State Bank of India Car Loans

State Bank of India is one of the prominent nationalized banks of India, offering out-standing car loans to suit the customers' needs. The main features of SBI Car Loan Scheme include:

Low interest rates
Easy repayment options
Total transparency
Low processing charges
Finance to include vehicle registration charges
Insurance
One time road tax

Customers can apply for an SBI Car Loan to purchase any of the under mentioned vehicles:

A new car, jeep, Multi Utility Vehicle (MUV) or SUV - Any make or model)
An old car / jeep / MUV /SUV (not more than 5 years old) - Any make or model)

Loan Amount

There is no upper limit for the amount to avail a car loan from SBI. It is limited only by the repaying capacity of customers. A maximum loan amount of 2.5 times the net annual income can be sanctioned. If the customer is married, his / her spouse's income could also be considered provided the spouse guarantees the loan. The loan amount includes finance for one-time road tax, registration and insurance! Loan amount for used cars is subject to a maximum limit of Rs.15 lakhs.

Eligibility for Loan

To avail an SBI Car Loan, one should be

An Individual between the age of 21-65 years of age.
A Permanent employee of State/Central Government, Public Sector Undertaking, Private company or a reputed establishment or
A Professionals or self-employed individual who is an income tax payer or
A Person engaged in agriculture and allied activities.
A person whose net Annual Income Rs.75,000/- and above.

Margin on Loan

New/used vehicles 15% when loan is up to Rs.6 lakhs
30% when loan exceeds Rs.6 lakhs

For other details about the SBI Car loans, click on the link: http://www.statebankofindia.com/viewsection.jsp?id=0,1,20,117