{"id":4893,"date":"2018-06-01T04:11:22","date_gmt":"2018-05-31T22:41:22","guid":{"rendered":"https:\/\/www.antworksmoney.com\/blog\/?page_id=4893"},"modified":"2018-06-01T04:11:22","modified_gmt":"2018-05-31T22:41:22","slug":"sbi-used-car-loan","status":"publish","type":"page","link":"https:\/\/www.antworksmoney.com\/blog\/sbi-used-car-loan\/","title":{"rendered":"SBI Used Car Loan"},"content":{"rendered":"

State Bank of India is one of the largest lenders in the country and a Fortune-500 company. Established 200 years ago, this public sector bank is a leading provider of used car loans as well. SBI provide the best car loan scheme for you to purchase a secondhand car, provided it is not older than 5 years. Under SBI used car loans, you can take finance for purchase of pre-owned passenger cars, Multi Utility Vehicles (MUVs) and SUVs that aren\u2019t older than five years. SBI offers easy repayment options and comparatively lower interest rates, thereby quickly establishing itself as a popular pre-owned car financier.<\/p>\n

Features & benefits of SBI used car loans<\/h2>\n

SBI used car loans offer you:<\/p>\n

    \n
  1. No Advance EMI<\/li>\n
  2. Longest and easy repayment tenure (7 years)<\/li>\n
  3. Lowest interest rates<\/li>\n
  4. Lowest EMI<\/li>\n
  5. Loan-to-value upto 85% of on-road price of car ( this includes insurance, registration and accessories worth Rs 25, 000)<\/li>\n
  6. Interest calculated on Daily Reducing Balance basis<\/li>\n
  7. Flexibility of paying EMI anytime during the month<\/li>\n
  8. Low pre-payment penalty, only 2%<\/li>\n
  9. Low processing fee not exceeding 0.51% of loan amount<\/li>\n
  10. SBI Life cover optionally available to applicants<\/li>\n<\/ol>\n

    Eligibility Criteria for SBI Used Car Loans<\/h2>\n

    To avail an SBI used car loan, you should be:<\/p>\n

      \n
    1. An individual between 21-65 years of age.<\/li>\n
    2. A permanent employee of State \/ Central Government, PSUs, private limited company or a reputed establishment, or<\/li>\n
    3. A professional or self-employed individual who is an income tax assesse, or<\/li>\n
    4. A person engaged in agricultural cultivation and allied activities.<\/li>\n<\/ol>\n

      Salaried:<\/p>\n

        \n
      1. The net annual income of applicant and\/or co-borrower if any, together should be Rs. 3,00,000.<\/li>\n
      2. Self-employed, professionals and Proprietary \/ Partnership firms: Net Profit or Gross Taxable income of Rs. 4,00,000 p.a. ( income of co-borrower can be clubbed together.)<\/li>\n
      3. Agriculturist: Net Annual income of applicant and\/or co-borrower together adds up to be Rs. 4,00,000.<\/li>\n<\/ol>\n

        Loan Amount<\/h2>\n

        SBI allows a used car loan amount 2.5 times of net annual income of the applicant. Spouse\u2019s income could also be considered provided the spouse becomes a co-borrower in the loan.<\/p>\n

        Documentation Required for SBI Used Car Loans<\/h2>\n

        Used car loan applicants would need to submit the following documents along with the completed application form to SBI:<\/p>\n

          \n
        1. Borrower\u2019s bank statement copy for last 6 months.<\/li>\n
        2. 2 passport size photographs of borrower(s).<\/li>\n
        3. Signature identification from bankers of borrower(s).<\/li>\n
        4. A copy of passport \/voter\u2019s ID card\/PAN card.<\/li>\n
        5. Proof of residence<\/li>\n
        6. Copy of most-recent salary-slip showing all deductions<\/li>\n
        7. I.T. Returns\/Form 16: Two years for salaried employees and three years for professional\/self-employed\/businessmen duly accepted by the ITO wherever applicable to be submitted.<\/li>\n
        8. Proof of official address for non-salaried individuals<\/li>\n<\/ol>\n

          Margin<\/h2>\n

          A margin of 15% of the on the road price is required (which includes vehicle registration charges, insurance, one-time road tax and accessories).<\/p>\n

          Repayment<\/h2>\n

          Customers can enjoy the longest repayment period in the industry with SBI used car loans–as long as 84 months. A longer tenure can mean lower EMIs for borrowers.<\/p>\n

          Processing Fee<\/h2>\n

          SBI charges a flat processing fee at 0.51% of loan amount on used cars.<\/p>\n

          SBI Used Car Loan Interest rates:<\/h2>\n

          SBI charges a percentage point of 0.45% over base rate for applicants who are men, and 0.40% over base rate for women applicants on its used car loans. Interest rates also vary for loans on used and certified cars and for terms above 3 years.<\/p>\n","protected":false},"excerpt":{"rendered":"

          State Bank of India is one of the largest lenders in the country and a Fortune-500 company. Established 200 years ago, this public sector bank is a leading provider of used car loans as well. SBI provide the best car loan scheme for you to purchase a secondhand car, provided it is not older than … Continue reading “SBI Used Car Loan”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-4893","page","type-page","status-publish","hentry"],"yoast_head":"\r\nSBI Used Car Loan | Antworks Money - The Blog on Personal Finance | Guide to Loans, Credit Cards, Insurance and Investments<\/title>\r\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\r\n<link rel=\"canonical\" href=\"https:\/\/www.antworksmoney.com\/blog\/sbi-used-car-loan\/\" \/>\r\n<meta property=\"og:locale\" content=\"en_US\" \/>\r\n<meta property=\"og:type\" content=\"article\" \/>\r\n<meta property=\"og:title\" content=\"SBI Used Car Loan | Antworks Money - The Blog on Personal Finance | Guide to Loans, Credit Cards, Insurance and Investments\" \/>\r\n<meta property=\"og:description\" content=\"State Bank of India is one of the largest lenders in the country and a Fortune-500 company. 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