By Anshul Nov 23, 2020 11:59:57 AM IST (Published)
The State Bank of India (SBI) offers car loans with a repayment tenure of up to 7 years.
The State Bank of India (SBI) offers car loans with a repayment tenure of up to 7 years. This type of loan can be used to purchase new passenger cars, multi-utility vehicles (MUVs) and sports utility vehicles (SUVs).
Recommended Articles
View All
The financing is done 'on-road price', which includes registration, insurance and extended warranty/total service package/annual maintenance and contract/cost of accessories. No advance EMI is required for this and optional SBI Life Insurance cover is available, claims SBI.
To avail of an SBI car loan, one should be an individual aged 21 to 67 years, belonging to one of the following 3 categories:
| Category | Income Criteria | Maximum Loan Amount |
| Regular employees of Central Public Sector Enterprises (Maharatnas/ Navratnas/ Miniratnas). Defense Salary package (DSP), Para Military salary package (PMSP) & Indian Coastal Guard Package (IGSP) Customers and Short Commissioned Officers of various Defence establishments. | Net Annual Income of applicant and/or co-applicant if any, together should be a minimum of Rs 3,00,000. | 48 times of the Net Monthly Income. |
| Professionals, Self-employed, Businessmen, proprietary/partnership firms and others who are income tax assesses | Net Profit or Gross Taxable income of Rs. 3,00,000 p.a. | 4 times Net Profit or Gross Taxable income as per ITR after adding back depreciation and repayment of all existing loans. |
| (income of co-applicant can be clubbed together). | ||
| Persons engaged in agriculture and allied activities. An income Tax return is not required in the case of agriculturists. | The net Annual income of the applicant and/or co-applicant together should be a minimum of Rs 4, 00,000. | 3 times of Net Annual Income. |
(Source: sbi.co.in)
Salaried individuals looking to take an SBI car loan need to submit these documents:
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!