SBI New Car Loan Scheme – Buy New Car with SBI Four Wheeler Loan scheme

SBI New Car Loan Scheme – Buy New Car with SBI Four wheeler Loan scheme

SBI (State Bank of India) provides best car loan in lowest interest rate. Some of features on SBI car loan are really lucrative and anyone with a low monthly income can purchase new car through new car loan scheme of State Bank of India.

Why to go for SBI car loan even there are several other options available to car loan seeker? The answer of this question is very simple. Read the silent features of SBI car loan scheme and decide to go with SBI car loan option or not

SBI car Loan Scheme Features –

• Borrower of SBI car loan need not to pay any amount in form of Advance EMI
• A well long repayment tenure period of 7 Years (84 Months) is offered by SBI
• Low base rate of interest and hence lowest rate of SBI car loan
• Least EMI (Equated monthly Installment) on amount borrowed towards repayment of car loan amount
• Daily reducing balance method interest calculation
• SBI provide 85% to 90% LTV (Loan to value amount). It means borrower can get car loan up to 90% of total cost of new car that includes Vehicle + Insurance+ Accessories etc. Borrower need to pay only 10% of amount as advance.
• EMI can be paid anytime during month.
• SBI car loan includes free accident insurance cover and provides option for life insurance cover
• Car loan Borrower can make pre payment of EMI’s without any penalty.
• Less paper work
• SBI car loan can be applied online and offline

Who are Eligible to borrow SBI new car loan

1- Salaried Person - A person whose salary account is maintained with State Bank of India at least from three previous months and is in employment of Central Government, PSU, Defense services, Railways having income of Rs.400000 or more are eligible to apply for SBI four wheeler loan.

Other prospective borrower of four-wheeler loan from SBI having salaried income should have gross annual income of Rs. 600000 to become eligible for SBI new car loan.

2-Self Employed / Businessmen / Professional - A person having business income and not a salaried employee need to provide proof through ITR (Income tax Return) of Rs. 600000 net profit or taxable income to avail SBI new car loan.

3-Any Other Person - Borrower other than above can avail four-wheeler loan from SBI on purchase of New car if they can provide sufficient proof of income (generally Rs.600000 annual) and bank think fit to grant loan.

Documents required

• Bank account statement of last six months
• 2 Recent passport size photograph of prospective borrower of four-wheeler loan
• Identity proof (Voter ID/ PAN card / Aadhaar Card / Driving License etc)
• Address proof (voter ID/ Ration Card/ Electricity Bill / Telephone bill etc)
• Salary slip and form 16 (In case of salaried employee)
• Income tax return of previous two years