If you really think about it, it's easier getting a loan for a car than a loan for bus fare!
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    State Bank of Bikaner and Jaipur Car Loan

    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    9.70% Fixed
    ₹750
    Max 2.5 years salary
    7 Years
    Response Time Within 30 minutes
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Eligibility Criteria

    State Bank of Bikaner and Jaipur Car Loan is Rated as "Blown Away!" by 18 Users

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    Car Loan BYTES FROM OUR KITCHEN

    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.


    You’re probably eligible for an State Bank of Bikaner and Jaipur Car Loan if you are

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    State Bank of Bikaner and Jaipur Car Loan Minimum Age

    At least 21 years old

    State Bank of Bikaner and Jaipur Car Loan Maximum Age

    Less than 70 years old

    State Bank of Bikaner and Jaipur Car Loan Eligible Employment Type

    Salaried or self-employed
    with regular income

    State Bank of Bikaner and Jaipur Car Loan Minimum Income

    Earn more than the minimum
    income required


    Your State Bank of Bikaner and Jaipur Car Loan amount eligibility is based on these factors

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    State Bank of Bikaner and Jaipur Car Loan Minimum Salary

    Minimum income required
    Rs.3,00,000 per annum

    State Bank of Bikaner and Jaipur Car Loan Maximum Loan to Value

    Loan capped @
    85% of the ex-showroom price

    State Bank of Bikaner and Jaipur Car Loan EMI

    EMIs of other loans lower
    your eligibility


    Increase your eligible State Bank of Bikaner and Jaipur Car Loan amount by these steps

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    02
    State Bank of Bikaner and Jaipur Car Loan Payoff Outstanding Credit Card Bills

    Pay off your credit card bills

    State Bank of Bikaner and Jaipur Car Loan Maximum Tenure

    Choose longer tenure loan up to 7 years


    Documentation needed to apply for an State Bank of Bikaner and Jaipur Car Loan

    • 1. Signed application form with photograph
    • 2. Residence proof
    • 3. Photo ID and age proof
    • 4. Last 6 months bank statement
    • 5. Documentation for salaried applicants:
      • Last 3 months salary – slips
      • Form 16 or Income Tax Returns
    • 6. Documentation for self-employed applicants:

      • Last 3 years Income Tax Returns with computation of Income
      • Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account

    State Bank of Bikaner and Jaipur Car Loan Interest RatesUpdated on 28 Sep 2016

    State Bank of Bikaner and Jaipur Car Loan Details
    Interest Rate 9.70%
    Processing Fees Rs.750/- Per Car Loan
    Loan Tenure 1 year to 7 years

    Overview About SBBJ Bank Car Loan

    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.

    Why choose SBBJ Bank Car Loans

    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.

    Features of Car Loans from SBBJ Bank

    • Get a loan to purchase a car, jeep, MUC, SUV
    • Buy used four wheelers which are up to 5 years old.
    • Get 30 times your monthly net income or 2.5 times your annual income.
    • There is no maximum ceiling limit on the loan amount for new cars.
    • For used cars, the loan amount is capped at Rs. 15 lakhs.
    • Choose to repay the loan in flexible tenures of 36-84 months.
    • Enjoy low margins of 15% of the on-road cost of the vehicle.

    SBBJ Bank Car Loan Interest Rate

    The current Base Rate offered by SBBJ is 9.95% effective from 18/06/2015.

    Type of vehicle Interest rate Base Rate Total Interest
    New cars 0.15% 9.95% 10.10%
    Used cars upto 3 years old 6.25% 9.95% 16.20%

    Eligibility criteria for a Car Loan from SBBJ Bank

    • Salaried employees and pensioners earning a minimum net annual income of Rs. 3 lakhs. Maintaining a salary account with SBBJ is not required.
    • Self employed, professionals, proprietary and partnership firms with a minimum net profit or gross taxable income of Rs. 4 lakhs as per ITR.
    • Agriculturists with a minimum net annual income of Rs. 4 lakhs.
    • The borrower must complete the repayment of the loan before he reaches 70.

    How to calculate EMI on SBBJ Bank Car Loans

    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 FAQs

    1. What type of four - wheelers can be purchased with State Bank of Bikaner and Jaipur Car Loan?
    2. 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.

    3. What is the margin for State Bank of Bikaner and Jaipur Car Loan?
    4. The margin for State Bank of Bikaner and Jaipur Car Loan is set at 15% of the on-road price of the vehicle.

    5. Can I apply online for State Bank of Bikaner and Jaipur Car Loan?
    6. Yes, customers can file an online application for State Bank of Bikaner and Jaipur Car Loan.

    7. What is the maximum repayment tenure offered for State Bank of Bikaner and Jaipur Car Loan?
    8. State Bank of Bikaner and Jaipur Car Loan borrowers can choose a maximum repayment tenure of 7 years.

