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Features New Car Loan Used Car Loan

The document discusses eligibility requirements and documents needed for an SBI car loan. The key eligibility requirements are being between 18-75 years old, having a minimum monthly income of Rs. 20,000, and at least 1 year of employment. For a government employee, SBI will provide up to 85% of the car's on-road price, so Rohit can get up to Rs. 5,52,000. For a used car loan, SBI will provide up to Rs. 10 lakh based on credit score. Required documents include proof of age, identity, residence, income, bank statements, signature, and tax returns for the last 2 years. SBI new car loans have interest starting at 8.7

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Rahul JOshi
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51 views

Features New Car Loan Used Car Loan

The document discusses eligibility requirements and documents needed for an SBI car loan. The key eligibility requirements are being between 18-75 years old, having a minimum monthly income of Rs. 20,000, and at least 1 year of employment. For a government employee, SBI will provide up to 85% of the car's on-road price, so Rohit can get up to Rs. 5,52,000. For a used car loan, SBI will provide up to Rs. 10 lakh based on credit score. Required documents include proof of age, identity, residence, income, bank statements, signature, and tax returns for the last 2 years. SBI new car loans have interest starting at 8.7

Uploaded by

Rahul JOshi
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Q.

No 1 :

Based on the common Eligibility criteria of banks the applicant must have the following
requirements

 Age between 18 years and 75 years


 Minimum net monthly income of Rs. 20,000
 At least 1 year of employment with the current employer
 Must be salaried or self-employed, working for a government establishment or a private
company
The applicant meets the requirements

According to the Sbi the Maximum amount of finance that is given for a govt employee is upto 85% of
the Car’s On road price, basing on the credit score of the employee

So Rohit can get a car loan upto 5,52000 as per the conditions of Sbi, after evaluating the eployees
payment history if any the minimum amount will be decided.

According to the Sbi the Maximum amount of finance for a used Car, basing on the credit score of the
employee is Upto 10 lakh, after evaluating the employees payment history if any the minimum amount
will be decided.

Q.No : 2

 Proof of age
 Identification proof
 Application form
 Passport size photograph
 Proof of residence
 Income proof
 Bank statement
 Signature verification proof
 I.T. Returns or Form 16 for the last 2 year

Q.No : 3

SBI Car Loan

Features New Car Loan Used Car Loan

Processing Fee 0.51% Min Rs. 1,020 Max Rs. 10,200 0.51%

Loan Tenure Upto 7 years Upto 7 years

Prepayment Charges Nil 2%


SBI New Car Loan interest rate starts from 8.70% and SBI Used Car Loan interest rates
starts from 12.60%
Car Loan EMI of SBI is a fixed amount that you pay each month towards the repayment of
your car loan till the end of tenure. Lowest EMI offered by SBI is Rs. 1,594 per lakh loan
amount at lowest car loan interest rate of 9.25%. Car Loan EMI of SBI depends on factors
like:
 Rate of interest is an important factor which affects your EMI. Higher the interest
rate, higher will be the EMI.
 Loan tenure matters equally as longer tenure reduces your monthly EMI per lakh.
 Your EMI depends upon the amount of loan you are going to borrow. Loan EMI will be
high if you apply for a high loan amount.

SBI Auto Loan Fee and Charges


Foreclosure Charges - These charges are to be paid in case you want to repay your
entire loan amount before the end of tenure period. SBI allows prepayment of vehicle loan
after paying 1 EMI with prepayment Nil.
Processing Fee - SBI asks for a processing fee of 0.51% of loan amount. Min. Rs.
1020and Max. ₹ 10,200 with applicable service tax.

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