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 Mysore (SBM) Car Loan Eligibility Calculator is Rated as "Blown Away!" by 15 Users

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    State Bank of Mysore (SBM) Car Loan Eligibility Calculator

    State Bank of Mysore Car Loan Eligibility Overview

    State Bank of Mysore was founded in 1913 and was initially known as Bank of Mysore Ltd. It operated under the Govt. of Mysore. The Bank became an associate of State Bank of India and a part of the State Bank Group in 1960. It currently has a branch network of 1,002 branches with 9 extension counters across India, offering wide portfolio of services to the customers.


    State Bank of Mysore offers car loans to customers for financing the purchase of new cars, Multi Utility Vehicles (MUV), Jeeps and SUVs. The car loan scheme offers unique advantages to car loan borrowers, such as a 15% Loan margin, long repayment period with maximum 84 EMIs, additional insurance cover for the vehicle, no prepayment/ foreclosure charge, etc. This makes it a well sought after car loan option by borrowers.

    State Bank of Mysore Car Loan Eligibility Criteria

    This loan is available to :

    • Salaried employees of State or Central Governments, Public Sector Undertakings with net annual income of minimum Rs.3.00 lacs and above.
    • Others including pensioners, have to have a minimum annual income of Rs.4 lacs.
    • Self-employed and professionals with gross taxable income of Rs.4 lacs as per ITR can apply.
    • Agriculturists (along with co-applicant, if any) with minimum annual income of Rs.4.00 lacs can apply.
    Apply for Car Loan Online

    Factors Affecting State Bank of Mysore Car Loan Eligibility

    • The debt-to-income ratio plays an important role in determining the eligibility quotient of an applicant. State Bank of Mysore analyses the net worth of an individual by comparing his/her income against the debt owed by him/her. This assists the bank in evaluating your repayment capacity and creditworthiness.
    • An applicant’s credit history and CIBIL score gives the Bank insight into their creditworthiness. This reflects whether an individual is dependable in terms of repayment of credit due and has not defaulted on any previous loans. If all payments are made on time, you have nothing to worry, since your credit/ CIBIL score will be high and the Bank’s decision will be in favour of your car loan application.
    • The loan margin or downpayment that you are willing to make and the loan amount you require affects your car loan eligibility. If the applicant intends to pay a large portion of the overall value of the car as downpayment, this alternately reduces the loan amount to be availed from the Bank. This not just reduces the burden of debt incurred by you, but also assures the Bank of your financial reliability.
    • A shorter loan tenure is often a sure-fire way of getting a car loan approval. This is because a shorter term means quicker payoff of the loan and hence, lesser default risk for the Bank.
    • Age of the applicant is another determinant of the eligibility and successful approval of a car loan. Every bank sets a minimum and maximum age limit for individuals who can avail a car loan from them. However, even if you fall within this age limit, it is not necessary that your car loan will be approved. This is applicable mainly in the case of applicants who fall within the higher age limit since the risks involved are higher. Age criteria is another important matter even though age limits are kept to determine loan eligibility set for car loan applicants. Applicants who fall close to the maximum age limit by the time of loan maturity, have lower chances of getting their loan approved. Nonetheless, if older applicants go for a short loan tenure, or have co-applicants who are younger and fall within the high income group, chances of the loan being approved is high.

    How to Increase your State Bank of Mysore Car Loan Eligibility

    State Bank of Mysore has set a clear framework for the car loan eligibility and only those who meet these conditions get a car loan approval from the Bank. In order to increase your eligibility and chances of negotiating a favourable outcome, there are specific factors to be looked into. Some of these determining factors are:

