State Bank of Hyderabad Car Loan Eligibility Overview

State Bank of Hyderabad is a nationalised bank which was established in 1941 as the Hyderabad State Bank. It is an associate scheduled bank under State Bank of India. The Bank acts as the central bank of the State of Hyderabad, which covers the Hyderabad of Karnataka, Telangana of Andhra Pradesh and Marathwada in Maharashtra.

State Bank of Hyderabad offers competitive car loan schemes for the purchase of new cars as well as used cars. It has comparatively low interest rates, flexible EMI and repayment tenures and offers a higher amount of loan as well. Customers can avail a loan for the purpose of purchase of new cars, Multi Utility Vehicles (MUVs), Jeeps, SUVs, etc.

Types of Car Loan offered by State Bank of Hyderabad

• Smart Car 2 Plus
• Car loan along with home loan scheme

State Bank of Hyderabad Car Loan Eligibility Criteria

Smart Car 2 Plus

• Salaried
• Any individual who is employed with the Central Government, Defence/Paramilitary Forces, Central Public Sector Undertakings, Railway, State Government or Public Sector Insurance companies are eligible to apply.
• If the applicant is an employee of a Public Sector Bank, it is mandatory that he/she should have a salary account in the Bank and must have received salary for at least 3 consecutive months.
• The applicant who falls within the above category should have a Net Annual Income (NAI) of atleast Rs. 3 lacs, whether they maintain a salary account with the Bank or not.
• Pensioners and Other salaried individuals: If the applicant is a pensioner or a salaried individual who doesn’t fall within the above mentioned categories, then the should have a Net Annual Income (NAI) of at least Rs. 3 lacs, whether they maintain a salary account with the Bank or not.
• Self-employed, Professionals, and Businessmen: If the applicant is self-employed, professional or a businessman, the Net Profit or Gross Taxable income earned should be at least Rs. 4 Lacs.
• Agriculturists: Any individual who earns his/her primary source of income from agriculture or allied activities, can apply for a car loan from SBH if he/she earns a Net Annual Income of at least of Rs. 4 lacs (along with co-applicant as well, if any).

Car loan along with home loan

Car loan can be availed by the Bank’s existing Housing Loan borrowers with special features, easier eligibility criteria and quicker processing.

Individuals / Joint Borrowers who has:

• Availed a SBH Home Loan and has completed the construction of the house and/or taken possession of it.
• Got authentic Equitable Mortgage.
• Never defaulted on the home loan and has satisfied all the terms and conditions related to its sanction.

New Borrowers who have:

• Availed a SBH Home Loan.
• Got authentic Equitable Mortgage.
• Satisfied all the terms and conditions related to its sanction.

Existing customers who have availed a SBH home loan doesn’t have to provide additional documentation for availing a car loan. However, if the address provided in the Housing Loan documentation has changed, then address proof has to be provided. For new applicants the KYC Due Diligence is applicable as per the Bank’s regulations.

Factors Affecting State Bank of Hyderabad Car Loan Eligibility

CIBIL score - CIBIL score shows an individual’s credit score as evaluated by the Credit Information Bureau Ltd. Those who have a high credit score has better chances of getting their loan processed easily. A low credit score is considered negatively by the bank and your application can be rejected solely because of this reason.

Debt-to-Income Ratio - The debt-to-income ratio another factor that is scrutinized in detail by the Bank. this helps to analyze the repayment capacity of an applicant based on his/her income and the debts that he/she is liable for. This portrays whether or not the borrower can repay his/her car loan meticulously.

Loan Tenure - Car loan tenure is another determining factor in car loan approval. A shorter loan tenure can increase your car loan eligibility since it assures the Bank of a quicker repayment of the car loan. Hence, the loan approval from SBH will be more favorable.

Age - Age is also an important criteria that affects your eligibility. If an applicant falls in the higher age bracket his/her chances of getting a loan is low. Applicants who are young and fall within the age criteria set by the bank, has better chances of getting a car loan approved by SBH. Applicants who fall close to the maximum age limit have a better probability of getting their loan approved if they have opted for a shorter loan term.

How to Increase your State Bank of Hyderabad Car Loan Eligibility

Co-applicants: If you have a co-applicant, you can enhance your chances of getting a loan from SBH. This is because the joint income will be higher and banks consider this in terms of better repayment capacity. A borrower’s our father, mother, spouse, son, daughter, brother or sister can be added as co-applicant and their income will increase your eligibility.

Having a good Credit History/ CIBIL Score: The first stage of verifying your creditworthiness is by checking your credit history/CIBIL Score. If all your dues are paid consistently and you have a healthy mix of both secured and unsecured loans in your credit report, the bank considers you as a customer with good repayment capacity. Thus, the probability of getting your car loan application approved is higher.

Joint Accounts/ Guarantor: Defaulting payments, cheque bounces, etc in a joint account in your name, or any credit transaction in which you are a guarantor/co-signatory can reflect poorly on your credit score. This is because you are held equally liable to them. It is advisable to review such accounts monthly as well as annually.

State Bank of Hyderabad Car Loan Eligibility Calculator

You can figure out your eligibility for a SBH car loan quickly and easily with the online car loan eligibility calculator. All you have to do is enter some basic information to find out if you are eligible for a loan or not. The exact total cost of taking the loan as well as EMI to be paid for your car loan can also be analyzed. The details to be provided include: income, profession, date of birth (age), model of car, cost, etc. The tool then displays whether the individual is eligible to avail a SBH car loan or not, instantly.