STATE BANK OF INDIA AUTO LOAN: SBI CAR, Two wheeler Interest Rate Fees & Documents List
SBI Provides auto loan for purchase of new passenger cars, Multi Utility Vehicles (MUVs) and SUVs. SBI also provides the auto loan for purchase of old/used/second-hand cars. SBI has given special discount of .05% on auto loan rates for Women’s. SBI provides special auto scheme for SBI Nano Youth Car Loan Scheme
To avail an SBI Car Loan, Applicant must be an individual aged 21 to 65 years, belonging to one of the following 3 categories:
- Salaried Individual: Net Annual Income of applicant should be a minimum of Rs. 3,00,000/- and Maximum Loan of 48 times Monthly Income
- Professionals, self-employed, businessmen: Minimum Net Profit or Gross Taxable income of Rs. 4,00,000/- p.a and Maximum Loan of 4 times Annual Income
- Person engaged in agricultural and allied activities: Minimum Net Profit or Gross Taxable income of Rs. 4,00,000/- p.a and Maximum Loan of 3 times Annual Income
Documents required for Different Categories of Applicant
- Salaried Individual: Proof of Identity, Address Proof, Latest Salary Slip, PAN Card Copy, Form 16, I.T. Returns or Form 16 for the last 2 years, Bank Statement of Last 6 months and 2 photograph
- Professionals, self-employed, businessmen: Proof of Identity, Address Proof, PAN Card Copy, I.T. Returns for the last 2 years, Bank Statement of Last 6 months, 2 photograph and Audited Balance sheet, P&L statement for 2 years, Shop & establishment act certificate / sales tax certificate / SSI registered certificate / copy of partnership.
- Person engaged in agricultural and allied activities: Proof of Identity, Address Proof, Bank Statement of Last 6 months, 2 photograph and Direct agricultural activity (crop cultivation): Khasra/Chitta Adangal (showing cropping pattern) Patta/Khatoni (showing land holding) with photograph.All land should be on free hold basis and ownership proof to be in the name of borrower, Allied agricultural activity (like Dairy, Poultry, Plantation/ Horticulture) Documentary proof of running of the activities to be provided.
Maximum Financing or Loan Amount: If Net Income of Applicants is less than Rs 10 Lakhs 85% of ‘On-road Price’. If Net Annual Income more than Rs. 10 lac 85% of “ex-showroom price” or 80% of “On-road price”, to be decided by the borrower
Maximum Tenure of Loan: Maximum Tenure is 84 months.
| SBI AUTO LOAN INTEREST RATE w.e.f. 10.04.2015 (Base Rate 9.85 % p.a.) | ||||
| Scheme Name | Tenure | Interest rate | Processing fee | |
| For Men | For Women | |||
| SBI Car Loan Scheme | For All Tenure | 0.45% above base rate i.e. 10.30% p.a. | 0.40% above base rate i.e. 10.25% p.a. | 0.51% of the loan amount with a minimum of Rs 1020 and maximum of Rs 10200. Waived till 30.06.2015 |
| SBI Combo Loan Scheme | For All Tenure | 0.45% above base rate i.e. 10.30% p.a. | 0.40% above base rate i.e. 10.25% p.a. | 0.51% of the loan amount with a minimum of Rs 1020 and maximum of Rs 10200. Waived till 30.06.2015 |
| NRI Car Loan | For All Tenure | 0.45% above base rate i.e. 10.30% p.a. | 0.40% above base rate i.e. 10.25% p.a. | 0.51% of the loan amount with a minimum of Rs 1020 and maximum of Rs 10200. Waived till 30.06.2015 |
| Used Car Loans Used Car Loans | Up to 3 years | 7.25% above Base Rate i.e. 17.10% p.a. | 0.51% of the loan amount with a minimum of Rs510 and maximum of Rs 10200 | |
| Above 3 yrs up to 7 yrs | 7.50% above Base Rate i.e. 17.35% p.a. | |||
| Certified Pre-owned car loan | Up to 3 years | 6.00% above Base Rate i.e. 15.85% p.a. | 0.51% of the loan amount with a minimum of Rs510 and maximum of Rs 10200 | |
| Above 3 yrs up to 7 yrs | 6.50% above Base Rate i.e. 16.35% p.a. | |||
| SBI Loyalty Car Loan Scheme | Car Loan, Combo Loan, NRI Car Loan | 0.20% above BR i.e. 10.05% p.a. | 0.15% above BR i.e. 10.00% p.a. | 0.25% of the loan amount with a minimum of Rs 500/ and maximum of Rs 5000. Waived till 30.06.2015 |
| Used Car Loan Scheme | 1.25% above BR i.e. 11.10% p.a. | 1.20% above BR i.e. 11.05% p.a. | ||
| Certified Pre-owned Car Loan Scheme | 1.25% above BR i.e. 11.10% p.a. | 1.20% above BR i.e. 11.05% p.a. | ||
| SBI Nano Youth Car Loan Scheme | For All Tenure | 0.75% above base rate i.e. 10.60% p.a. | 0.70% above base rate i.e. 10.55% p.a. | 0.51% of the loan amount with a minimum of Rs 1000.Waived till 30.06.2015 |
| Super Bike Loan Scheme | For All Tenure | 3% above base rate i.e. 12.85% p.a. | 2.00% of the loan amount with a minimum of Rs6000 and maximum of Rs20000. | |
| SBI Two wheeler loan | For All Tenure | 8.25% above Base Rate i.e. 18.10% p.a | 1.22% of the loan amount with a minimum of Rs255 and maximum of Rs510 | |