State Bank of Bikaner and Jaipur Car Loan Eligibility Overview
State Bank of Bikaner and Jaipur (SBBJ) has its origins in 1943 when the Bank of Jaipur Ltd. and the Bank of Bikaner Ltd were established. These 2 banks became subsidiaries of the State Bank of India at 1960 and later in 1963 they were consolidated to become State Bank of Bikaner and Jaipur. The bank has a widespread presence in India with around 1049 branches. SBBJ aims to provide value-driven banking solutions to its customers.
SBBJ car loan scheme is provided to customers for the purpose of purchase of new cars as well as old cars, including vehicles such as MUVs, SUVs, Jeep, etc. The Bank offers car loans at low interest rates and with easy EMI options.
Eligibility Criteria for State Bank of Bikaner and Jaipur Car Loan
- Salaried employees as well as pensioners who earn a net annual income of at least Rs. 3 lakh, is eligible to apply for a SBBJ car loan. For this purpose, the applicant need not have a salary account with the Bank.
- Professionals, self-employed, partnership and proprietary firms with a net profit or gross taxable income of at least Rs. 4 lakhs as shown in their Income Tax Returns.
- Agriculturists: Any individual whose primary source of income is from agriculture and related activities are eligible to apply for the car loan from SBBJ if they have a net annual income of at least Rs. 4 lakhs.
- The borrower must not be older than 70 years of age at the time of loan maturity.
Factors affecting State Bank of Bikaner and Jaipur Car Loan Eligibility
When you apply for a car loan, there are other underlying factors that helps a bank to determine whether you are eligible or not. Several factors play a determining role in getting your car loan approved. There are many important factors that are to be considered at the time of application that will help you to understand your chances of getting a car loan approval from South Indian Bank:
- CIBIL Score: This is one of the most important factors affecting your car loan eligibility since banks check your credit ratings on CIBIL in order to asses your repayment capacity. if your credit history shows a bad credit score, then your chances of getting a car loan approval is very low. If you have taken loans or defaulted on any due credit then it reflects badly on your CIBIL score. Each applicant can check their credit score on the CIBIL website and review their credit history. Since SBBJ, like other banks and NBFCs, scrutinizes your bank statements and all your open accounts, they will have a clear idea of your expenses and pay-outs towards loans, bills, etc. If your expenses and other outflows are not over 55-60% of your monthly income, you will be considered favourably for the car loan.
- Number of Dependents: The number of dependents in your family can also affect your creditworthiness. The reason behind this is that the more the number of people dependant on you (parents, children, spouse, etc.) be the income outflow.
- Debt-to-income ratio: This is one of the initial checks made by the Bank, in order to find out whether the borrower can repay the car loan regularly over a specified period of time. This can be evaluated mainly from the applicant’s monthly income - if the net monthly salary meets the income criteria and if the EMI on the car loan can be repaid with less than 40-45% of monthly income, you are considered eligible. There are other additional factors that are considered along with this- the regular incentives, bonuses, other income sources, etc. which has remained stable for a specified time period and the payout made for other dues and expenses like rent, bills, EMIs etc. is deducted from this value. This can raise the amount of loan as well as the chances for approval.
- Another component that determines the favourable processing of your car loan, is the loan amount you have applied for as well as the percentage of loan margin paid by you towards acquiring the car. If you pay a substantial amount as down payment, the loan amount can be greatly reduced and you can save on the interest accrued. Banks approve such smaller loans quickly since easy repayment is assured.
- Age criteria: Even if you meet the Bank’s age limit, the chances of you getting a loan approved depends on some other factors. Banks consider younger borrowers to make consistent payments towards the loan. Age plays an important role not just while approving a loan amount, but also while deciding the loan tenure.
How to increase your State Bank of Bikaner and Jaipur Car Loan Eligibility
- Guarantor: If you have a guarantor with good social standing,your chances of getting a car loan approved is high.
- Collateral/Security: If you pledge a collateral or security such as your fixed deposit, gold, Insurance, property deeds etc. to the bank in exchange for the car loan, you can increase your chances of getting your loan approved.
- Pay all your loans and other credits regularly so that it does not affect your credit rating in CIBIL.
- It is better to have both secured and unsecured loans or less of unsecured loans, in your credit history since this will be considered favourably by the Bank.
- Review your Joint accounts and other accounts/transactions you are a guarantor in and make sure there are no defaults made.
- If you are a co-signatory to a loan or any other credit, make sure that you review such accounts frequently. Any defaulted payments in such accounts will reflect on your credit score poorly as well.
State Bank of Bikaner and Jaipur Car Loan Eligibility calculator
Now, you can find out whether you are eligible for State Bank of Bikaner and Jaipur car loan in an instant! All you have to do is check online for the car loan eligibility calculator tool, enter your details and other relevant factors and the tool will calculate your eligibility for availing a car loan from SBBJ. You needn’t waste any time and effort in research and contacting the Bank’s executives, since car loan eligibility calculator tool available online is a simple solution to your need. All you have to do to is to enter the information as prompted by the tool. Details you need to enter include: choice of car/model, price of the car, your date of birth, income, type of employment (salaried/self-employed), etc. Once you click on “calculate”, the tool shows you detailed information regarding your car loan eligibility, including loan amount that you are eligible for, loan tenure, etc.