State Bank of India
26 Mar 2007
Eligibility
* Permanent employees of reputed establishments
* Professionals and self-employed who are income tax assesses
* Persons engaged in agriculture and allied activities.
Loan Amount
Normally a maximum of Rs8 lakh for new vehicles and Rs5 lakh for old vehicles. Higher amounts may also be given. The actual amount will be determined based on repayment capacity. A maximum of 2 times the net annual income will normally be sanctioned. Income of your spouse can also be considered provided the spouse guarantees the loan
Margin
| New vehicles | 15 per cent when loan is up to Rs4 lakh |
| 20 per cent when loan exceeds Rs4 lakh | |
| Old vehicles | 30 per cent for vehicles up to 2 years old 40 per cent for vehicles 2-4 years old |
Interest
Scheme REVISED INTEREST per cent P.A.
(w.e.f. 1st April 2002) SBI CAR LOAN SCHEME 12.50
Repayment
Longest repayment period
New vehicles: Maximum 84 months
Old vehicles: up to 2 years old - Maximum 60 months
2-4 years old - Maximum 36 months.
You may prepay at will with no prepayment penalty
Security
A charge on the vehicle financed. Guarantee of the spouse if his/her income has been considered under eligibility. Some other security may also be required in certain cases.