    9. Will I incur any prepayment penalty if I foreclose my State Bank of Bikaner and Jaipur Car Loan?
    10. No foreclosure penalty is charged if a customer makes prepayments for State Bank of Bikaner and Jaipur Car Loan.

    11. What extra charges will I incur when applying for State Bank of Bikaner and Jaipur Car Loan?
    12. 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.

    13. How can I procure an application form for State Bank of Bikaner and Jaipur Car Loan?
    14. 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.

    15. Will I have to pay any amount as advance EMI recovery at the time of SBBJ Car Loan disbursal?
    16. 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.

    17. What is the EMI that I will incur if I avail a State Bank of Bikaner and Jaipur Car Loan for a period of 7 years at the current interest rate of 9. 85%?</h3>

      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.

    18. How is the loan quantum decided for State Bank of Bikaner and Jaipur Car Loan?
    19. 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.

    20. What is the current interest rate for State Bank of Bikaner and Jaipur Car Loan?
    21. 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.

    22. Can I include the income of my spouse while applying for State Bank of Bikaner and Jaipur Car Loan?
    23. Yes, the income of your spouse can be included provided that the spouse guarantees the loan.

    24. What is the maximum number of EMIs that I can opt for when repaying the State Bank of Bikaner and Jaipur Car Loan?
    25. A borrower can choose a maximum tenure of up to 84 EMIs for completely repaying the State Bank of Bikaner and Jaipur Car Loan.

    26. Will my CIBIL score have impact the approval of State Bank of Bikaner and Jaipur Car Loan?
    27. 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.

    28. What is the nature of interest charged for car loans offered by State Bank of Bikaner and Jaipur?
    29. 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.

    30. What is the benefit of interest being calculated on a daily reducing basis method?
    31. 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.

    32. Will the cost of a four wheeler that I purchased be reimbursed by State Bank of Bikaner and Jaipur Car Loan?
    33. 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.

    34. Does State Bank of Bikaner and Jaipur Car Loan include costs of insurance also?
    35. Yes, State Bank of Bikaner and Jaipur Car Loan includes cost of registration fee, one time road tax and insurance premium costs also.

    36. How do I calculate the EMI for State Bank of Bikaner and Jaipur Car Loan?
    37. 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.

    38. What security do I have to present while availing a State Bank of Bikaner and Jaipur Car Loan?
    39. The following has to be furnished as security for availing a State Bank of Bikaner and Jaipur Car Loan.

      • A charge on the car financed must be noted with the local transport authorities.
      • The guarantee of spouse, in case his/her income is considered for arriving at the loan amount.

    40. Can existing customers of State Bank of Bikaner and Jaipur apply for a Car Loan with the bank?
    41. 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.

    42. Does State Bank of Bikaner and Jaipur offer customer support services for car loan borrowers?
    43. 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.

    44. How long does State Bank of Bikaner and Jaipur take to process car loan applications?
    45. 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.

    46. What income documents does a salaried applicant have to submit while applying for State Bank of Bikaner and Jaipur car loan?
    47. A salaried applicant has to submit the following income documents when applying for a car loan.

      • IT Return statements for the last 2 years
      • Form 16
      • Latest salary slip
      • Bank account statements

    48. What documents can I submit as address proof when applying for State Bank of Bikaner and Jaipur car loan?
    49. Any two of the following documents can be submitted as address proof when applying for State Bank of Bikaner and Jaipur car loan.

      • Recent utility bill receipts - telephone bill, electricity bill
      • Voter ID card
      • Ration card
      • Driving license
      • PAN Card
      • Aadhaar Card
      • Passport

    50. Does State Bank of Bikaner and Jaipur offer loans for two wheelers also?
    51. Yes, State Bank of Bikaner and Jaipur offers financing options for two wheelers also under a different scheme.

    52. 28) <h3>What are the stages involved in State Bank of Bikaner and Jaipur car loan?

      The following three stages are involved in State Bank of Bikaner and Jaipur car loan.

      • Application - the customer makes an application for car loan and submits all required documents
      • Processing - The loan quantum is decided after the application is approved
      • Disbursal - the amount is distributed to the dealer or the customer
    53. Will I have to specify my assets in the application form for State Bank of Bikaner and Jaipur Car Loan?
    54. 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.

    55. I am planning to purchase a second hand vehicle with State Bank of Bikaner and Jaipur car loan. What documents pertaining to the vehicle do I have to submit?
      • You will have to submit the following documents related to the vehicle.
      • Recent quotation of the vehicle from an authorized dealer
      • Details of the vehicles to be purchased
      • Agreement of sale between purchaser and seller
      • Copy of receipts of up to date deposit of taxes including road tax
      • Copy of registration certificate of the vehicle
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