Key things to know about SBI's new car loan scheme:
Don’t wait too long for that long drive! With #SBICarLoan Scheme’s low interest rates, zero foreclosure charges, minimal paperwork & quick disbursement, get your coveted car in your driveway. For more details, visit https://t.co/9LAvMAA3HR .#StateBankOfIndia#SBI#SBICarLoanpic.twitter.com/6qqIhAPTBU— State Bank of India (@TheOfficialSBI) May 4, 2018
1. SBI's new car loan scheme is available for purchase of new passenger cars, Multi Utility Vehicles (MUVs) and Sport Utility Vehicle (SUVs).
2. To avail an SBI new car loan, the borrower should be an individual aged 21 to 65 years, belonging to one of the following 3 categories:
a) 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 should be a minimum of Rs 2,50,000. The maximum loan amount that can be given in this case is 48 times of the net monthly income.
b) Professionals, self-employed, businessmen, proprietary/partnership firms who are income tax assesses where the net profit or gross taxable income of the applicant should be Rs 4,00,000 per annum (income of co-applicant can be clubbed together). 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.
c) Person engaged in agricultural and allied activities where the net annual income of applicant and/or co applicant together should be a minimum of Rs 4,00,000. The maximum loan that can be given in such a case is 3 times of net annual income.
3. SBI, which also offers home loans, 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, said SBI on its official portal.
4. The repayment period of SBI's new car loan lasts up to 84 months.
6. With effect from March 1, 2018, SBI charges a rate of interest of 8.9 per cent to 9.4 per cent on auto loans. These loans include car loans, NRI car loan and SME retail car loans (excluding taxi, transport operators and fleet segments), according to the SBI website. Among the offerings under its auto loan products, SBI charges a rate of interest of 17.40 per cent on two-wheelers loans. This rate is 9.25 per cent above the 1-year MCLR of 8.15 per cent, according to the SBI website. SBI charges a rate of interest of 11.8 per cent on loan to own a super bike. This rate is 3.65 per cent above the 1-year MCLR of 8.15 per cent, according to the SBI website.