IloveIndia

IloveIndia
SBI is a leading player in car financing in India. Here is useful information regarding SBI car loan schemes.

SBI

State Bank, the largest bank in India, offers attractive auto loans. State Bank Auto Loan has low interest rates, easy repayment options, and total transparency. Finance package includes vehicle registration charges, insurance, one-time road tax and accessories. And as State Bank branches are located even in remote areas, it is easy to apply. Loan can be availed for new or old car, jeep or Multi Utility Vehicles.

Features
Eligibility
Anyone with net annual income of Rs One Lakh is eligible for auto loan of SBI. The individual must be between the age of 21-65 years of age. He must be a permanent employee of State / Central Government, Public Sector Undertaking, Private company or a reputed establishment or a professional or self-employed individual who is an income tax assessee. People engaged in agriculture and allied activities can also avail SBI loan.

Loan Amount
The upper limit for car loan amount is not fixed. The bank could sanction a maximum loan amount of 2.5 times the net annual income. Spouse's income could also be considered if the spouse becomes a co-borrower. The sanction amount includes finance for one-time road tax, registration and insurance. Loan amount for used car has the maximum limit of Rs 15 lakhs.

Documents Needed
The applicants need to furnish residence proof, identity proof and income proof besides the copy of PAN card. SBI account holders need not produces proof regarding residence and identity.