SBI New Car Loan Scheme | SBI Car Loan | Features & Eligibility

SBI New Car Loan Scheme | SBI Car Loan | Features & Eligibility

State Bank of India (SBI), the country’s biggest public sector bank and largest lender offers a wide range of community banking and financial solutions to different segments of customers whether small or large. State bank of India (SBI) finances your new car at attractive interest rates, minimal paperwork, lowest EMI payment options and quick disbursement of loan. SBI new car loan scheme is recognized to be the best car loan scheme and offered for purchase of new passenger cars, multi utility vehicles (MUVs) and SUVs. In this post, let us learn about the features, eligibility and documentation requirements for SBI new car loan scheme.

SBI New Car Loan Scheme – Features & Benefits

Following are the features and benefits of SBI new car loan scheme

1. Interest rates for SBI new car loan scheme are attractive and also lowest.

2. State Bank of India offers lowest EMI payment options.

3. SBI offers the longest car loan repayment tenure of 7 years.

4. SBI finances car loan 85% of On-Road price. On-Road price includes registration, insurance, cost of accessories, extended warranty, total service package, and AMC (Annual Maintenance Contract).

5. SBI offers no foreclosure charges or no pre-payment penalty.

6. There is no advance EMIs.

7. The interest is calculated on daily reducing balance.

8. SBI also reimburses finance for the cars purchased out of your own funds at rate of interest applicable to new car financing. Such car should not be more than three month old.

9. Optional SBI life Insurance cover available along with SBI new car loan scheme.

10. An overdraft facility is available at SBI for borrowers.

SBI New Car Loan Scheme – Eligibility

To be eligible for SBI new car loan scheme, you should be in the age bracket of 21 to 65 years, belonging to one of the following 3 categories.

SBI New Car Loan Scheme – Documents Required

You have to submit SBI new car loan scheme application form along with the following documents.

1. Salaried

a) Statement of bank account for last 6 months.

b) 2 passport size photographs

c) Proof of Identity

d) Address proof

e) Income proof: Latest salary slip or Form 16

f) Income tax returns or Form 16 for the last 2 years.

2. Non-Salaried/ Professional/Businessmen

a) Statement of bank account for last 6 months.

b) 2 passport size photographs

c) Proof of Identity

d) Address proof

e) Income Proof: Income tax returns for last 2 years.

f) Income tax returns or Form 16 for the last 2 years.

g) Audited balance sheet, P&L statement for 2 years, Shop & establishment act certificate / sales tax certificate / SSI registered certificate / copy of partnership.

3. Person engaged in agricultural and allied activities

a) Statement of bank account for last 6 months.

b) 2 passport size photographs

c) Proof of Identity

d) Address proof

e) Direct agricultural activity (crop cultivation): Khasra/Chitta Adangal (showing cropping pattern) Patta/Khatoni (showing land holding) with photograph. Land ownership proof to be in the name of borrower and it should be on free hold basis.  

f) Allied agricultural activities like dairy, poultry, plantation and horticulture. Documentary proof of running of the activities to be provided.

Proof of Identity

Copy of Passport, PAN card, Voters Id card, Driving License etc. (Any one)

Address Proof

Copy of Ration card, Voters Id card, Passport, Driving License, Electricity bill, Telephone bill and Life Insurance policy. (Any one)

SBI New Car Loan Scheme – Interest Rates & Processing Fees

You can check Interest Rates & Processing Fees for SBI new car loan scheme by clicking on the link given below
Click here to view the interest rates
Click here to view the Processing Fee

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SBI New Car Loan Scheme | SBI Car Loan | Features & Eligibility