Loan interest

How to benefit from the SBI auto loan

The (SBI) offers different types of auto loans for those looking to buy a car. These include Regular Car Loan, Certified Used Car Loan, SBI Loyalty Car Loan for Existing Home Loan Borrowers, Insured Car Loan Program for Existing Customers with Term Deposit and green car loan for electric cars.

Here is a step-by-step guide on how to qualify for an SBI car loan, according to a press release issued by the bank.

Features and Benefits

  • No processing fees
  • Financing on ‘On-Road Price’: The On-Road price includes registration and insurance; Financing up to 90% of the “Price on the road”
  • Interest calculated on the daily declining balance
  • Allows the purchase of new passenger cars, multi-utility vehicles (MUVs) and SUVs
  • No advanced EMI

Interest rate:

  • SBI offers a car loan at an effective rate of 7.75% pa
  • Obtain a special interest concession of 25 bps when applying for a loan via YONO, i.e. 7.50% pa

Duration of the auto loan: 37 years

Eligibility

Age: 21 to 67 years old

Regular employees of central public sector companies, defense salary package, para-military salary package / Indian Coast Guard package / short-term clients and officers from various defense establishments

  • The net annual income of the applicant and / or co-applicant, if applicable, must be at least Rs. 3,000,000
  • The maximum loan amount can be 48 times the net monthly income

Professionals / Self-employed / Entrepreneurs / Own-account companies / Partnership companies / Other tax contributions
Net profit / gross taxable income of self and / or co-applicant of Rs. 3,00,000 pa

  • Maximum loan amount can be 4 times net profit or gross taxable income according to ITR after adding amortization and repayment of all existing loans

Persons engaged in agriculture and related activities (income tax declaration is not required in the case of farmers)
The net annual income of the applicant and / or co-applicant must be at least Rs. 4,00,000

  • The maximum loan amount can be equal to 3 times the annual net income


Apply online


Benefit from a car loan with YONO SBI:

  • Log into your YONO account
  • On the home page, click on the menu (three lines) at the top far left
  • Click on loans
  • Click on Auto loan
  • Do a quick check of your eligibility
  • Apply for the loan by providing some details
  • Find the eligible amount
  • Fill out an application form and upload the necessary documents
  • Click Submit

Required documents
Employee *

  • Bank statement for the last 6 months
  • 2 passport size photos
  • Proof of Identity: Anyone – Passport / PAN Card / Voter ID Card / Driver’s License
  • Proof of Address: Anyone – Ration Card / Driver’s License / Voter ID Card / Passport / Telephone Bill / Electricity Bill / Life Insurance Policy
  • Proof of income: last payslip
  • Computer declarations or Form 16 for the last 2 years

* Form 16 / ITR is deleted for clients of the SBI salary package who keep their salary account with the Bank for at least 12 months
* Bank account statement is deleted for SBI salary package clients who maintain a salary account with the bank

Self-employed / professionals / businessmen

  • Bank statement for the last 6 months
  • 2 passport size photos
  • Proof of Identity: Anyone – Passport / PAN Card / Voter ID Card / Driver’s License
  • Proof of Address: Anyone – Ration Card / Driver’s License / Voter ID Card / Passport / Telephone Bill / Electricity Bill / Life Insurance Policy
  • Proof of income: ITR for the last 2 years
  • IT Returns or Form 16 for the last 2 years.
  • Audited balance sheet, Income statement over 2 years, Certificate of trade and establishment act / Sales tax certificate / SSI registered certificate / Copy of partnership.


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