Here is a step-by-step guide on how to avail an SBI car loan, according to a press release issued by the bank.
Features and benefits
- Zero processing charges
- Financing on ‘On-Road price’: On-Road price includes registration and insurance; Financing up to 90% of ‘On-road Price’
- Interest calculated on daily reducing balance
- Allows purchase of new passenger cars, multi utility vehicles (MUVs) and SUVs
- No advance EMI
Interest rate:
- SBI offers car loan at an effective rate of 7.75% p.a.
- Get a special interest concession of 25 bps on applying for the loan through YONO i.e. 7.50% p.a.
Car loan tenure: 3 – 7 years
Eligibility
Age: 21 to 67 years
Regular employees of Central Public Sector Enterprises, Defense Salary package, Para Military salary package/Indian Coastal Guard Package/Customers and Short Commissioned Officers of various Defense establishments
- Net annual income of applicant and/or co-applicant if any, together should be a minimum of Rs. 3,00,000
- Maximum loan amount can be 48 times of the net monthly income
Professionals/Self-employed/Businessmen/Proprietary firms/Partnership firms/ Others income tax assesses
Net profit/gross taxable income of self and/or co-applicant of Rs. 3, 00,000 p.a.
- Maximum loan amount can be 4 times net profit or gross taxable income as per ITR after adding back depreciation and repayment of all existing loans
Persons engaged in agriculture and allied activities (Income Tax return is not required in case of agriculturists)
Net annual income of applicant and/or co applicant together should be a minimum of Rs. 4, 00,000
- Maximum loan amount can be 3 times of net annual income
Apply online
Avail car loan using YONO SBI:
- Login to your YONO account
- On the home page, click on the menu (three lines) on the top extreme left
- Click on loans
- Click on Car Loan
- Do a quick eligibility check
- Request for the loan by providing a few details
- Find the eligible amount
- Fill up an application form & upload the necessary documents
- Click on Submit
Documents required
Salaried*
- Bank account statement for last 6 months
- 2 passport size photographs
- Proof of Identity: Any one – Passport/ PAN Card/ Voters ID card/ Driving License
- Address Proof: Any one – Ration card/Driving License/Voters ID card/Passport /Telephone Bill/ Electricity bill/Life Insurance policy
- Income Proof: Latest salary slip
- I.T. Returns or Form 16 for the last 2 years
*Form 16/ITR is waived for SBI’s Salary Package customers who are maintaining their salary account with the Bank for minimum 12 months
*Bank account statement is waived for SBI’s Salary Package customers who are maintaining Salary account with the Bank
Non-Salaried/ Professional/Businessmen
- Bank account statement for last 6 months
- 2 passport size photographs
- Proof of Identity: Any one – Passport/ PAN Card/ Voters ID card/ Driving License
- Address Proof: Any one – Ration card/Driving License/Voters ID card/Passport /Telephone Bill/ Electricity bill/Life Insurance policy
- Income Proof: ITR for last 2 years
- I.T. Returns or Form 16 for the last 2 years.
- Audited Balance sheet, P&L statement for 2 years, Shop & establishment act certificate / sales tax certificate / SSI registered certificate / copy of partnership.
