Car Loan 

SBI NRI Car Loan – Interest Rates 2024

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SBI NRI Car Loans: Get details on Documents, Interest Rates, loan amount, eligibility for State Bank of India NRI car loans.

Apply for an NRI Car Loan, and gift them a car. Enjoy floating interest rates, with several easy repayment options.

Gift a new passenger car, truck, jeep, or van. You will be the guarantor for the loan and your parent / relative (an Indian Resident) will be the primary applicant or ‘borrower’.

NRI Car Loan Interest Rates of State Bank of India

Tenure Rate of Interest
For all tenures 7.60% to 8.35%

Eligibility Criteria for SBI NRI Car Loan

Eligibility for the NRI-Car Loan includes the following:

  • NRI will be an Applicant (Borrower), with a Resident Indian as a Guarantor
  • Both Applicant & Guarantor, should be of an age between 21-65 years.
  • Loan must be repaid before the guarantor reaches the age of 65.
  • Applicant or borrower can be:
    • Individual
    • Agriculturist
    • Professional
    • Self-employed person.
    • Business man.
    • Student
    • Parent of an NRI, receiving pension or inward remittance at regular intervals.
  • Borrower must be physically fit and must possess a driving license or must be in a position to engage a driver.
  • Have a minimum Net Monthly Income of USD 1000/- or a minimum Net Annual Income of USD 12000/- (equivalent amount in other currencies)
  • No minimum income criteria for borrower.


Guarantor should fulfill the following conditions:

  • Possess a valid Indian passport.
  • Maintain a steady source of income.
  • Be employed abroad for at least two years.
  • Hold a valid job contract / work permit.
  • Have a minimum Net Monthly Income of US $ 1000.00 or A minimum Net Annual Income of US $ 12000.00 (equivalent amount in other currencies).
  • Maintain an NRI account with SBI for at least twelve months with a minimum average balance of Rs. 50,000/- or open a new account with USD 5000/- or its equivalent as the initial deposit.
  • Provide a simple declaration as per the bank’s format stating the relationship with the applicant.
  • Provide power of attorney for the applicant, if required.

Loan Amount

  • Loan amount eligible is derived on the basis of the Guarantor’s income (no ceiling).
  • The maximum loan amount is 18 times the Net Monthly Income (NMI) of the Guarantor or 1.5 times Net Annual Income (NAI) of the Guarantor.

Margin

  • 15%
  • Total cost of vehicle is inclusive of one time road tax, registration charges, and vehicle insurance.

Processing Fee

State Bank of India charges a processing fee of 0.50% of the loan amount, upfront.

Other Information on Loan Amount, Documents and Borrowers

Documents Loan Amount Borrower
  • Loan Application Form.
  • Hypothecation Agreement.
  • Guarantee Agreement.
  • Arrangement Letter.
  • Power of Attorney (if applicable)
  • Declaration Form.
  • Loan amount eligible is derived on the basis of the Guarantor’s income (no ceiling).
  • The maximum loan amount is 18 times the Net Monthly Income (NMI) of the Guarantor or 1.5 times Net Annual Income (NAI) of the Guarantor.
  • 2 passport size photographs.
  • Signature identification from banker.
  • Copy of passport / voters ID card / PAN card.
  • Proof of residence.

Click here to download the NRI Car Loan Applicaiton Form.

Click here to download Power of Attorney for NRI Car Loan.

Source: State Bank of India Website (www.onlinesbi.com)

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