Personal Finance

Looking to apply for SBI car loan? Check eligibility, other details here

Updated : November 23, 2020 11:59 AM IST

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).

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).

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:

Statement of bank accounts for the last 6 months
2 passport size photographs
Proof of identity
Address proof
Income proof: Latest salary slip, Form 16
I-T returns or Form 16 for the last 2 years.
Proof of identity: - (Copy of any one) passport/ PAN/ voters ID card/driving license, etc.
Address proof:- (Copy of any one) ration card/driving license/voters ID card/passport /telephone bill/ electricity bill/life insurance policy

Looking to apply for SBI car loan? Check eligibility, other details here

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