SBI Car Loan

A person can avail the State Bank of India or SBI Car Loan from its personal banking branches and from 60,000 other branches across India. A person can avail this benefit for purchasing a new car, jeep, Multi Utility Vehicle or for a used car or jeep which is not more than 5years old. There is no upper limit on amount of loan but a maximum loan amount of 2.5 times can be sanctioned on the person’s net annual income which should be around 1lakh. This loan includes finance for one time road tax, registration and insurance. The margin charged by SBI is 15% of on the road price for both new and used vehicles.

The Documents required for SBI Car Loan are below:

• The person should have a Savings Account in SBI.
• Bank Statement for the last 6 Months.
• Two Passport Size Photographs.
• Latest Salary Slip and Form 16 in the case of salaried person.
• IT returns for the last two financial year in case of self employed or professionals.
• A person not having an account with SBI can also get the loan on depositing their identity proof and residential proof.

The other benefits that a person can get from SBI Car Loan are as follows:

• Low Interest Rates.
• The loan can be repaid within a period of 84 months from the time the loan is sanctioned.
• SBI exempts their customers from any administration charges.
• There is no hassle of paying advance EMI.
• Interest is levied on daily reducing balance method. When a customer pays one instalment, the interest is automatically calculated on the reduced balance thereafter.

I WANT TO PURCHASE ANEW BIG

Submitted by HEMANT LODHA (not verified) on 19 December 2009 - 3:41pm.

I WANT TO PURCHASE ANEW BIG CAR. I AM A BUSINESSMAN.MY ANNUAL INCOME IS 4 LAKH.

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