The State Bank of Patiala has merged into State Bank of India on 1st April 2017.

I am providing following information regarding to State Bank of India for your reference:

As you want to know about Car Loan of State Bank of India, so here are following details:

SBI NEW CAR LOAN SCHEME

SILENT FEATURES:
Lowest Interest Rates & EMI;
Longest Repayment Tenure (7 years);
Financing on ‘On-Road price':
Interest calculated on Daily Reducing Balance;
No Pre-Payment Penalty or Foreclosure Charges;
No Advance EMI;
Optional SBI Life Insurance cover available;
Overdraft facility available.

DOCUMENTS REQUIRED:

Salaried
Statement of bank account for last 6 months.
2 passport size photographs
Proof of Identity
Address Proof
Income Proof: Latest Salary Slip, Form 16
I.T. Returns or Form 16 for the last 2 years.

Non-Salaried/ Professional/Businessmen
Statement of bank account for last 6 months.
2 passport size photographs
Proof of Identity
Address Proof
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.

Person engaged in agricultural and allied activities.
Statement of bank account for last 6 months.
2 passport size photographs
Proof of Identity
Address Proof
Direct agricultural activity (crop cultivation):
Khasra/Chitta Adangal (showing cropping pattern) Patta/Khatoni (showing land holding) with photograph.
All land should be on free hold basis and ownership proof to be in the name of borrower.
Allied agricultural activity (like Dairy, Poultry, Plantation/ Horticulture)
Documentary proof of running of the activities to be provided.

ELIGIBILITY:
Category
Regular employee of State / Central Government, Public Sector Undertaking, Private Company or a reputed establishment.
Professionals, self-employed, businessmen, proprietary/partnership firms who are income tax assesses.
Person engaged in agricultural and allied activities.

Income Criteria
Net Annual Income of applicant and/or co-applicant if any, together should be a minimum of Rs. 2,50,000/-
Net Profit or Gross Taxable income of Rs. 4,00,000/- p.a.
(income of co-applicant can be clubbed together)
Net Annual income of applicant and/or co applicant together should be a minimum of Rs. 4,00,000/-

Max. Loan Amount
48 times of the Net Monthly Income
4 times Net Profit or Gross Taxable income as per ITR after adding back depreciation and repayment of all existing loans
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.

INTEREST RATE
For Men For Women
1.25% above 1 year MCLR 1.20% above 1 year MCLR
i.e. 9.25% p.a. i.e. 9.20% p.a.