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 Hyderabad Car Loan

    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    9.95% Fixed
    ₹500 to ₹5000 One time fee
    Max 2 years salary
    7 Years
    Response Time Within 30 minutes
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Eligibility Criteria

    State Bank of Hyderabad Car Loan is Rated as "Blown Away!" by 54 Users

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    State Bank of Hyderabad is an associate bank of State Bank of India (SBI), and is one of the scheduled banks in India. The Bank's head office is situated at Gunfoundry Area, in Hyderabad, India. SBH has over 1,500 branches and about 12,800 employees. It is now the largest Associate Bank of State Bank of India. SBH has 1000 branches in Andhra Pradesh alone, giving it the third largest branch network in the state. The bank has performed well in the past decades, winning several awards for its banking practices. To know more, follow some simple steps given below to get attractive deals.


    You’re probably eligible for an State Bank of Hyderabad Car Loan if you are

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    State Bank  of Hyderabad Car Loan Minimum Age

    At least 21 years old

    State Bank  of Hyderabad Car Loan Maximum Age

    Less than 65 years old

    State Bank  of Hyderabad Car Loan Eligible Employment Type

    Salaried or self-employed
    with regular income

    State Bank  of Hyderabad Car Loan Minimum Income

    Earn more than the minimum
    income required


    Your State Bank of Hyderabad Car Loan amount eligibility is based on these factors

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    State Bank  of Hyderabad Car Loan Minimum Salary

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

    State Bank  of Hyderabad Car Loan Maximum Loan to Value

    Loan capped @
    85% of the ex-showroom price

    State Bank  of Hyderabad Car Loan EMI

    EMIs of other loans lower
    your eligibility


    Increase your eligible State Bank of Hyderabad Car Loan amount by these steps

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    02
    State Bank  of Hyderabad Car Loan Payoff Outstanding Credit Card Bills

    Pay off your credit card bills

    State Bank  of Hyderabad Car Loan Maximum Tenure

    Choose longer tenure loan up to 7 years


    Documentation needed to apply for an State Bank of Hyderabad Car Loan

    • 1. Residence proof
    • 2. Signed application form with photograph
    • 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 Hyderabad Car Loan Interest RatesUpdated on 27 Sep 2016

    State Bank of Hyderabad Car Loan Details
    Interest Rate 9.95%
    Processing Fees 0.25% of the Loan Amount subject to a minimum of Rs. 500/- & a maximum of Rs. 5000/-
    Pre Closure Charges Nil
    Loan Tenure 1 year to 7 years
    Guarantor Requirement No Guarantor Required

    State Bank of Hyderabad (SBH) Overview

    State Bank of Hyderabad was established as Hyderabad State Bank in the year 1941. The first branch of the bank was opened at Gunfoundry, Hyderabad in 1942. The bank was taken over by the Reserve Bank of India in 1959 and is now the largest associate of the State Bank of India. State Bank of Hyderabad has over 1600 branches across India. One of the oldest banks in the country, SBH has well adapted itself to the growing needs of its customers. SBH has constantly been one of the top banks in India when it comes to performance and has won several awards like MSME National Award and Best Bank Award that stands as a testimony to the bank’s achievements. SBH excels in areas like SME banking, personal banking, NRI banking services and deposits. All the customers have access to top-notch banking services and technologies like ATM Cards, Net Banking accounts etc.

    Why choose a SBH Car Loan?

    One of the most sought after financial product in the market, State Bank of Hyderabad car loan comes at attractive interest rates and convenient repayment options. Also, for existing SBH home loan borrowers, car loan can be availed easily without any processing charges using SBH’s special scheme called ‘’Car loan with home loan’’. SBH offers repayment tenures up to 7 years and the interest is calculated on a daily reducing basis. Another attractive feature is no advance EMIs – the borrower need not pay any EMI before using the car. With a lot of add-on benefits, SBH car loan is the best option for people planning to buy a car.

    SBH car loan – “Smart Car II”, can be availed by various segments of people like salaried professionals, MSME’s, agriculturists and self-employed professionals. SBH car loans can be used to purchase new cars, jeeps, MUV’s & SUV’s. SBH also offers financing for used cars. With such plethora of options, SBH car loan becomes the natural choice for individuals looking to purchase their dream cars.

