State Bank of Bikaner & Jaipur (SBBJ) is an associate bank of State Bank of India. As of 2012, SBBJ had 1,037 branches, mostly located in the state of Rajasthan, India. Its branch network out of Rajasthan covers all the major business centers of India. In 1997, the Bank entered in the capital market with an Initial Public Offering of 13,60,000 shares at a premium of Rs 440 per share. Enjoy the ride and drive with grace and dignity. Move ahead in life with SBBJ Car Loans. If you have been putting off purchasing a Car, just go through their car loan scheme and you yourself realize the difference. They offer car loans with low interest rates, easy repayment options, total transparency. Read on to learn about the eligibility and documentation requirements for the State Bank of Bikaner & Jaipur car loan.
|Processing Fees||Rs.750/- Per Car Loan|
|Loan Tenure||1 year to 7 years|
The origins of SBBJ go back to 1943 when the Bank of Jaipur Ltd. and the Bank of Bikaner Ltd were established. In 1960, both banks became subsidiaries of the State Bank of India and were consolidated in 1963 to become one bank known as the State Bank of Bikaner and Jaipur. SBI hold 75% of its shares and 25% is held by the general public and institutions. The bank operates through a network of about 1049 branches in India. The bank’s mission is to provide customer-oriented value-driven services that are state-of-the-art and ensure efficiently managed banking to its clients. The bank is committed to perpetual enhancement of the wealth of its shareholders and the welfare of society.
SBBJ offers car loan to help you drive home your dream car. Purchasing a car can be out of reach, but with the SBBJ car loan you can buy the car you need with low interest rates and easy repayment options. SBBJ is committed to providing transparency in their interactions and services.
The current Base Rate offered by SBBJ is 9.95% effective from 18/06/2015.
|Type of vehicle||Interest rate||Base Rate||Total Interest|
|Used cars upto 3 years old||6.25%||9.95%||16.20%|
To estimate the EMI you will incur on your car loan, log on to BankBazaar.com. Under “Finance Tools” tab, there are calculators available to help you get a better understanding of your loan. Select the Car EMI Calculator. Input your details and click on calculate. You need to know your loan amount, tenure, rate of interest, processing fees and whether you plan to make prepayments. The EMI calculator results will show you your possible EMI and an amortization schedule. This schedule is a table that depicts your interest component and principal amount through the course of the loan.
State Bank of Bikaner and Jaipur Car Loan can be used to purchase all makes of new cars. The loan can also be used to buy second hand cars not more than 5 years old.
The margin for State Bank of Bikaner and Jaipur Car Loan is set at 15% of the on-road price of the vehicle.
Yes, customers can file an online application for State Bank of Bikaner and Jaipur Car Loan.
State Bank of Bikaner and Jaipur Car Loan borrowers can choose a maximum repayment tenure of 7 years.
No foreclosure penalty is charged if a customer makes prepayments for State Bank of Bikaner and Jaipur Car Loan.
Apart from processing fees, no extra charges will be incurred by a customer who is applying for State Bank of Bikaner and Jaipur Car Loan.
State Bank of Bikaner and Jaipur Car Loan application form can be downloaded from the bank’s website directly. Alternatively, the customer can also visit any of the nearest SBBJ branch to get an application for car loan.
No, the customer will not have to pay any amount as advance EMI recovery at the time of State Bank of Bikaner and Jaipur Car Loan disbursal.
If you avail a State Bank of Bikaner and Jaipur Car Loan for a period of 7 years at the current interest rate of 9. 85, the EMI will be Rs. 750 per lakh of the loan amount.
The loan quantum for State Bank of Bikaner and Jaipur Car Loan is decided based on several factors like applicant’s employment type (salaried, self employed etc), repayment capacity, CIBIL score and applicant’s age.
The rate of interest for SBBJ car loan is 9. 85% per annum which is 15 bps above for both online and other car loan applications.
Yes, the income of your spouse can be included provided that the spouse guarantees the loan.
A borrower can choose a maximum tenure of up to 84 EMIs for completely repaying the State Bank of Bikaner and Jaipur Car Loan.
Yes, even though CIBIL scores are not generally asked for because car loan is a type of secured loan, having a good credit score will definitely speed up the car loan approval process. SBBJ considers an applicant’s CIBIL score and credit repayment history while approving a car loan.
The interest for State Bank of Bikaner and Jaipur Car Loan is levied on a daily or monthly reducing basis. Unlike the interest based on annual reducing balance method or flat interest rate, this method will help the borrower save on interest.
In case of daily or monthly reducing basis of interest calculation, the interest is calculated on the outstanding loan amount which will decrease every time you pay the EMI or make any prepayments. This method will decrease your effective interest rate significantly.
Yes, State Bank of Bikaner and Jaipur will reimburse the cost of your car provided the car has been purchased in the last two years.
Yes, State Bank of Bikaner and Jaipur Car Loan includes cost of registration fee, one time road tax and insurance premium costs also.
You can calculate the monthly instalment amount by using the online car loan EMI calculator tool offered at BankBazaar. Alternatively, you can also use the car loan EMI calculator offered at the bank’s web portal.
The following has to be furnished as security for availing a State Bank of Bikaner and Jaipur Car Loan.
Yes, existing customers of State Bank of Bikaner and Jaipur as well as existing borrowers of SBBJ credit products can apply for a Car Loan with the bank.
Yes, State Bank of Bikaner and Jaipur car loan borrowers can contact the bank anytime using the toll free number and the email id provided. Also, the borrowers can contact any nearest SBBJ bank branch directly for any queries related to the car loan process.
State Bank of Bikaner and Jaipur generally takes up to 7 working days for processing car loan applications provided the customer has submitted all required documents.
A salaried applicant has to submit the following income documents when applying for a car loan.
Any two of the following documents can be submitted as address proof when applying for State Bank of Bikaner and Jaipur car loan.
Yes, State Bank of Bikaner and Jaipur offers financing options for two wheelers also under a different scheme.
The following three stages are involved in State Bank of Bikaner and Jaipur car loan.
Yes, a car loan applicant must specify the total value of assets including that of bank deposits, NSCs, PF & PPF, liquid assets, immovable assets in form of house or land, mutual fund units, shares and other assets like gold ornaments.
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