Don’t worry I will get information of State Bank Of Travancore, Car Vehicle loan so that you can remember easily.

Eligibility
Salaried and regular income earners with a minimum 2 years standing /experience in their line of activity. (State/ Central Government, Public Sector undertakings, Corporations, Private sector companies, Insurance Companies and Banks and also pensioners).

Commissioned Officers in defence services with a minimum 2 years of service.

Professionals, Self-employed, Businessmen, proprietary/ partnership firms and others who are income tax assessee with a standing of 2 years can avail of the loan facility.

Purpose
Term Loan will be sanctioned by the Bank for purchase of new passenger cars, Multi Utility Vehicles (MUVs) and Sports Utility Vehicles (SUVs).

EMI
For Normal Car Loan (Loan amount below Rs.10 lakhs) EMI/NMI ratio should not exceed 50%.

For Premium car Loan (Loan amount Rs.10 lakhs and above) 55% of Net Monthly Income.

The EMI will include all EMIs towards existing loans and proposed loan and the NMI will be equivalent to the Total Gross Income after adding back depreciation (if applicable) less statutory and compulsory deductions like Income Tax, Employee Provident Fund etc.

Margin

For Normal Car Loan Below Rs.10 lakhs
15% of total cost of vehicle

For Premium Car Loan of Rs.10 lakhs and above
20% of total cost of the vehicle

Processing Charge
0.30% of loan amount with a minimum of Rs.1000/- and a maximum Rs.3,000/- .(Service tax extra)

When loans are rejected: 25% of the Processing Fee will be retained if the application is rejected after pre-sanction survey subject to Minimum of Rs. 250/- plus service tax


Address:-
State Bank Of Travancore
P.B. No. 34, Poojapura,
Thiruvananthapuram - 695012

Phone:-
+91 471 2192009