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September 9th, 2016, 05:58 PM
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Join Date: Mar 2012
Re: State Bank of Patiala Car Loan Scheme

The features of Car Loan facility provided by SBP or State Bank of Patiala are as follows:

• Flexible Tenures
SBP offers up to 7 years of repayment tenure for car loan, borrowers can choose a term that they are most comfortable with.

• Affordable Interest Rates
At 0.5% above the base rate, it offers a very competitive interest rate for car loans.

• High Loan Quantum
It offers high loan amounts for car loans which will empower to buy confidently, the car of dreams.

• No Prepayment Penalty
Borrowers can escape from the otherwise costly foreclosure charges, its car loans has no fee for foreclosure of car loans.

• Personal Accident Insurance
All New car loan borrowers are offered free group cover for personal accident (death only).

State Bank of Patiala Car Loan Interest Rates

As per the latest guidelines issued by the RBI (Reserve Bank of India), it follows the MCLR (Marginal Cost Based Lending Rate) system to determine the interest rate on auto loans for new borrowers.

Its Marginal Cost Based Lending Rate (MCLR) for New Borrowers

Benchmark MCLR rate 9.50%
Floating rate of interest 9.95% p.a (MCLR + 0.45%)

Documentation needed to apply for Car Loan

1. Residence proof

2. Photo ID and age proof

3. Signed application form with photograph

4. Last 6 months bank statement

5. Documentation for salaried applicants:
Last 3 months salary – slips
Form 16 or Income Tax Returns

6. Documentation for self-employed applicants:
Last 3 years Income Tax Returns with computation of Income
Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account


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