    Features of SBH Car Loan

    State Bank of Hyderabad car loans are designed for providing the maximum benefit to the borrowers. One of the most distinguishing features of SBH car loan is the amount of loan coverage that it offers. With no prepayment penalty and processing charges, SBH car loans helps you save even while applying for a loan.

    Here are some of the key features of State Bank of Hyderabad Car Loan:

    • SBH sanctions term loans for purchasing new automobiles including new cars, jeeps, SUV’s & MUV’s for different sections of the population namely salaried individuals, partnership firms, self-employed individuals and agriculturalists.
    • The bank finances up to 48 times the Net Monthly Income (NMI) for salaried professionals and up to 4 times the Net Annual Income (NAI) for other sections of borrowers. For agriculturists, SBH finances up to 3 times the Net Annual Income.
    • For loan amounts up to 10 lakhs, the loan margin is 15% of the on-road price of the car. For loan amounts above 10 lakhs, the loan margin is either 15% of the ex-showroom price of the car or 20% of on-road price of the car whichever is requested by the borrower.
    • Customers can avail SBH car loans with tenures extending up to 84 months.
    • There are no processing charges when applying for a car loan with SBH.
    • SBH car loan interest rate is generally 10 basis points above the base interest rate of 10.20% per annum. The effective interest rate is around 10.30% per annum irrespective of the loan amount and the tenure.
    • State Bank of Hyderabad car loans comes with no penalty for the pre-closure of loan.
    • The loan amount will directly be credited to the account of the car dealer. In case the dealer does not have a SBH account, the loan amount will be credited via RTGS/NEFT to the respective bank account of the dealer.
    • SBH customers who have already availed a SBH home loan can easily apply for SBH car loan through their “Car Loan with Home Loan” scheme. This facility is useful especially for people who are looking to apply for both car and home loan.

    State Bank of Hyderabad Car Loan Interest Rates

    The rate of interest applicable on SBH car loan is a mix of base rate plus a spread determined on the basis of multiple input factors. The bank has not yet published MCLR (Marginal Cost Based Lending Rate) for auto loans on their website. The rate applicable is uniform across various slabs.

    SBH Car loan Interest Rate for New Borrowers

    9.75% (Base Rate) + 0.20% = 9.95% (effective rate)

    Note: The interest rate is subject to periodic revision as per bank’s credit policy and RBI’s quarterly reviews. Make sure to confirm with the bank on prevailing rates at the time of applying and choose the terms accordingly.

    SBH Car Loan Eligibility

    SBH offers a hassle-free loan approval process wherein there is minimum document requirements. SBH has different car loan eligibility criteria depending on the borrower’s profession and nature of income.

    • If the applicant is salaried and is employed with Central Government, Central Public Sector Undertaking, Railways, Public Sector Insurance or Defence/Paramilitary forces and has a salary package account with SBH, the applicant’s salary must have been deposited in the SBH account for last 3 months.
    • If the applicant is an employee of any of the Public Sector Banks, he must have a Net Annual Income (NAI) of at least 3 lakhs irrespective of if he has an account with SBH.
    • For pensioners and other employed professionals, the minimum Net Annual Income (NAI) must be Rs.3 lakhs.
    • For self-employed applicants, the minimum net profit or the gross taxable income must be at least 4 lakhs per annum.
    • For agriculturalists, the minimum net annual income of the applicant and the co-applicant together must be at least 4 lakhs per annum.

    Documents Required for a SBH Car Loan

    Having the necessary documents handy will ensure a smooth application process. Here are some of the necessary documents for SBH car loan application.

    • Duly filled application form
    • Proof of identity and proof of residence
    • Statement of bank account for the last six months
    • Original copy of the vehicle quotation and the vehicle booking receipt
    • Salaried employees must submit a copy of latest salary slip, Form16 or IT returns for the last 2 years and proof of identity as issued by the employer.
    • Self-employed borrowers must submit a true copy of balance sheet for last three years, proof of business address, proof of business registration and TDS certificate.
    • For agriculturalists, documents showing cropping pattern and land holding are to be submitted.

