(SBI) offers various types of car loans for those looking to buy a car. These include regular car loans, certified pre-owned car loans, State Bank Of India Loyalty car loan For existing home loan borrowers, assured car loan scheme for existing term deposit customers and green car loan for electric cars.

Here’s a step-by-step guide on how to take advantage SBI Car LoanAccording to a press release issued by the bank.

Features and Benefits

• zero processing fee
• Financing at ‘On-Road Price’: The on-road price includes registration and insurance; Financing up to 90% of the ‘On-Road Price’
• Calculation of interest on daily reducing balance
• Allows purchase of new passenger cars, multi utility vehicles (MUVs) and SUVs
• No Advance EMI

Rate of interest:

• SBI offers car loans at an effective rate of 7.75% p.a.
• Avail a special interest concession of 25 bps i.e. 7.50% p.a. on applying for loan through YONO

Car Loan Tenure: 3 – 7 years

Eligibility

Ages: 21 to 67 years

Regular Employees of Central Public Sector Enterprises, Defense Salary Package, Para Military Salary Package / Indian Coast Guard Package / Clients of various Defense Establishments and Short Commissioned Officers

• Net annual income of the applicant and/or co-applicant, if any, together shall not exceed Rs. 3,00,000
• Maximum loan amount can be 48 times of net monthly income

Professional / Self Employed / Businessman / Proprietary Firm / Partnership Firm / Other Income Tax Assessee
Net profit/gross taxable income of self and/or co-applicant is Rs. 3, 00,000 per annum

• The maximum loan amount that can be taken after adding depreciation and repayment of all existing loans is 4 times the net profit or gross taxable income as per ITR

Individuals engaged in agriculture and allied activities (Income tax return is not required in case of farmers)
The net annual income of the applicant and/or co-applicant together shall not exceed Rs. 4, 00,000

• Maximum loan amount can be 3 times of net annual income

apply online

Get Car Loan Using YONO SBI:

• Login to your YONO account
• On the home page, click Menu (three lines) in the top left
• Click on Loan
• Click on Car Loan
• Quick Eligibility Check
• Request for loan by providing some details
• find the right amount
• Fill an application form and upload required documents
• click submit

Required Documents
Salaried*

• Bank account details of last 6 months
• 2 passport size photographs
• Proof of Identity: Any one – Passport/PAN Card/Voter’s Identity Card/Driving License
• Address Proof: Any one – Ration Card / Driving License / Voter ID Card / Passport / Telephone Bill / Electricity Bill / Life Insurance Policy
• Income Proof: Latest Salary Slip
• IT Return or Form 16 for the last 2 years

*Form 16/ITR waived off for SBI Salary Package customers who are maintaining their salary account with the bank for a minimum period of 12 months
*Bank account details waived off for SBI salary package customers who are maintaining salary account with the bank

Non-Salaried/Professional/Businessman

• Bank account details of last 6 months
• 2 passport size photographs
• Proof of Identity: Any one – Passport/PAN Card/Voter’s Identity Card/Driving License
• Address Proof: Any one – Ration Card / Driving License / Voter ID Card / Passport / Telephone Bill / Electricity Bill / Life Insurance Policy
• Income Proof: ITR for last 2 years
• IT Returns or Form 16 for the last 2 years.
• Copy of Audited Balance Sheet, P&L Statement for 2 years, Shop & Establishment Act Certificate / Sales Tax Certificate / SSI Registered Certificate / Partnership.