State Bank of Patiala offers used car loan for purchase of passenger cars/ jeeps/ multi Utility Vehicles (MUVs) and SUVs which are not more than five years old, at a margin of 15%.

Car Loan Eligibility Criteria :

The applicant has to be aged between 21 to 65 years.

The loan has to be repaid within 70 years of age.

The conditions applicable for Salaried applicants to avail loan are :

The applicant should have an annual income of Rs.3, 00,000 or above.
The net monthly income should be twice the amount to be paid as EMI.

Interest Rate :

Interest Rates for State Bank of Patiala Car Loan Starts from 9.95% p.a. for Term Loans and 10.45% for overdraft loans

Used Car Loans Starts From 16.00% for upto 3 years and 16.25% for above 3 years loan repayment period

Processing Fees:

Processing fees for New Cars – 0.51% of the Loan Amount with a Minimum of Rs.1020 & Maximum of Rs.10200 ( Rs.5100/- for Mercedes car)
Processing fees for Used Cars – 0.51% of the Loan Amount with a Minimum of Rs.1,020/- and Maximum of Rs.10,200/-)

Loan amount for New Cars:

Maximum Loan amount :
For Salaried : 48 Times the Net Monthly Income (NMI)
For Agriculturists : 3 Times the Net Annual Income (NAI)
For others : 4 Times the Net Annual Income (NAI)

Loan amount for Used cars

Minimum : No Limit
Maximum : Rs.15 lakh.

Documentation Required for State Bank of Patiala Car Loan

6 months bank account statement of the borrower.
Borrower/guarantor’s two passport sized photographs.
Signature identification from Banker of borrower/guarantor
Identity proof in the form of a copy of passport/ voter ID card/ PAN card
Residence/ Address proof.
Recent salary slip showing all deductions and TDS certificate. Salaried persons have to submit form 16.
Copy of income tax return for last two financial years duly acknowledged by ITO for professionals, self-employed and others
Proof of official address for non- salaried individuals