State Bank of Mysore is a nationalised bank in India, with headquarters at Bangalore. It is one of the five associate banks of State Bank of India. During 1953, "Mysore Bank" was appointed as an agent of Reserve Bank of India to undertake Government business and treasury operations, and in March 1960, it became a subsidiary of the State Bank of India under the State Bank of India (subsidiary Banks) Act 1959. Now the bank is an Associate Bank under State Bank Group and the State Bank of India holds 92.33% of shares. The Bank's shares are listed in Bangalore, Chennai, and Mumbai stock exchanges. All you have to do is to follow some simple steps to get attractive deals.
|Loan Tenure||1 year to 7 years|
|Guarantor Requirement||Guarantor required|
State Bank of Mysore (SBM), one of India’s oldest and most iconic banks, prides itself at being a preferred car loan provider for the purchase of Cars, Jeeps, Multi Utility Vehicles (MUV) and other Sports Utility Vehicles (SUV). Aside from brand new cars, SBM also offers loans for used cars (not more than 5 years old) and presents a comfortable interest rate and tenure of repayment. These factors, alongside SBM’s long standing aura as a banking behemoth make it an irresistible option for new car buyers.
State Bank of Mysore offers car loans for both new cars and pre-owned cars. The services of SBM as a lender are much appreciated for the abundance of perks bestowed upon the borrower. A very competitive rate of interest, a maximum of 84 EMIs (7 years) repayment tenure, no pre-closure/ pre-payment penalty on all car loans, FREE accident insurance cover (death risk only) and a simple and quick document processing stage makes car loans from SBM a joy to be subscribed to.
SBM is one of the largest vendor of car loans that could be used to buy new passenger cars, jeeps, Multi Utility Vehicles (MUV) and SUVs, as well as pre-owned vehicles that aren’t older than 5 years.
Interest Rates- As per the latest norms (Oct, 2014), loans on brand new cars at a repayment tenure of 7 years attract an interest rate of 10.75%, while loans on pre-owned cars, at a repayment tenure of 3 years attracts an interest of 16.75% and for a tenure of 3-5 years stands at 17.50%.
Security against loan- These include the hypothecation charge over the car, noting of the bank’s lien with the RTO and if necessary, a third party guarantee.
Repayment Schedule- The loan must be repaid in a maximum of 84 EMI’s (7 years). In the case of pre-owned cars, a processing charge of 0.20% is applicable. Also note that, no pre-closure or pre-payment penalty will be charged across all SBM car loans.
Insurance- State Bank of Mysore offers a comprehensive insurance cover for the entire cost of the vehicle. Plus, there is a FREE accident insurance cover (death risk only).
The State bank of Mysore imposes some basic requirements in order to qualify a prospective car loan borrower. The following conditions apply-
Herein, NAI= Net Annual Income & NMI= Net Monthly Income.
Compliance of the simple requirements listed above puts the applicant on the fast-track to a robust car loan from State Bank of Mysore, in turn leading to his/her cherished set of wheels.
The MyBank car loan can be taken to finance new cars, SUVs and MUVs purchased by borrowers.
The repayment tenure offered for car loan borrowers is up to 84 months.
The maximum loan amount that will be approved by State Bank of Mysore is up to 85% of the on-road price of the new vehicle.
Yes, a loan margin of 15% has to be brought in by State Bank of Mysore car loan borrowers.
The processing fee is collected upfront from the customer. State Bank of Mysore charges 0.50% of the loan amount as the processing fees. The minimum amount levied is Rs. 500 and the maximum is Rs. 2500.
When a car loan is rejected by State Bank of Mysore, 25% of the processing fee will be retained by the bank.
State Bank of Mysore will disburse the car loan amount to the car dealer through pay orders, DD, NEFT or RTGS transfers.
All car loans will be sanctioned only after the KYC verification is done by State Bank of Mysore.
Yes, applicants must mandatorily disclose CIBIL score details in order to comply with eligibility criteria.
The loan amount that is sanctioned by State Bank of Mysore is 48 times the net monthly income of the applicant.
State Bank of Mysore offers floating interest rates for car loans.
The rate of interest charged for car loans is 0.45% above the base rate of the bank and is currently 10.10%.
While applying for the car loan, borrowers should pay 0.20% of the loan amount, with the minimum being Rs. 500 and up to a maximum of Rs. 10,000.
For loan amounts above Rs. 25,000, if the delay in payment is for over a month, then State Bank of Mysore will levy a penalty of 2%.
Customers have to pay an EMI of Rs. 1665 per lakh for a seven year tenure at an interest rate of 10.10%.
Currently, State Bank of Mysore does not offer the conversion facility to car loan borrowers.
Hypothecation of the vehicle financed and the record of the hypothecation should be available in the RTO book.
State Bank of Mysore might ask for a third party guarantor, if there is a requirement to improve the credit limit of the customer.
State Bank of Mysore will issue the annual outstanding balance statement on the 31st March of every year.
State Bank of Mysore car loan borrowers can call the toll free customer care number at 1800 425 2244 for addressing concerns and queries.
Yes,State Bank of Mysore will conduct a yearly inspection during the term of the car loan and customers have to pay a sum of Rs. 350.
No, there is no pre-closure penalty charged by State Bank of Mysore for customers finishing their loans before the completion of the tenure.
Yes, a comprehensive insurance cover is offered to borrowers either for the market value or for 10% above the outstanding loan amount, whichever is higher.
Salaried employees, self-employed businessmen and professionals, NRIs, PIOs and agriculturists are eligible to apply for a State Bank of Mysore car loan.
The following documents have to be submitted by all types of applicants -
The booking receipt and the original copy of the quotation or the proforma invoice has to be submitted by the borrower.
Yes, State Bank of Mysore does permit balance transfer from other bank car loan accounts.
The following documents have to be submitted by borrowers -
Documents carrying details of the land holding and the cropping pattern have to be submitted by agriculturists.
The following income documents have to be submitted -
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