    • Availability of credit cards: Those who have a credit card issued by the Bank from where they wish to avail a car loan, have the process simplified since they already have the income records and credit history. If the card has been used for the 1-2 years and you have recent transaction statements, the Bank will evaluate that before processing your loan request. The probability of getting a higher loan amount or better interest rate, is high for an existing credit card holder of the Bank. A premium cardholder can even get 10% more car loan finance than a non-card holder.
    • Ex-servicemen with high rate of income will get a car loan quickly.
    • If you have a fixed deposit in the Bank issuing the car loan, the loan process will be easier and hassle-free. The funds in the fixed deposit can act as a collateral in case of defaulted payments to the car loans and the bank is assured of repayment. The amount of fixed deposit available is important, as compared to the loan amount applied for.
    • CIBIL/Credit Score plays an important role in the Bank’s decision making process and in order to get a car loan approval, you need to have a high credit score. Hence, it is crucial that you pay all your dues on time and clear any pending credit, if any.
    • Review all accounts in which you are a co-obligor or co-signatory. Since you are considered equally liable to the payments and transactions made through these accounts, any defaults can reflect negatively on your credit score.
    • Having a reliable guarantor can increase your chances of a car loan approval.
    • If you pledge a collateral or security in the bank in exchange of the car loan, the chances of your car loan being approved by the Bank is high.

    State Bank of Mysore Car Loan Eligibility Calculator

    You can ensure your eligibility for a State Bank of Mysore car loan in an instant through the online car loan eligibility calculator tool. This method saves time and effort and is highly accurate. this tool is uncomplicated and hassle-free, and above all, available free of cost. You can use the car loan eligibility calculator by following a few simple steps:

    • Enter the information requested by the tool such as your age, income, model of the car of your choice, loan amount required, loan term, etc. as accurately as possible.
    • Once you have entered the required information click on the “calculate” tab.
    • You will be redirected to the results page, wherein your query will be answered, i.e, whether or not you are eligible for the car loan/ loan amount/ loan tenure, etc. from the Bank.
    • The tool will also project the loan amount and tenure that you are eligible for.

