Dreaming to own a luxurious car? Make your delusion comes true with SBI New Car Loan Scheme

Dreaming to own a luxurious car? Make your delusion comes true with SBI New Car Loan Scheme

State bank of India is one of the oldest and most recognized banks in India. The services offered by the bank enabled the people to live the life in a prosperous way by offering loans to the needy person in most of the fields such as Education, House, Personal and much more. The longtime banking experience and the loyalty shown by the people made the SBI, the leading lender bank.  

The loan is the medium which helps the person to buy the goods/services in an easier way and the prime factor in the loan is the interest rate, lower the interest rate means less to pay to the bank against the money borrowed from the bank. In the fast pace of life, there are various banks in India offering the loan at the minimal rate but their terms and conditions, especially penalty give stress to the borrower.

Keeping the same in mind, SBI offered new car loan and personal loan scheme which helps the poor to rich to get the car in an easy way. The interest rate is marginal, the maximum amount is offered, overdraft facility and Insurance coverage are included in the scheme. So, if you are wondering to get the SUV or other cars, then you have landed on the right place as here, you will get the brief information about the new car loan offered by SBI.

Why Choose SBI Car Loan?

SBI is a bank which reaches to the mass and covered the large population through its branches in rural and urban regions and the services provided by the bank are best in par. SBI car loan scheme is not restricted to the elite group as it also covers salaried class, professionals, and even agriculturist. So, undoubtedly, SBI has become the first choice for people to get a car loan. 

What are the features of the New Car Loan offered by the SBI?

  • The prime feature is the lowest interest rate and EMI. In the new car loan scheme, the customer does not have to pay the advanced EMI and EMI is fixed as lowest as possible. Now, the customers can pay the EMI any time amid the month.
  • The interest rate varies from 9.3% to 9.5%.
  • The period for repayment tenure is 7 years.
  • SBI does not charge any pre-payment penalty on a car loan.
  • SBI Car loan includes ‘on road pricing’ means it will cover the cost of registration, Insurance, Service package, and maintenance contract (annual).


Who can grab the new car loan scheme?

  • A regular employee of Central Government/ State Government can avail such scheme.
  • Professionals, Self-employed and businessman can get the car loan offered y SBI.
  • The persons engaged in the agriculture sectors are also eligible to get the car loan.


What is the eligibility to get SBI Car Loan?

  • The age criteria fixed by the SBI for the customer is 21 years and maximum age limit of the customer should be 65 years to avail the Car Loan scheme.
  • A regular employee of Central Government/State Government/ Public Sector Undertaking must have the minimum net annual income of Rs 2, 50,000.  
  • Self-Employed, Professionals and businessman must possess the net profit of Rs 3, 00,000 annually.
  • For the persons who are engaged in the agricultural sector must have the net annual income of Rs 4, 00,000.


How much the SBI will offer for the Car Loan?

  • For the Government Employee, either Union or State, the bank offers the loan value to 48 times of their monthly income.
  • For professional and businessman, the SBI loan limit is 4 times of their net profit.
  • The persons who are involved in the agricultural and allied activities their loan limit is 3 times of their net value income.


What are the documents required for the SBI Car Loan?


For salaried and Non-Salaried persons, the needed documents are listed below:

  • They have to submit bank account statement of last 6 months.
  • A recent passport-sized photograph is required and the quantity should be 2.
  • Address Proof must be enclosed with the form and it can be Driving License, Ration Card, Aadhar Card, Voter ID Card, Passport, Telephone Bill, Electricity Bill, and Water Bill.
  • Income proof is required and for the same, the customer can submit the Salary slip.
  • IT return is also required.
  • An identity proof which can be Pan Card, Passport, Driving License, Voter ID Card, etc.


For the persons engaged in the agricultural sector, the necessary documents required by the bank for the Car Loan are listed below:

  • The prime document is the bank account statement of last 6 months.
  • Address proof is required.
  • Identity proof is also mandatory.
  • A recent passport-sized photograph is also required and that should be 2 in quantity.
  • The person must be engaged in the direct agricultural activity and land should be free of any holding, means the borrower must be the owner of the land, this ownership proof with attached photograph should be submitted to the SBI for a car loan.
  • The persons who are involved in the allied sectors (such as poultry, dairy, fisheries, etc) have to produce the document which acts as the proof of the running activities.


These were the sections of the document and must be fulfilled by the customers to avail the SBI Car Loan. However, if any such document is not submitted, then the application for the car loan may be rejected. So, if you are willing to get a car loan from SBI, then choose your category and note down the necessary required documents as you will have to enclose the same in the application form.


How to apply for the SBI Car Loan?

If you fulfill the above criteria, then you can visit the nearest SBI branch with the documents and can apply for the same. However, if you wish to go for the online method, then go through the steps listed beneath:-

  • Visit the official website of SBI by clicking on the link- Apply For Car Loan
  • Now, scroll down the page and hover the cursor in an option ‘Other Retail Loan’. Soon, you will find further options, click on ‘Auto Loan’.
  • Thereafter, a new page will open and here, you will have to fill the form and attach the documents as well.
  • After completing the above steps, click on the ‘Submit’ button.
  • Once the form is submitted, the bank will verify the documents and after the verification, they will approve for the Car Loan.


That’s it. You are all done. On the off chance, if you stuck at any point then you may call the SBI customer care, the number is toll-free and open for 24*7 which is listed on the official website of SBI. Hence, stay with the SBI and avail the exciting schemes and other offers.

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