SBI Car Loan: The Best Affordable Option to Fulfil Your Car Dream

Going on a long drive in your own car is such an exuberant feeling, right? The feeling can’t even be described in words, it can only be felt. Having a car at your disposal eliminates the need to use public transport or private cabs. You no longer have to stand in the crowded metro or wait for your colleague to pick you up, when you have your own car.

So you must be saving some amount from your monthly income to buy a brand new car, right? After all, a certain amount of money has to be given to the dealer as down payment. With so many lenders in the market offering you a car loan, you are bound to get confused. Is the high interest interest rate forcing you to apply a brake on your car dreams? If yes, then you should not bother about it any longer. SBI car loan has been specially designed to meet the aspirations of people who wish to buy a car of their choice. Want to get more information about the product offered by SBI, read this article. I have given brief details about the different types of schemes offered under a SBI car loan.

SBI New car loan scheme- Are you thinking of buying a stylish new car? If your answer is in affirmative, then you need to  secure this loan as soon as possible from the bank. Anybody, whether a salaried individual or a self-employed individual or an individual engaged in any agricultural activity can avail this scheme from SBI. the age of the applicant should be between 21 to 65 years.

You can purchase a passenger car or a multi-utility vehicle or even a sports-utility vehicle with this loan product. Salaried individuals are required to earn an annual income of at least ₹ 2.5 Lakhs if they wish to secure finance from the bank. For self-employed individuals and people engaged in agricultural activity, the net annual income should be at least ₹ 4 Lakhs. The applicants can add the income of the co-applicant in their net annual income. The interest rate for the same lies in the range of 9.20% to 9.25%. The processing charged is 0.50% of the loan amount along with the applicable service taxes. This amounts to a maximum of ₹ 9,100 and a minimum amount of ₹ 450.

SBI Loyalty car loan scheme- If you want a scheme that can offer you 100% finance, then you should opt for this one. This scheme has been designed for SBI Home loan borrowers. Applicants falling in the age group of 21 to 65 years can apply for loan product. Salaried employees of regular public sector undertakings, Central/State government and private companies, self-employed individuals, businessmen and people engaged in agricultural activities are eligible to obtain loan from the bank.

Net annual income of both the applicant and co-applicant clubbed together should be at least ₹ 2 Lakhs. The repayment tenure for the same is seven years.  The bank charges an interest rate between 9.10% to 9.15% for the same. The processing fee charged is 0.25% of the loan amount sanctioned plus the services taxes applicable. It can be a maximum of ₹ 4,500 and a minimum of ₹ 450.

Certified Pre-owned car loan scheme- In case, you want to buy an old car or a second hand car, then this product has been tailor made for you. You just have to ensure that the already used car you are buying is not more than five years old. In order to be eligible for the loan, you should be an individual falling between the age group of 21 to 65 years. Salaried employees of regular public sector undertakings, Central/State government and private companies, self-employed individuals, businessmen and people engaged in agricultural activities can avail a loan from the bank. Net annual income of both the applicant and co-applicant clubbed together should be at least ₹ 2 Lakhs. The maximum tenure period for the scheme is five years. The interest rate for the same is 12.65% and the processing fee charged is 0.50% of the loan amount availed along with service taxes. It can be a maximum of ₹ 9,100 and a minimum of ₹ 450.

Documents required to avail a SBI car loan:

Completing the documentation work has to be the top priority of any interested loan applicant. Check out the required documents here-

• Proof of Identity- Driving License/Aadhar Card/Passport/Voter ID Card/PAN Card
• Proof of Residence- Electricity bill/Driving License/Passport/Ration card/Voters ID card/Life Insurance policy/Telephone Bill  
• Completely filled loan application form
• Two photographs of passport size
• Proof of Income- Salaried employee: Latest Salary slip and Form 16, Income Tax returns. For Self-employed: Audited Balance Sheet plus Profit & Loss account for the last  two financial years and Income tax returns
• Bank account statement of the previous six months
• For Self-employed: SSI registered certificate/sales tax certificate/Shop & establishment act certificate/copy of partnership

Go and secure the best deal from your nearest SBI branch.