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SBI Car Loan

SBI car Loans are available for purchase of new passenger cars, Multi Utility Vehicles (MUVs) and SUVs with minimum loan component of Rs. 5.0 lakh and above.


You can also take finance for purchase of passenger cars, Multi Utility Vehicles (MUVs) and SUVs not more than five years old.

Loan Amount

Maximum Loan amount will be 2.5 times of net annual income. Spouse's income could also be considered provided the spouse becomes a co-borrower in the loan.

Margin

15% of the on the road price (which includes vehicle registration charges, insurance, one-time road tax and accessories).

Repayment Period

Maximum repayment period for new vehicles is 84 months

Maximum repayment period for used vehicles is up to 84 months from the date of original purchase of the vehicle.

Documents Required

You would need to submit the following documents along with the completed application form:

  • Statement of Bank account of the borrower for last 12 months.
  • 2 passport size photographs of borrower(s).
  • Signature identification from bankers of borrower(s).
  • A copy of passport /voters ID card/PAN card.
  • Proof of residence.
  • Latest salary-slip showing all deductions
  • I.T. Returns/Form 16: 2 years for salaried employees and 3 years for professional/self-employed/businessmen duly accepted by the ITO wherever applicable to be submitted.
  • Proof of official address for non-salaried individuals.

SBI Products:


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