I want to apply for New Car Loan Scheme in State Bank of India to purchase new car so can you please provide me the details of loan?

State Bank of India SBI offers SBI New Car Loan Scheme for customers the best deal for financing your new car. Lowest interest rates, lowest EMI, minimal paperwork and quick disbursement.

SBI New Car Loan Scheme

Salient features:

Lowest Interest Rates & EMI;

Longest Repayment Tenure (7 years);

Financing on ‘On-Road price':

On-Road price includes Registration, Insurance and Extended Warranty/ Total Service Package/ Annual Maintenance Contract/ Cost of Accessories

Interest calculated on Daily Reducing Balance;

No Pre-Payment Penalty or Foreclosure Charges;

No Advance EMI;

They also reimburse finance for the cars purchased out of your own funds at rate of interest applicable to New Car Financing:

Car should not be more than 3 month old

Optional SBI Life Insurance cover available;

Overdraft facility available.

Purpose-

For purchase of new passenger cars, Multi Utility Vehicles (MUVs) and SUVs

Eligibility-

To avail an SBI Car Loan, you should be an individual aged 21 to 65 years, belonging to one of the following 3 categories:

Category - Regular employee of State / Central Government, Public Sector Undertaking, Private Company or a reputed establishment.
Income Criteria - Net Annual Income of applicant and/or co-applicant if any, together should be a minimum of Rs. 2,50,000/-
Max. Loan Amount - 48 times of the Net Monthly Income

Category - Professionals, self-employed, businessmen, proprietary/partnership firms who are income tax assesses.
Income Criteria - Net Profit or Gross Taxable income of Rs. 4,00,000/- p.a.
(income of co-applicant can be clubbed together)
Max. Loan Amount - 4 times Net Profit or Gross Taxable income as per ITR after adding back depreciation and repayment of all existing loans

Category - Person engaged in agricultural and allied activities.
Income Criteria - Net Annual income of applicant and/or co applicant together should be a minimum of Rs. 4,00,000/-
Max. Loan Amount - 3 times of Net Annual Income

Financing

Net Annual Income upto Rs. 10 lac 85% of 'On-road Price'

Net Annual Income more than Rs. 10 lac 85% of 'On-road Price'

Repayment

You can enjoy the longest repayment period in the industry with us: 84 months.

Contact-

Please call SBI's 24X7 Toll free telephone number 1800110009 dedicated for pensioners or Toll free telephone number 18004253800 & 1800112211.