    State Bank Of Mysore Car Loan Reviews

    • State Bank of Mysore Car Loan
      "Secured Bank"
      0.5 4.0/5 "Great!"
      State bank of Mysore takes much time in documentation and verification process. They approved my car loan and disbursed with in one week of time. I can say it is an average service when compared with sundaram finance. The rate of interest and fee and charges are nominal when compared with Sundaram finance.
      Was this review helpful? 0
      , bellary
      Reviewed on Mar 29, 2017
    • State Bank of Mysore Car Loan
      "Very good car loan process"
      0.5 5.0/5 "Blown Away!"
      I love the process followed by SBM for my car loan. They were able to offer 80% of the road value. The rate of interest offered 17.01% diminishing interest rate. I am holding this SBM car loan for about 5 years. No issues nor any challenges till date. No additional nor any extra charge levied on my car loan.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Dec 29, 2016
    • State Bank of Mysore Car Loan
      "Faster process"
      0.5 5.0/5 "Blown Away!"
      I do have a car loan with State bank of Mysore and the interest rate was around 10%. Customer service is an excellent one with them like, everything happens immediately. Manager of State Bank of Mysore have helped me a lot to in order for me to get the funds.
      Was this review helpful? 1
      , bangalore
      Reviewed on Jun 29, 2016
    • State Bank of Mysore Car Loan
      "Happy with them..."
      0.5 5.0/5 "Blown Away!"
      I am the existing customer of SBM in terms of car loan. So, I got my car loan within a day. They do not taken much time since they are government bank but they are provided good service. Charges and interest part an all good in SBM Bank. I would recommend them.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 06, 2016
    • State Bank of Mysore Car Loan
      "Great Experience"
      0.5 5.0/5 "Blown Away!"
      I submitted the documents directly by visiting the branch of state bank of Mysore and the car loan was approved in 45 minutes which was very fast. They offered the best rate of 10.25% and the processing fee was very minimal. 100% loan amount was disburses.
      Was this review helpful? 0
      , bangalore
      Reviewed on Dec 22, 2015
    • State Bank of Mysore Car Loan
      "Best "
      0.5 5.0/5 "Blown Away!"
      I got the car loan with the State Bank of Mysore. The rate of interest is around 10.75% and am happy with them. The loan got disbursed within 48 hours of time because I am the priority customer with them. The process got very smoothly done with them. Customer service is not good with them like they are not sending the loan statement of mine.
      Was this review helpful? 0
      , bangalore
      Reviewed on Oct 21, 2015
    • State Bank of Mysore Car Loan
      "Good one"
      0.5 5.0/5 "Blown Away!"
      SBM car loan process was very good. I have paid only 2.5 lakhs . Its still ongoing now .Interest rate offered by them was a fixed one, I am getting payment alerts from them on time. I normally make the cash payment and there is no charges or challenges as such.
      Was this review helpful? 0
      , bangalore
      Reviewed on Oct 12, 2015
    • State Bank of Mysore Car Loan
      "Loans Offered In Short Period...."
      0.5 4.0/5 "Great!"
      State bank of Mysore offered me a car loan. The loan was processed and cleared in just 7 working days. They collected less documents. The rate of interest was little bit high but its okay. I got a preference since I had my salary account with them.
      Was this review helpful? 0
      , bangalore
      Reviewed on Sep 22, 2015
    • State Bank of Mysore Car Loan
      "Attractive rate..."
      0.5 4.5/5 "Excellent!"
      On car loan the State Bank of Mysore offered me 8.5% of interest rate. I have an account of the same bank so they processed the car loan easily. The lockin period to pre close the loan is 18months and service charge is of 3%. The sanctioned amount was 1.5lakhs and the bank fulfilled all the commitments.
      Was this review helpful? 0
      , mysore
      Reviewed on Sep 18, 2015
    • State Bank of Mysore Car Loan
      "Great Support"
      0.5 5.0/5 "Blown Away!"
      I knew the manager at State of Mysore personally and his support during my Car Loan application was beyond expectation. It took hardly 24 hours to have the loan processed. Documentation was also very simple and hassle free I had taken the loan around 2-3 years back. Bank offered me the loan at floating interest rate.
      Was this review helpful? 0
      , bangalore
      Reviewed on Sep 14, 2015
    • State Bank of Mysore Car Loan
      "Improvement Needed"
      0.5 4.0/5 "Great!"
      I have taken a car loan from state bank of Mysore. The process was quite faster. The communication on EMI part was missing. Still they did not inform the same. The loan amount was disbursed in just 2 days. They should improve the technology part in communication. I may think before recommending this bank.
      Was this review helpful? 0
      , bangalore
      Reviewed on Aug 26, 2015
    • State Bank of Mysore Car Loan
      "Excellent customer service!!!!!!!!"
      0.5 5.0/5 "Blown Away!"
      I got my car loan from state bank of mysore with better interest rate as 12% which was very low when compared to other banks.I liked the customer service and documentation part which has been done for me within 2 days . The best part was they do each and every process in my convenient time
      Was this review helpful? 3
      , hosur
      Reviewed on Oct 27, 2014
    • State Bank of Mysore Car Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      It was through the car dealer I have availed the car loan from State bank of Mysore. Everything went smooth and my loan was disbursed within 3 days of time once the documentation process complete. They offered me a good rate of interest around 10.5%.
      Was this review helpful? 0
      , bangalore
      Reviewed on Sep 01, 2014
    • State Bank of Mysore Car Loan
      "Good Service Overall"
      0.5 5.0/5 "Blown Away!"
      SBM Car Loan Prompt response and very fast service it was very good experience, follow up from staffs was excellent, interest rate was 10.25% it could be have been less, i got everything done in 10 days. If documentation charges could have been less it might be great.
      Was this review helpful? 0
      , bangalore
      Reviewed on Aug 23, 2014
    • State Bank of Mysore Car Loan
      "Way To Go "
      0.5 4.0/5 "Great!"
      Customer service provided my State of Mysore is good.I am very satisfied. They did not ask for too many documents for my car loan, as they are following the RBI bank norms.however to set up my ECS, there was a delay .but I do understand that they have to follow a procedure.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 03, 2014
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