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  • SBI Combo Loan Scheme

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  • SBI Combo Loan Scheme is targeted towards people who want to borrow a loan to receive financial aid while purchasing a car as well as a two-wheeler at the same time. Using this scheme, a candidate can withdraw up to 85% of the on-road price of the car and motorcycle that he or she has selected. This includes the total service package, extended warranty, annual maintenance contract, or price of the accessories in addition to insurance and registration. Once the loan is approved, the portions for the car loan and the two-wheeler loan are disbursed simultaneously or within a month.

    Features of SBI Combo Loan Scheme

    See the list below to check out the important features of this loan scheme.

    • Loan AmountThe maximum loan amount that can be withdrawn using the SBI Combo Loan Scheme is categorised in three segments according to the occupation of the candidate. A salaried individual can withdraw up to 48 times his or her net monthly income through this scheme. If the individual is self employed or is part of a partnership or proprietary firm, he or she is eligible for a loan subject to a maximum of 4 times the net profit or gross taxable income according to his/her Income Tax Return (ITR). This amount is deduced after factoring all the existing loans and depreciation. Using this plan, an agriculturist can also secure a loan up to 3 times his or her net annual income.
    • Loan Tenure State Bank of India (SBI) offers flexible loan tenure to its customers. A candidate can choose to repay the debt under this scheme for a maximum of 7 years.
    • Interest Rate Depending of the credit profile of the candidate, SBI offers a rate of interest (ROI) ranging from 8.70% to 9.20% under SBI Combo Loan Scheme. The interest of this scheme is calculated based on the daily outstanding debt.
    • Processing FeeIn case a person wants to withdraw a loan amount of Rs.6 lakh using this scheme, he or she will have to pay a processing fee of Rs.1,000 + GST. On the other hand, if the loan amount is more than Rs.6 lakh then the processing fee levied will be Rs.1,500 + GST.
    • Prepayment Fee The bank does not charge any prepayment penalty on individuals who have decided to opt for this loan.
    • Loan Margin When the net annual income of the candidate is less than Rs.10 lakh, the loan margin is 15% of the on-road price of the selected car. On the other hand, if the net annual income of the person is more than Rs.10 lakh, he or she can choose between 20% of the on-road price and 15% of the ex-showroom price of the selected car as loan margin.
    • Optional Life CoverageThe applicants for this scheme have the additional benefit of opting for a life coverage in addition to the funds received from the loan.

    SBI Combo Loan Scheme Eligibility Criteria

    Check out the SBI car loan eligibility criteria mentioned below to see whether you can avail the benefits of this loan or not.

    • Age: In order to apply for this loan, the age of the candidate should belong to the age group between 21 and 65 years.
    • Occupation: This loan is offered to employees of the Central/State Government, public sector undertakings, private companies, or any other reputed establishments. If you are a self-employed individual, businessman, or part of a partnership or proprietary firm then you are eligible for this scheme. Additionally, candidates who are agriculturists or associated with an allied activity can also secure this loan.
    • Income: The minimum income of a candidate required to avail this loan varies according to his or her occupation.
      • Salaried professionals and pensioners - This loan is offered when the minimum net annual income of all the co-applicants together is at least Rs.2.5 lakh.
      • Self-employed individuals and partnership/proprietary firms - Candidates can avail this loan when the net profit or gross taxable income of all the co-applicants is clubbed together and amounts to Rs.4 lakh or more.
      • Agriculturists - This loan can be secured by agriculturists whose net annual income is a minimum of Rs.4 lakh. In case there is a co-applicant, the net annual income of all the candidates is considered unitedly in such a scenario.
    • Credit Score: Credit history plays a crucial role in determining if an applicant is eligible for a loan. In order to avail this loan, the individual must have a minimum credit score of 750.

    Documents Required for SBI Combo Loan Scheme

    Below mentioned is the list of documents that a person will need to submit if he or she wants to secure this loan.

    • Application form
    • Proof of identity such as Passport, PAN Card, or Voters’ ID
    • Address proof of the applicant
    • Official address proof in case of a non-salaried candidate
    • Bank statement of the individual for the last 6 months
    • Latest salary slip mentioning all the deductions
    • Income Tax Return (ITR) or Form 16 of the previous 2 years that was accepted by the Income Tax Office
    • 2 passport-sized photographs
    • Invoices of the car and two-wheeler purchases

    You won’t need to apply for two different loans anymore in order to purchase a car and a two-wheeler simultaneously. With SBI Combo Loan Scheme, you can now get the funds at the same time to buy the car and motorcycle that you have always wanted. With zero advance EMI and prepayment penalty, low interest rates, and flexible repayment options and loan tenure, you can receive the loan amount quickly to take care of your motorcycle and car-buying needs together. When you avail this loan, you will not have to pay a large amount as interest for two different loans. Instead, you can get the required funds and repay the debt at a single interest rate.

    You can submit your application and other necessary documents at your nearest SBI branch. Once the submitted details are verified, the funds will be immediately transferred to your bank account.

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