SBI car loan: The repayment period of SBI new car loan scheme lasts up to 84 months.
Country's largest lender State Bank Of India (SBI) offers car loan scheme with a repayment tenure of up to 7 years, according to its website- sbi.co.in. This type of loan can be used to buy all type of passenger cars, multi utility vehicles and SUVs (Sports Utility Vehicle). No pre-payment penalty and advance EMI (equated monthly instalments) is required in order to avail SBI's car loan. SBI charges an interest rate of 9.30 per cent to 9.80 per cent for car loans, according to its website.
Here are 5 things to know about SBI car loan scheme:
- A regular employee of state / central government, public sector undertaking, private company or a reputed establishment where the net annual income of applicant and/or co-applicant if any, together is a minimum of Rs 2,50,000 can apply for SBI car loans. The maximum loan amount that can be given in this case is 48 times of the net monthly income, according to SBI.
- Professionals, self-employed, businessmen, proprietary/partnership firms who are income tax assesses where the net profit or gross taxable income of the applicant is Rs 4,00,000 per annum (income of co-applicant can be clubbed together) can also apply for this scheme. The maximum loan amount that can be given in such a case is 4 times of net profit or gross taxable income as per ITR (Income Tax rules) after adding back depreciation and repayment of all existing loans, according to SBI.
- Person engaged in agricultural and allied activities where the net annual income of applicant and/or co-applicant together is a minimum of Rs 4,00,000 are also eligible for SBI car loan scheme. The maximum loan that can be given in such a case is 3 times of net annual income.
- SBI offers 90 per cent finances of on-road price of the vehicle in case the net annual income of the applicant is up to Rs 10 lakh or more than 10 lakh. On-road price is the price the customer actually pays for the car and includes registration, insurance and extended warranty or total service package or annual maintenance contract or cost of accessories, according to SBI.
- Overdraft facility and an optional SBI Life Insurance cover are available with SBI car loan scheme.
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