State Bank of India

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

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.