How to avail SBI Car Loan

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

The State Bank of India (SBI) offers various types of car loans for those looking to buy a car. These include Regular Car Loan, Certified Pre-owned Car Loan, SBI Loyalty Car Loan for existing home loan borrowers, Assured Car Loan Scheme for existing term deposit customers, and Green Car Loan for Electric Cars.

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

• Zero processing charges
• Financing on 'On-Road price': On-Road price includes registration and insurance; Financing up to 90% of 'On-road Price'
• Interest calculated on daily reducing balance
• Allows purchase of new passenger cars, multi utility vehicles (MUVs) and SUVs
• No advance EMI

• SBI offers car loan at an effective rate of 7.75% p.a.
• Get a special interest concession of 25 bps on applying for the loan through YONO i.e. 7.50% p.a.

Eligibility
Age: 21 to 67 years

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• Net annual income of applicant and/or co-applicant if any, together should be a minimum of Rs. 3,00,000
• Maximum loan amount can be 48 times of the net monthly income

• Maximum loan amount can be 4 times net profit or gross taxable income as per ITR after adding back depreciation and repayment of all existing loans

• Maximum loan amount can be 3 times of net annual income

• Login to your YONO account
• On the home page, click on the menu (three lines) on the top extreme left
• Click on loans
• Click on Car Loan
• Do a quick eligibility check
• Request for the loan by providing a few details
• Find the eligible amount
• Fill up an application form & upload the necessary documents
• Click on Submit

• Bank account statement for last 6 months
• 2 passport size photographs
• Proof of Identity: Any one - Passport/ PAN Card/ Voters ID card/ Driving License
• Address Proof: Any one - Ration card/Driving License/Voters ID card/Passport /Telephone Bill/ Electricity bill/Life Insurance policy
• Income Proof: Latest salary slip
• I.T. Returns or Form 16 for the last 2 years

• Bank account statement for last 6 months
• 2 passport size photographs
• Proof of Identity: Any one - Passport/ PAN Card/ Voters ID card/ Driving License
• Address Proof: Any one - Ration card/Driving License/Voters ID card/Passport /Telephone Bill/ Electricity bill/Life Insurance policy
• Income Proof: ITR for last 2 years
• I.T. Returns or Form 16 for the last 2 years.
• Audited Balance sheet, P&L statement for 2 years, Shop & establishment act certificate / sales tax certificate / SSI registered certificate / copy of partnership.

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