Car Loan 

SBI TATA LOW MARGIN CAR LOAN SCHEME | Interest Rates | Eligibility

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SBI Tata Low margin car loan schemes  offers For purchase of new Tata Nano, Indica, Indica Vista, Indigo,Indigo Manza, Sumo Gold,  Grande,  Aria,  Safari and  Venture cars  at lowest interest rates and EMI.

(The Scheme is valid till 31.03.2013)

SBI provide the best car loan scheme for you.

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Salient features:

  • No Advance EMI.
  • Longest repayment tenure (7 years).
  • Lowest interest rate
  • Lowest EMI.
  • Loan amount: 90% of ‘On Road Price’ of car (includes registration, insurance and cost of   accessories worth Rs 25000).
  • Interest Calculated on Daily Reducing Balance.
  • Flexibility of payment of EMI anytime during the month.
  • No pre-payment penalty.
  • Free Accident insurance. Optional SBI Life cover.
  • Overdraft facility available.

Purpose – For purchase of new Tata Nano, Indica, Indica Vista, Indigo,Indigo Manza, Sumo Gold,  Grande,  Aria,  Safari and  Venture cars.

Eligibility

To avail an SBI Car Loan, you should be:

  • Individual between the age of 21-65 years of age.
  • Regular employee of State / Central Government, Public Sector Undertaking, Private company or a reputed establishment.
  • Professionals, self-employed, businessmen, proprietary/partnership firms who is an income tax assessee.
  • Person engaged in Agricultural and allied activities.
  • Net Annual Income Rs. 2,50,000/- and above.

Loan Amount

 

There is no upper limit for the amount of a car loan. A maximum loan amount of 48   times of Net Monthly Income or 4 times of Net Annual Income can be sanctioned.

Documents Required

You would need to submit the following documents along with the completed application form:

  1. Statement of Bank account of the borrower for last 6 months.
  2. 2 passport size photographs of borrower(s).
  3. A copy of passport /voters ID card/PAN card.
  4. Proof of residence.
  5. Latest salary-slip showing all deductions
  6. I.T. Returns/Form 16: 2 years for salaried employees and 2 years for  professional/self-employed/businessmen duly accepted by the ITO wherever applicable
  7. Proof of official address for non-salaried individuals

Margin – 10% of the on 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.

Reimbursement of costs of car purchased by own sources – SBI also reimburse finance for the cars purchased out of own funds which are not more than 3 month old at rate of interest applicable to New Car.

Processing Fee –  0.255% of loan amount, minimum Rs. 510/-, maximum Rs. 5100/- (Till 31.12.12)

Security – As per Bank’s extant instructions

Click to Know More On:
SBI Home Loan | SBI Personal Loan | SBI Credit Card | SBI Education Loan | SBI Loan Against Property

Source: State Bank of India Website.

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