SBI has launched the New Car Loan Scheme that comes with affordable interest rates, low EMIs, minimum documentation, and easy disbursal. This scheme can be availed for the purchase of SUVs (Sport Utility Vehicles), MUVs (Multi Utility Vehicles) or new passenger cars.
Some of the main features of the scheme are:
Men – Interest rate of 0.60% and MCLR of 9.70% p.a.
Women – Interest rate of 0.55% and MCLR of 9.65% p.a.
The following eligibility criteria should be met in order to avail an SBI new car loan:
Income criteria – In this case, the net yearly income of the applicant and co-applicant should be at least Rs.3,00,000.
Income criteria – In this case, the gross taxable income or net profit should be Rs.4,00,00 p.a., where income of the co-applicant can also be clubbed together.
Income criteria – The net yearly income of applicant along with the co-applicant’s should be a minimum of Rs.4,00,000.
Documents required in order to apply for the SBI New Car Loan Scheme along with a duly signed application form are:
Individuals working in agricultural and allied activities:
Ownership proof of the land in the name of borrower. Land should be on freehold basis.
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