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    State Bank of Mysore Car Loan Reviews

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    State Bank of Mysore Car Loan is Rated as "Blown Away!" by 13 Users

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    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.


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

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    State Bank of Mysore Car Loan Minimum Age

    At least 21 years old

    State Bank of Mysore Car Loan Maximum Age

    Less than 60 years old

    State Bank of Mysore Car Loan Eligible Employment Type

    Salaried or self-employed
    with regular income

    State Bank of Mysore Car Loan Minimum Income

    Earn more than the minimum
    income required


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

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    State Bank of Mysore Car Loan Minimum Salary

    Salaried with regular income

    State Bank of Mysore Car Loan Maximum Loan to Value

    Loan capped @
    85% of the ex-showroom price

    State Bank of Mysore Car Loan EMI

    EMIs of other loans lower
    your eligibility


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

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    State Bank of Mysore Car Loan Payoff Outstanding Credit Card Bills

    Pay off your credit card bills

    State Bank of Mysore Car Loan Maximum Tenure

    Choose longer tenure loan up to 7 years


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

    • 1. Signed application form with photograph
    • 2. Photo ID and age proof
    • 3. Residence 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 Mysore Car Loan Interest RatesUpdated on 06 Dec 2016

    State Bank of Mysore Car Loan Details
    Interest Rate 9.95%
    Processing Fees Nil
    Loan Tenure 1 year to 7 years
    Pre-closure Charges Nil
    Guarantor Requirement Guarantor required

    State Bank of Mysore Car Loan

    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.

    Avail Car Loans from State Bank of Mysore

    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.


    To apply, the following documents must be produced-
    • Primary bank account statements for the last 12 months.
    • Identity proof- Passport/ Voter’s ID/ PAN card copy.
    • Last salary slip (with deductions) & TDS certificate- Form 16 (for salaried people).
    • Residence proof- tax receipts, telephone or electricity bill (any document that complies with the regulatory and/or KYC requirements).
    • Income tax returns for the last 2 years, acknowledged by the ITO for salaried professionals, self-employed people and others.
    • Signature identification proof from bankers of borrower/guarantor.
    • For non-salaried individuals- proof of official address.
    • Proforma invoice of the vehicle.
    • 2 passport sized photographs of borrower/guarantor.In case of a pre-owned car: Certificate of fitness / valuation from a reputed garage.

    Features of State Bank of Mysore Car Loan

    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).

    State Bank of Mysore Car Loan Eligibility

    The State bank of Mysore imposes some basic requirements in order to qualify a prospective car loan borrower. The following conditions apply-

    • Salaried professionals (public & private sectors) – Minimum NAI of Rs.3 lakhs. Maximum loan amount assured will be 48 times of NMI.
    • Other Salaried & Pensioners- Minimum NAI of Rs.4 lakhs.
    • Self Employed Professionals- Minimum Net Profit or Gross Taxable Income of Rs.4 lakhs as per ITR. Maximum loan amount assured will be 4 times of NMI.
    • Agriculturists- Minimum Net Annual income of applicant and/or co-applicant together at Rs.4 lakhs. Maximum loan amount assured will be 3 times of NAI.

    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.


    State Bank of Mysore Car Loan FAQ's

    1. What is the purpose of the MyBank car loan scheme offered by State Bank of Mysore?
    2. The MyBank car loan can be taken to finance new cars, SUVs and MUVs purchased by borrowers.

    3. What is the repayment tenure offered by State Bank of Mysore for MyBank car loans?
    4. The repayment tenure offered for car loan borrowers is up to 84 months.

    5. What is the maximum loan quantum that will be approved by State Bank of Mysore?
    6. 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.

    7. Do State Bank of Mysore car loan borrowers have to bring any loan margin?
    8. Yes, a loan margin of 15% has to be brought in by State Bank of Mysore car loan borrowers.

    9. What is the processing fees charged byState Bank of Mysore for car loans?
    10. 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.

    11. Will the processing fee be returned if the car loan application is rejected by State Bank of Mysore?
    12. When a car loan is rejected by State Bank of Mysore, 25% of the processing fee will be retained by the bank.

    13. How will theState Bank of Mysore car loan be disbursed to the car dealer?
    14. State Bank of Mysore will disburse the car loan amount to the car dealer through pay orders, DD, NEFT or RTGS transfers.

    15. When will State Bank of Mysore sanction car loans to customers?
    16. All car loans will be sanctioned only after the KYC verification is done by State Bank of Mysore.