    How to calculate EMI for SBH Car Loan

    BankBazaar’s EMI Calculator will help you arrive at the loan amount and EMI that suits your budget without any manual calculation. In BankBazaar.com homepage, select “EMI Calculator” under the Finance Tools option. Select “Car Loan EMI calculator” from the options that pop-up. Select the loan amount and the tenure using the interactive slider. Enter the interest rate and processing charges.

    BankBazaar’s intelligent Car Loan EMI Calculator will give you the break-up of total amounts payable and also the monthly amortization details.

    Alternatively, you can also use the State Bank of Hyderabad car loan EMI calculator available on the SBH website.

    State Bank of Hyderabad Car Loan FAQ's

    1. For what purpose can the Utsav car loan from State Bank of Hyderabad be availed by customers?
    2. The Utsav car loan is a term loan which can be taken by customers for purchasing new cars, SUVs, MUVs and jeeps.

    3. What is the repayment tenure for the State Bank of Hyderabad car loan scheme?
    4. Customers can choose tenures to up to 84 months with repayment being done as monthly installments.

    5. Do customers have to bear any prepayment penalty while closing their State Bank of Hyderabad car loans?
    6. No, State Bank of Hyderabad does not charge any prepayment penalty for customer pre-closing their car loans.

    7. Who is eligible to avail a car loan from State Bank of Hyderabad?
    8. The following types of applicants can get a car loan from State Bank of Hyderabad -

      • Category 1: Central Government employees and individuals working in public sector undertakings, paramilitary force and defense personnel, railway employees, State Government, public sector bank and Public Sector Insurance Company employees who hold salary accounts with State Bank of Hyderabad can apply. Atleast three months’ salary should have been credited to the accounts. Other types of employed individuals and pensioners are eligible to apply for a SBH car loan.
      • Category 2: Self-employed businessmen and professionals will also qualify for the Utsav car loan.
      • Category 3: Agriculturists will also be eligible to get a car loan from State Bank of Hyderabad.
    9. 5. <h3>Do State Bank of Hyderabad customers have to submit any security collateral while applying for the Utsav car loan?

      State Bank of Hyderabad has three categories for submission of security collateral for car loans -

      • Category 1 and 2 - Hypothecation of the vehicle/ to be recorded in the RTO books / Co-borrower to be included
      • Category 1 and 2 - Collateral Security - Hypothecation of the vehicle
      • Category 3 - Collateral Security - Equitable mortgage of an immovable property
    10. What is the income requirements that have to be met by State Bank of Hyderabad car loan borrowers?
      • Central Government employees and individuals working in public sector undertakings, paramilitary force and defense personnel, railway employees, State Government, public sector bank and Public Sector Insurance Company employees, other bank employees and pensioners have to show a minimum annual income of Rs. 3 lakhs.
      • Self-employed businessmen and professionals have to show net profits or a gross taxable income of Rs. 4 lakhs.
      • The annual income of both the applicant and the co-applicant has to be Rs. 4 lakhs for agriculturists.

    11. What should be the age of the SBH car loan applicant?
    12. The car loan applicant should be aged between 21 years and 65 years in order to qualify.

    13. What is the State Bank of Hyderabad car loan interest rate offered to borrowers?
    14. The interest rate offered to State Bank of Hyderabad car loan borrowers is a floating interest rate, depending on the base rate. The current interest rate given is 9.95%.

    15. Does State Bank of Hyderabad levy any processing charges on car loan borrowers?
    16. Yes, State Bank of Hyderabad car loan borrowers have to pay 0.25% of the loan amount as processing charges.

    17. Is there a maximum and minimum limit for processing charges levied by State Bank of Hyderabad?
    18. Yes, the minimum amount for processing charges is Rs. 500 and the maximum amount will be Rs. 5000.

    19. Can State Bank of Hyderabad borrowers prepay their car loans?
    20. Yes, State Bank of Hyderabad does provide the option of prepaying the car loan before the tenure is finished. Customers have to pay 2% of the amount that is being prepaid for floating interest rate term loans.

