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  • SBI Loyalty Car Loan Scheme

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  • SBI Loyalty Car Loan Scheme is offered to the existing SBI home loan borrowers by the State Bank of India for the purchase of new and used cars that are available in the passenger and commercial vehicle segments. SBI car loan is available for most makes and models of cars in the Indian market. This scheme was introduced under the ‘Her Ghar Her Car’ theme in an effort to empower women by offering low-interest car loans to existing SBI home loan borrowers.

    Features of SBI Loyalty Car Loan Scheme

    Here are some important features of the SBI Loyalty Car Loan Scheme:

    • Loan amount: You can get up to 100% of the on-road price of the car under the SBI Loyalty Car Loan Scheme. SBI home loan borrowers can get up to 75% of the present market value of the house/property minus the current outstanding in the home loan account and home equity, if any. The current market value of your property will be determined based on a fresh valuation report from an empanelled valuer. In this case, the bank may reduce the income criteria of the applicant as the car loan will be secured by the extension of house/property mortgage.
    • Loan Tenure: The SBI Loyalty Car Loan Scheme offers auto loans for a repayment period of 1 to 7 years.
    • Interest rate: For men, SBI offers 1.15% over 1-year MCLR which is 9.10% p.a. and for women, the bank offers 1.10% over 1-year MCLR which is 9.05% p.a. Applicants with a credit score of 750 and above can get a car loan at the lowest interest rate of 0.75% over 1-year MCLR which is 8.70% p.a., subject to the individual’s eligibility criteria.
    • Processing fee: For car loans up to Rs.6 lakh, the bank levies Rs.1,000 + GST as processing fee and for car loans above Rs.6 lakh, the processing fee is Rs.1,500 + GST.
    • Prepayment fee: There is no prepayment penalty fee applicable to this 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:

    • Age: Applicants must be aged between 21 to 65 years.
    • Income: Minimum net annual income of the applicant must be Rs.2 lakh. If there is a co-applicant, then the minimum income of the applicant and co-applicant together must be Rs.2 lakh.
    • Occupation: Regular employees of state and central governments, Public Sector Undertakings (PSUs), private sector companies, corporations, and other reputable organisations. Agriculturists, businessmen, self-employed individuals, professionals, proprietary and partnership firms can also avail the SBI Loyalty Car Loan Scheme.
    • Credit Score: Applicants with a good credit score of 750 or above have higher chances of car loan approval. Lenders look at credit scores of the applicants as it indicates the individual’s creditworthiness.

    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:

    • Identity proof: Aadhaar card, PAN card, Passport, Driving Licence, and Voters ID card.
    • Age proof: Birth certificate and 10th or 12th certificates.
    • Income proof: Form 16, IT-returns, and the last 3 months’ salary slips and bank statements.
    • Address proof: Ration card and utility bills like telephone and electricity bills.
    • 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.
    • 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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