    17. Should the CIBIL score of the applicant be furnished when an application is being made for a car loan?
    18. Yes, applicants must mandatorily disclose CIBIL score details in order to comply with eligibility criteria.

    19. What is loan quantum sanctioned byState Bank of Mysore for car loan borrowers?
    20. The loan amount that is sanctioned by State Bank of Mysore is 48 times the net monthly income of the applicant.

    21. What type of interest is charged forState Bank of Mysore car loans?
    22. State Bank of Mysore offers floating interest rates for car loans.

    23. What is the rate of interest charged for State Bank of Mysore car loans?
    24. The rate of interest charged for car loans is 0.45% above the base rate of the bank and is currently 10.10%.

    25. What should the customer pay while making theState Bank of Mysore car loan application?
    26. 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.

    27. DoesState Bank of Mysore charge any penalty for late payment of monthly installments?
    28. 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%.

    29. As an example, what is the monthly installment amount that has to be paid by State Bank of Mysore car loan customers?
    30. Customers have to pay an EMI of Rs. 1665 per lakh for a seven year tenure at an interest rate of 10.10%.

    31. Can State Bank of Mysore customers convert floating interest rates to fixed interest rates?
    32. Currently, State Bank of Mysore does not offer the conversion facility to car loan borrowers.

    33. Should State Bank of Mysore car loan borrowers submit any security collateral while availing the loan?
    34. Hypothecation of the vehicle financed and the record of the hypothecation should be available in the RTO book.

    35. WillState Bank of Mysore ask for any third party guarantee from a car loan borrower?
    36. State Bank of Mysore might ask for a third party guarantor, if there is a requirement to improve the credit limit of the customer.

    37. When willState Bank of Mysore issue the annual outstanding balance statement for car loan borrowers?
    38. State Bank of Mysore will issue the annual outstanding balance statement on the 31st March of every year.

    39. CanState Bank of Mysore car loan borrowers contact the customer care helpdesk in case of any queries?
    40. State Bank of Mysore car loan borrowers can call the toll free customer care number at 1800 425 2244 for addressing concerns and queries.

    41. Do car loan borrowers have to bear any inspection charges?
    42. 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.

    43. Does State Bank of Mysore charge any penalty for pre-closure of car loans?
    44. No, there is no pre-closure penalty charged by State Bank of Mysore for customers finishing their loans before the completion of the tenure.

    45. Does State Bank of Mysore also offer insurance cover for the new vehicle that is financed?
    46. 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.

    47. What are the types of applicants eligible to take a State Bank of Mysore car loan?
    48. Salaried employees, self-employed businessmen and professionals, NRIs, PIOs and agriculturists are eligible to apply for a State Bank of Mysore car loan.

    49. What are the general documents that have to be submitted by all types of applicants?
    50. The following documents have to be submitted by all types of applicants -

      • Filled-in application form
      • Two photographs
      • ID Proof - Voter’s ID, PAN Card, Driving license / Passport
      • Residence Proof - Electricity Bills/ Telephone bills / Passport / Property Tax Receipt / Voter’s ID
      • Bank account statement for the past twelve months

    51. What are the different vehicle documents that have to be submitted by car loan borrowers?
    52. The booking receipt and the original copy of the quotation or the proforma invoice has to be submitted by the borrower.

    53. Can State Bank of Mysore customers make balance transfers from other bank car loan accounts?
    54. Yes, State Bank of Mysore does permit balance transfer from other bank car loan accounts.

    55. What are the documents that have to be submitted by borrower make loan transfers?
    56. The following documents have to be submitted by borrowers -

      • Sanction letter from the financier.
      • Account statement of the financer.
      • RC Book
      • Copy of Insurance
      • Loan Foreclosure letter.
      • Other documents that the financier holds.
      • Letter undertaking to issue the NOC from the bank..

    57. What are two documents that have to be submitted by agriculturists applying for a car loan?
    58. Documents carrying details of the land holding and the cropping pattern have to be submitted by agriculturists.

    59. What are the income documents that have to be submitted by salaried and self-employed applicants?
    60. The following income documents have to be submitted -

      • Salaried Employees
        • Form 16 / IT Returns for the last two years
        • Latest pay slip
        • Employee’s company ID card
        • Letter of authority to the bank
        • Letter of authority from the employer
      • Self-employed professionals and businessmen
        • IT Returns and Assessment orders for the last three years.
        • Balance sheet/ P&L statement for the last 3 years
        • Business address Proof
        • Business proof - Gumasta /Trade license / Registration Certificate of establishment / Sales Tax Registration
        • Certificate of Practice Copy
        • TDS Certificate / Form 16A

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