Net annual salary of the applicant and/or co-applicant, if any, together should atleast be ₹ 3 lakhs Check out the table below showing the eligibility criteria for SBI Car Loan. SBI has set specific eligibility criteria for salaried, self-employed and agriculturists to obtain a car loan.
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So, keep these facts in your mind while you transact to crack the best deal with the car dealer. As for used cars, an amount equivalent to 80% of the valuation amount can be funded by the bank. The on-road price is the summation of ex-showroom price along with the costs of registration, road tax, insurance and accessories, if any. SBI car loan offers a loan amount upto 90% of the on-road price in the case of new cars. How Much Loan Can You Get to Buy Your Dream 4-Wheeler? The SBI car loan is applicable on new as well as pre-owned cars, which can also be called old or used cars in the category of passenger cars, multi-utility vehicles (MUVs), sports utility vehicles (SUVs) or others. Salaried, self-employed businessmen & professionals, partnership firms or even the agriculturists can apply for SBI car loan. Used Cars: 1.25% of loan amount + GST Min INR 3750 + GST & Max: INR 10,000 + GST The attractive interest rates, longest loan tenure and flexible repayment options can only make your association with the public lender grow stronger with the days. You can enjoy your bonhomie with SBI Car Loan in the course of your loan journey by not having to pay any processing fee and foreclosure charges. But make sure the car must not be over 5 years of age so that you can get the loan to buy the particular vehicle.The rate of interest charged by the bank ranges from 7.20% - 7.90% per annum for new cars and 9.25% – 12.75% per annum for old cars. The repayment period for used cars is within 8 years from the date of original purchase of the 4-wheeler. However, the Car Loan finance is not available for cars over 3 months of age. SBI, with an extensive branch of over 22,000 and ATM network of 62,617, is just the alternative you need to get the key of your dream car, right! SBI Car Loan offers finance for the purchase of passenger cars, sports utility vehicles (SUVs) and multi-utility vehicles (MUVs) for a maximum period of seven years.
The total asset size of SBI stands at INR 37 Lakh Crore with a customer base of 45 Crore. State Bank of India (SBI), the 43rd largest bank in the world and India’s largest lender, is a renowned name in the car financing space with a share of 22%, after the recent mergers.
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