SBI Certified Pre-owned Car Loan | Interest Rates | Documents
State Bank Certified Pre owned Car Loans: SBI provide the best car loan scheme for you to take a loan for purchase of Certified Pre-owned Car, not more than 5years old.
SBI Pre-Owned Car Loans features & Benefits:
- No Advance EMI;
- Longest repayment tenure (7 years);
- Lower interest rates
- Lowest EMI
- LTV 85% of ‘On Road Price’ of car (includes registration, insurance and cost of accessories),
- Interest Calculated on Daily Reducing Balance;
- Flexibility of payment of EMI anytime during the month;
- Low pre-payment penalty, only 2%;
- Low processing fee (only 0.51% of loan amount);
- Free Accidental insurance ; Optional SBI Life cover;
Purpose
Term Loans for purchase of Certified Pre Owned car, from certified used car dealers, not more than five years old. The loan should be repaid within 7 years from the date of the original purchase of the vehicle.
Eligibility
To avail an pre owned Car Loan, you should be:
- Individual between the age of 21-65 years of age.
- A Permanent employee of State / Central Government, Public Sector Undertaking, Private company or a reputed establishment or
- A Professionals or self-employed individual who is an income tax assessee or
- A Person engaged in agriculture and allied activities.
- Net Annual Income Rs. 100,000/- and above.
Loan Amount
Maximum Loan amount will be 2.5 times of net annual income. Spouse’s income could also be considered provided the spouse becomes a co-borrower in the loan.
Documents Required
You would need to submit the following documents along with the completed application form:
- Statement of Bank account of the borrower for last 6 months.
- 2 passport size photographs of borrower(s).
- Signature identification from bankers of borrower(s).
- A copy of passport /voters ID card/PAN card.
- Proof of residence.
- Latest salary-slip showing all deductions
- I.T. Returns/Form 16: 2 years for salaried employees and 3 years for professional/self-employed/businessmen duly accepted by the ITO wherever applicable to be submitted.
- Proof of official address for non-salaried individuals.
Margin – 15% of the on the road price (which includes vehicle registration charges, insurance, one-time road tax and accessories).
Repayment – You can enjoy the longest repayment period in the industry with us as long as 84 months.
Processing Fee – 0.51% of Loan amount
Security – As per Bank’s extant instructions.