The important features of this scheme of SBI are as follows:
1. Advance EMI is not required. • The repayment tenure is the Longest one, upto 7 years.
2. The interest
3. The EMI is also lowest.
4. LTV 85% of 'On Road Price' of car (includes registration, insurance and
cost of accessories worth Rs 25000), 90% in case of Corporate Salary
Package accounts.
5. Interest is calculated on Daily Reducing Balance.
6. Payment of EMI can be made anytime during the month.
7. There is no pre-payment penalty.
8. You can avail Free Accident insurance.
9. Optional SBI Life cover.
10.You can also avail Overdraft facility.
Purpose of this SBI Car Loan Scheme.
The purpose of this scheme of SBI to facilitiate you for purchase of new passenger cars, Multi Utility Vehicles (MUVs) and SUVs.
Eligibility for this SBI Car Loan Scheme:
SBI has fixed some criteria to acertain the eligibility for availling this offer of SBI Car Loan scheme.To become eligible you are required to fulfil the following points.
1. You nust be an individual between the age of 21-65 years of age.
2.·You must be a regular employee of State / Central Government, Public Sector
Undertaking, Private company or a reputed establishment.
3.·You nust be professionals, self-employed, businessmen, proprietary/partnership firms who is an income tax assessee.
4.·You nust be a person engaged in Agricultural and allied activities.
5. Your Net Annual Income Rs. 2,50,000/- and above.
Loan Amount sanctions under this scheme:
There is no upper limit fixed by SBI for the amount of a car loan. A maximum loan amount of 48 times of Net Monthly Income or 4 times of Net Annual Income can be sanctioned. So, if your annual income is Rs.2,50,000/- say for example, then the loan amount of Rs. 2,50,000.00 X 4 =Rs. 8,00,000.00 may be sactioned by SBI.
Documents Required for this scheme:
You are required to submit the following documents along with the completed application form:
1. The applicant should submit the Statement of Bank account for last 6 months..
2. The applicant should submit 2 passport size photographs..
3. The applicant should submitSignature identification from bankers.
4. The applicant should submit a copy of passport /voters ID card/PAN card.
5. The applicant should submit proof of residence.
6. The applicant should submit latest salary-slip showing all deductions.
7. The applicant should submit I.T. Returns/Form 16: 2 years for salaried employees and 2 years for professional/self-employed/businessmen duly accepted by the ITO wherever applicable.
8. The applicant should submit proof of official address for non-salaried individuals.
Margin of this Loan:
The Margin is 15% of the on road price (which includes vehicle registration charges, insurance, one-time road tax and accessories).
Repayment of this Loan:
SBI has given a longest repayment period in the industry as long as 84 months. Reimbursement of costs of car purchased by own sourcesSBI also reimburse finance for the cars purchased out of own funds which are not more than 3 month old at rate of interest applicable to New Car.
Interest rates of this Scheme:
Interest Rate is effective since 16.01.2012 (Base Rate 10 % p.a.)
The Margin is 15% of the on road price (which includes vehicle registration charges, insurance, one-time road tax and accessories).
Repayment of this Loan:
SBI has given a longest repayment period in the industry as long as 84 months. Reimbursement of costs of car purchased by own sourcesSBI also reimburse finance for the cars purchased out of own funds which are not more than 3 month old at rate of interest applicable to New Car.
Interest rates of this Scheme:
Interest Rate is effective since 16.01.2012 (Base Rate 10 % p.a.)
The Rate of Interest for different Schemes of Car Loans are as follows:
SBI CAR LOAN SCHEME:
Interest Rate-Applicable to-All New Car Loans to Public:
At present the following Interest rates are applicable:
For Term Loan: 2.00% above Base Rate, i.e. 12.00% p.a.
For Overdraft: OD will attract 0.50% more than the existing rate for Term loans.
Interest Rate-Applicable to-All New Car Loans to Public:
At present the following Interest rates are applicable:
For Term Loan: 2.00% above Base Rate, i.e. 12.00% p.a.
For Overdraft: OD will attract 0.50% more than the existing rate for Term loans.
NRI Car Loan:
Tenure-For all tenures.
Rate of Interest: 2.00% above Base Rate i.e. 12.00% p.a.
Two- Wheeler Loan:
Tenure-Up to 3 years.
Rate of Interest: 8.25% above Base Rate i.e. 18.25% p.a.
Used Vehicles:
Tenure-Up to 3 years. Rate of Interest: 7.25% above Base Rate i.e. 17.25% p.a.
Tenure-Above 3 years.Rate of Interest: 7.50% above Base Rate i.e. 17.50% p.a.
Certified Pre-owned Car Loan scheme:
Certified Pre-owned Car Loan scheme:
Tenure-Up to 3 years. Rate of Interest: 6.00% above Base Rate i.e. 16.00% p.a.
Tenure-Above 3 yrs. Rate of Interest: 6.50% above Base Rate i.e. 16.50% p.a
NOTE: AS PER SBI, ALL INTEREST RATES ARE SUBJECT TO CHANGE, WITHOUT NOTICE
Processing Fee for this Car Loan Scheme:
0.5% of loan amount
Security for this Car Loan Scheme:
As per Bank's extant instructions as laid down by SBI.
0.5% of loan amount
Security for this Car Loan Scheme:
As per Bank's extant instructions as laid down by SBI.
The lender imposes a bit colossal interest rare on lending the short term loans major amount because the amount is electronically and immediately transferred into the six months old valid bank account of the borrowers within the next business day or before than that.arizona car loan title
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