obligation as the Bank may deem appropriate & necessary, to disclose & furnish to Credit Knowledge Bureau (India) Ltd. (CIBIL), & any other agency authorized in this behalf by RBI Default: In case of default i.e. if the amount due is not paid by due date, the customer will be sent reminders from time to time for payment of any outstanding on his loan account, by post, fax, phone, electronic mail, SMS messaging and/or through third parties appointed for collection purpose to remind, follow-up & collect dues.
Customer Service:
For any service related issue, customer can get in contact with SBI by:
1. Calling Customer helpline numbers ?
2.Contact Customer Grievance cell at our Local Head Offices ?
3.Write to Grievance cell at our Local Head Offices (Details on helpline numbers & Grievance cell obtainable on www.sbi.co.in)
In case a customer is not satisfied with the handling of Grievance by the Local Head Office, a communication may be sent (enclosing the message sent earlier to the Local Head Office) to
the - Deputy General manager ( Customer Service),
Customer Service Dept,
State Bank of India,
State Bank Bhawan,
4th floor, Madam Cama Road,
Mumbai-400021,
Phone Number. (022) 22029456, 22029451,22740432,22740431,22740433 Fax No. (022) 22742431.
e-mail address: dgm.customer@sbi.co.in
Disclosure:
State Bank of India is allowed to disclose from time to time any knowledge relating to the loan to any credit bureau (Existing or Future) approved by Government of India & Reserve Bank of India without any notice to the borrower. State Bank of India is also authorized to make inquiries with the Credit Knowledge Bureau of India (CIBIL) & get the candidates Credit Knowledge Document.