    21. Does State Bank of Hyderabad provide the option of converting floating interest rates to fixed interest rates for car loan borrowers?
    22. No, currently that facility is not offered by State Bank of Hyderabad to car loan borrowers.

    23. What is the loan margin requirements for a State Bank of Hyderabad car loan?
    24. For loan amounts up to Rs. 10 lakhs, the loan margin required is 15% of the on-road price of the vehicle. For loan amounts above Rs. 10 lakhs customers can either choose pay 15% of the ex-showroom price of the vehicle or 20% of the on-road price of the vehicle.

    25. What is the quantum of loan sanctioned to salaried employees by State Bank of Hyderabad?
    26. The quantum of loan sanctioned by State Bank of Hyderabad for salaried employees is up to 48 times their net monthly income.

    27. What is the quantum of loan sanctioned to agriculturists by State Bank of Hyderabad?
    28. The quantum of loan sanctioned by State Bank of Hyderabad for agriculturists is up to three times their net monthly income.

    29. What is the quantum of loan sanctioned to other types of applicants by State Bank of Hyderabad?
    30. The quantum of loan sanctioned by State Bank of Hyderabad to other types of applicants is up to four times their net monthly income.

    31. How is the interest rate calculated by State Bank of Hyderabad for car loan accounts?
    32. The interest rate offered will be 20 basis points above the prevailing base rate and does not depend on the quantum of loan sanctioned.

    33. Does State Bank of Hyderabad provide insurance cover for the car loan borrower?
    34. Yes, an insurance policy will be given by State Bank of Hyderabad to up to ten times the outstanding loan amount or as per the market value, whichever is higher.

    35. Does State Bank of Hyderabad charge any penalty for late payments of monthly installments?
    36. Yes, a penal interest of 2% per annum would be levied on the amount overdue, if payments are not done on time.

    37. How will the State Bank of Hyderabad car loan be disbursed for SBH account holders?
    38. The loan amount will be directed via the customer’s State Bank of Hyderabad bank account.

    39. How will the State Bank of Hyderabad car loan be disbursed for non-SBH account holders?
    40. For non-SBH bank account holders, the amount will be sent directly to the car dealer’s account through NEFT or RTGS.

    41. Can State Bank of Hyderabad customers apply for car loans online?
    42. Yes, customers can make online applications for car loans and get the loan sanctioned in just ten minutes.

    43. Can State Bank of Hyderabad car loan applicants check the status of their applications online?
    44. Yes, SBH does offer the facility of checking car loan application status online by entering details like loan type and the application ID.

    45. What are the details that have to be entered while making online car loan applications?
    46. The following details have to be entered by applicants -

      1. Age / Occupation/ Gross Monthly income / Net Monthly income / Tenure of the car loan / loan amount / interest rate / monthly installment amount.

    47. Can customers approach the nearest State Bank of Hyderabad branch to apply for car loans?
    48. Yes, car loan applications can be done at any State Bank of Hyderabad branch by submitting the filled -in form and the necessary documents.

    49. What is the approval time taken by State Bank of Hyderabad to sanction car loans applied via the branch?
    50. The time taken to approve and sanction car loans by State Bank of Hyderabad varies depending on the documentation, verification and evaluation done.

    51. Based on which important criteria does State Bank of Hyderabad approve car loans for new customers?
    52. State Bank of Hyderabad mainly check the income criteria of the applicant to ensure that he/she has the repayment capacity, while sanctioning a car loan.

    53. Does State Bank of Hyderabad provide customer care services for car loan borrowers?
    54. Yes, State Bank of Hyderabad car loan borrowers can easily contact the 24/7 customer care at 18004251825 or use the Phone Banking facility available at 18004254055.

    55. Does State Bank of Hyderabad offer refinancing options for private vehicles?
    56. Customers can get in touch with any branch official or the customer care to find out more about any refinancing facility available.

    57. Does State Bank of Hyderabad offer top-up loan options for car loan borrowers?
    58. Customers can get in touch with any branch official or the customer care to find out more about top-up loan options for car loan borrowers.

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