State Bank Of Patiala Car Loan Eligibility

I want to apply for Car Loan in State Bank Of Patiala so can you please tell me the eligibility criteria to apply for Car Loan?

State Bank Of Patiala provide Car Loan Scheme for Financing of Purchase of New Car.

Car Loan

Eligibility-

To avail an SBI Car Loan, you should be an individual aged 21 to 65 years, belonging to one of the following 3 categories:

Regular employee of State / Central Government, Public Sector Undertaking, Private Company or a reputed establishment-

Income Criteria-

Net Annual Income of applicant and/or co-applicant if any, together should be a minimum of Rs. 3,00,000/-

Max. Loan Amount-

48 times of the Net Monthly Income

Professionals, self-employed, businessmen, proprietary/partnership firms who are income tax assesses.

Income Criteria-

Net Profit or Gross Taxable income of Rs. 4,00,000/- p.a.
(income of co-applicant can be clubbed together)

Max. Loan Amount-

4 times Net Profit or Gross Taxable income as per ITR after adding back depreciation and repayment of all existing loans

Person engaged in agricultural and allied activities.

Income Criteria-

Net Annual income of applicant and/or co applicant together should be a minimum of Rs. 4,00,000/-

Max. Loan Amount-

3 times of Net Annual Income

Loan amount-

Minimum Loan amount :

Term loan : No limit
Overdraft : Rs. 3 lacs

Maximum Loan amount :

For Salaried : 48 Times the Net Monthly Income (NMI)
For Agriculturists : 3 Times the Net Annual Income (NAI)
For others : 4 Times the Net Annual Income (NAI)

Loan Term-

Maximum 7 Years subject to liquidation of loan before the borrower reaches the age of 70 years

Processing Fee : 0.51% of the Loan Amount with a Minimum of Rs.1020 & Maximum of Rs.10200 ( Rs.5100/- for Mercedes car)

Interest Chargeable (In case of Fixed Rate Loans)-

Term Loan : 9.95 % p.a. (0.45% above MCLR )
Overdraft : 10.45% p.a. (0.95% above MCLR )

Contact-

State Bank of Patiala Head office,
The Mall, Patiala
Tel: 0175-2395629
E-mail id.
gmtry@sbp.co.in

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Answered By StudyChaCha Member