SBI bank is one of the most trusted banks for personal facilities. It is an Indian multinational public sector banking and financial services. SBI established on 1 July 1995 and their headquarters in Mumbai.
SBI Loyalty Car Loan Scheme is offered to the existing SBI home loan borrower by the SBI for the purchase of new and used cars that are available in the passenger and commercial vehicles segments. This loan scheme offers to those customers who have already taken car loans from SBI. The finance can be made 100% of the on road price of the car. Both salaried and self employed of with age of 21 years to 65 years are eligible to get the loan as per scheme.
1. Flexible repayment tenure :
SBI loyalty car loan scheme offers best and flexible repayment tenure to the customers who want to buy their new dream car. The repayment tenure of SBI loyalty car loan scheme is 1 years to 7 years.
2. Affordable interest rate :
The minimum interest rate of SBI Bank combo car loan scheme is 8.70% and the maximum interest rate is 9.5%. Basically the rate of interest will be decided by the bank according to the customer age, employment type, overall profile and the most probably Cibil score. It offers the lowest interest rate to the customers.
3. No prepayment penalty :
SBI Bank loyalty car loan scheme charges no part payment penalties and foreclosure charges. Basically SBI bank loyalty car loan scheme applies no charges.
4. Processing fees :
The SBI loyalty car loan scheme charges processing fee is upto Rs 6 lakh (Rs.1000 plus GST) and Above Rs.6 lakh (Rs.1500 plus GST).
|
ELIGIBLE |
Regular employees of state and central government, public sector undertakings, private sector companies, corporations, Agriculturists, businessmen, self employed individuals, professionals , proprietary and partnership firms. |
|
AGE |
21 years to 65 years |
|
INCOME |
Minimum income per month Rs.20000 p.a. |
|
CREDIT SCORE |
750 or above have higher chances to loan approved |
|
TYPE |
CHARGES |
|
Processing fee |
Upto Rs.6 lakh (Rs.1000 plus GST) Above Rs.6 lakh (Rs.1500 plus GST) |
|
Charges |
No charges apply |
While applying for a car loan properly check all the documents that are mentioned below. Without these documents loan is not possible to get.
1. ID Proof : Aadhar card, pan card, passport, voter id
2. Address Proof : Electricity bill, registry, rental agreement, voter id, Aadhar card
3. Income proof : Latest 6 months Bank Statement, Latest salary slip, Last 2 years ITR or Form 16
|
BANKS |
INTEREST RATE |
|
9.05% to 11.30% |
|
|
14.80% to 16.80% |
|
|
13.99% |
|
|
15.00% |
|
|
8.00% to 10.75% |
|
|
8.70% to 9.20% |
|
|
9.75% |
|
|
8.70% to 9.5% |
|
|
8.80% to 10.50% |
|
|
12.75% to 15.30% |
|
|
13.75% to 16% |
|
|
8.00% to 24% |
|
|
9.25% |
|
|
9.30% to 12.85% |
|
|
9.30% to 9.90% |
|
|
12% to 14% |
|
|
10.65% to 15.50% |
|
|
8.85% |
|
|
8.95% |
|
|
7.75% to 10.30% |
|
|
8.45% |
|
|
8.9% to 9.35% |
There is multiple ways by which you can apply for SBI Loyalty car loan scheme like
Offline Method : By visiting to SBI branch office
Online Method :
Firstly browse to SBI bank website
Now click on “Personal”
In personal menu click on “Loans”
After that go to “Auto Loan”
Now click on “ SBI Loyalty car loan scheme”
Click on Apply now and fill the application form
Attach all required documents with application form and submit it
In few you will notify whether you are eligible or not for the loan
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The maximum interest rate charged by SBI loyalty car loan scheme is 8.70%.to 9.20%.
The SBI loyalty car loan scheme amount limit is 85 percent of on road price of the car.
No, there are no charges applied for SBI loyalty car loan schemes.
The age should be 21 years to 65 years required for SBI loyalty car loan scheme.
The tenure period is 1 years to 7 years of SBI loyalty car loan scheme.
Last Updated on : 27/Jul/2020Know More About
You're eligible for a Sbi Loyalty Car Loan Scheme if you:
Are legally adult enough to handle it
Have still got it
Get a regular pay check
Make more than a basic buck
Your eligibility depends on:
Earn more than minimum income required
Maximum allowed Car Loans is Rs. 10K to Rs. 45 lakhs
EMIs of other loans loweryour eligibility
Boost your eligibility by:
Pay off your credit card bills
Choose longer tenure loan up to 5 years
Nothing gets done without that paperwork (which we'll happily carry over to the bank for you, no sweat). Here's what you'll need:
- 1. Photo ID and age proof
- 2. Signed application form with photograph
- 3. Residence proof
- 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
Updated on 25 Nov 2017
| Sbi Loyalty Car Loan Scheme Details | |
|---|---|
| Interest Rate (Monthly reducing balance) | 8.7% - 9.5% |
| Processing Fees | Loan amount upto Rs 6 Lakh : (Rs.1000 plus GST) and Above Rs 6 Lakh : (Rs.1500 plus GST) |
| Loan Tenure | 1 year to 7 years |
| Pre-closure Charges | Varies with bank |
| Guarantor Requirement | Varies with bank |
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