State Bank of Hyderabad New Car Loan
- No Advance EMI
- Longest repayment tenure (7 years)
- Competitive EMI
- 85% of ‘On Road Price’ of car (includes registration, insurance and cost of accessories worth `25000)
- Interest Calculated on Daily Reducing Balance
Purpose : Term loans sanctioned for purchase of new passenger cars, jeeps, Multi Utility Vehicles (MUVs) and SUVs.
Loan Amount :
Salaried Persons: 48 times the Net Monthly Income (NMI)
For others: Upto 4 times of NAI.
Margin : Upto Rs 10 lacs: 15% on road Price of the Car
Above Rs. 10 Lacs:
15% Margin on Ex-showroom Price of the car
(OR)
Margin of 20% on Road Price of the car at the option of the customer
Processing Fee : 50% waiver subject to maximum of Rs. 1000/-
Interest : 30 basis points above base rate of 10.20%, effective rate is 10.50% p.a, irrespective of the loan amount w.e.f 02/05/2014
Insurance : Insured in the name of the borrower for the market value or at least 10% above the loan amount outstanding, whichever is higher for the market value.
Mode of Disbursement : The loan will be credited to the accounts of the supplier/ dealer by way of RTGS/ NEFT facility in case they don’t have account in SBH.
Penal Interest : The penal interest would be charged @ 2%p.a. on the overdue amount only.
What are the Eligibility criteria required to apply of State Bank of Hyderabad Car Loans?
Category 1(Salaried) (a):For employees of Central and State Government, Public Sector Undertakings,
Defence/Paramilitary Forces and Railway employees who are maintaining salary accounts with us and min. 3 months salary have regularly come in these accounts, drawing gross annual income of applicant and/or co-applicant if any, together should be Rs.300000/- p.a. and above
Defence/Paramilitary Forces and Railway employees who are maintaining salary accounts with us and min. 3 months salary have regularly come in these accounts, drawing gross annual income of applicant and/or co-applicant if any, together should be Rs.300000/- p.a. and above
(b):For salaried customers other than above mentioned categories, gross annual income of the applicant and/or co-applicant if any, together should be Rs.300000/- p.a. and above.
Category 2:Professionals, self-employed and others who are Income Tax assesses drawing Gross Annual Income of Rs.400000/-and above.
Category 3: Persons engaged in Agriculture and allied activities drawing Gross Annual Income of Rs.400000/- and above.
Repayment period : 7 years However the repayment will, in no case, exceed beyond 70 years age of the borrower.
Prepayment Penalty : No prepayment penalty
