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SBI Car Loans |
| Carloanshub » International Banks offering Car Loans » SBI Car Loans |
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SBI bank is one of the popular names in the list of International Banks offering Car Loans. Advantages of SBI Car Loans are low interest rates, total transparency, easy repayment options, one time road tax, insurance, no processing charges. Another advantage is that it is also inclusive of registration charges of the vehicle. If the loan is for a brand new car, then loan can be availed on any car model, but it has to be within 5 years from the date of manufacturing.
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Like any other popular International bank, there are some criteria, which need to be fulfilled for availing the car loan. The prime eligibility criterion of SBI Car Loans is the age of the applicant, which is to be within 21 to 65 years. The applicant has to be an income tax payer and he/she can be a self employed individual. The person can also be a permanent employee of the Central Government or the State Government or the Private firm or a permanent employee in a reputed company. Persons engaged in an agricultural activity or some allied activities, can also avail SBI Car Loans. The most important criterion which makes you eligible for the loan is your annual income, which has to be a minimum of RS. 75,000.
Loan amount of SBI Car Loans is solely dependent on the repaying capacity of the individual. SBI sanctions a maximum of 2.5 times of the net annual income. However, spouse's income can also be taken into consideration in deciding the annual income. The loan amount is inclusive of one time road tax, insurance and also registration formalities.
The interest of SBI Car Loans can be either fixed or floating, depending upon the wish of the applicant. Some individuals opt for floating rate loan, in which the rate of interest varies with State Bank Advance Rate, thus there is an increase or decrease in the interest rate from time to time. However, in case of fixed interest rate, the rate never varies in the total tenure. However, fixed rate option can only be availed for cars loans and the maximum loan amount that you would receive is 5 lakhs (Indian currency). It is important to note here that you need to repay the loan within a period of 84 months. The EMIs are larger if the repayment period is shorter and vice versa.
Required documents for SBI Car Loans are proof of residence, copy of Voter's ID card or passport or PAN card, passport sized photographs, signature identification, bank statement, Income Tax Returns, latest salary slip along with proof of official address. Residence proof is required if the applicant is not an account holder of SBI.
Online assistance is provided by SBI, in case of any clarification for availing car loans.
In order to know about other International Banks offering Car Loans, keep on browsing the related sites of carloanshub.com
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