SBI Loyalty Car Loan Scheme

SBI Loyalty Car Loan Scheme Eligibility

Find out if you are eligible to apply for the SBI Loyalty Car Loan Scheme. Listed below are the eligibility criteria for the scheme:

1. You should have availed a home loan from SBI. 

1. You must have paid all EMIs by the due date for at least one year after the moratorium period. 

1. You must have occupied the house. 

1. A valid equitable mortgage must have been created. 

1. You must have at least 15% as the security margin for construction/purchase of house/plot. 

1. All the relevant terms and conditions should be completed. 

Documents Required for SBI Loyalty Car Loan Scheme

Visit the State Bank of India webpage to download the car loan application form. Submit the duly-filled and signed application form with the necessary document proofs which include:

1. Identity proof: Aadhaar card, PAN card, Passport, Driving Licence, and Voters ID card.
2. Age proof: Birth certificate and 10th or 12th certificates.
3. Income proof: Form 16, IT-returns, and the last 3 months' salary slips and bank statements.
4. Address proof: Ration card and utility bills like telephone and electricity bills.
5. Car loan up to Rs.5 lakh: A letter from the applicant authorising SBI to exercise lien on title deeds and retain them until the car loan is repaid in full.
6. Car loan above Rs.5 lakh: The equitable mortgage of the home loan will be extended to cover car loans above Rs.5 lakh.

You can submit the car loan application form and the necessary document proofs at the nearest SBI branch in your area. The bank will verify the details furnished by you and process the car loan application form. Upon approval, the car loan amount will be disbursed immediately to your bank account.

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