State Bank of india Car Loan
State Bank of India has an extensive administrative structure to oversee the large network of branches in India and abroad. The Corporate Centre is in Mumbai and 14 Local Head Offices and 57 Zonal Offices are located at important cities spread throughout the country. The Corporate Centre has several other establishments in and outside Mumbai, designated to cater to various functions. Our Colleges/Institutes/Training Centres are the seats of learning and research and development to spread the wings of knowledge not only to our employees but also other banks/establishments in India and abroad.
AUTO LOAN
Eligibility
- Maximum age of the proprietor - 60 years
- Minimum of 1 year of existence for proprietors and three years for corporates and partnership firms
- Minimum net income of Rs. 1 lakh for last two years
- Minimum turnover of Rs. 5 lakhs for proprietorship, 10 lakhs for partnership and Rs. 6 lakhs for Corporates.
Purpose
- Purchase of new car/ jeep/ MUV of any model by non individuals
- Proprietors are eligible to purchase old vehicles (not more than 4 years old)
Nature of facility
- Term loans
Margin
- Term loan for new vehicle up to Rs 6 lakhs - 15%
- Term loans over 6 lakhs for old vehicles up to 2 years - 30%
- Old vehicles of 2 to 4 years - 40%
Tenure of Loan
- Term loan
- Repayable in 84 months for new vehicles
- Repayable in 60 months for old vehicles up to 2 years old
- Repayable in 36 months for vehicles more than 2 years and up to 4 years old
- Short term loan is repayable in 36 monthly installments (new and up to 2 year old vehicles only)
Primary security
Hypothecation of the vehicle by noting Banks charge on in the books of SRTO
Collateral security
Tangible security of borrower or guarantor valued for not less than 35% of the loan
Post dated cheques to be obtained for the EMIs
Personal guarantees of the MD and other directors in case of corporates
Loan amount
- 2 times the net annul income/annual cash accruals less repayment obligations
- Maximum of Rs. 2 lakhs in the normal course for new vehicles
Rate of Interest
| For short term loans | 10.25% |
|---|---|
| For other loans | - |
| Floating rate | 11.00% |
| Fixed Rate | 11.50% |
