Highlights

• SBI offers one of the longest repayment period of up to 84 months (7 yrs).
• Loan inclusive of one-time road tax, registration fee and insurance premium
• No advance EMIs.
• SBI levy interest on daily reducing balance method for its car loans.

Loan Amount

There is no upper limit for the amount of a car loan. A maximum loan amount of 2.5 times the net annual income will be sanctioned. If married, spouse's income could also be considered provided the spouse guarantees the loan. The loan amount includes finance for one-time road tax, registration and insurance!

There is no ceiling on the loan amount for new cars, while the loan amount for used car is subject to a maximum limit of Rs. 15 lacs.

Margin

New / Used vehicles : 15% of the on the road price.

Repayment

Maximum repayment period for new vehicles is 84 months

Maximum repayment period for used vehicles is up to 84 months from the date of original purchase of the vehicle.

Documents Required

You would need to submit the following documents along with the completed application form if you are an existing SBI account holder:

• Bank statement for the last 6 months
• Two passport size photographs
• Latest salary slip and Form 16, in the case of salaried persons
• IT returns for the last two financial years, in the case of self employed individuals and professionals

If you are not an account holder with SBI you would also need to furnish documents that establish your identity and give proof of residence.