If you really think about it, it's easier getting a loan for a car than a loan for bus fare!
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 Patiala (SBP) Car Loan Eligibility Calculator is Rated as "Blown Away!" by 10 Users

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    State Bank of Patiala (SBP) Car Loan Eligibility Calculator

    State Bank of Patiala Car Loan Eligibility Overview

    State Bank of Patiala offers car loans accompanied by a host of benefits to its customers. Flexible loan tenures for up to 7 years, nominal processing fees, flexibility of converting floating interest rate to fixed interest rate free of charge, etc. are some of the highlights of the car loan scheme offered by State Bank of Patiala. Salaried applicants can avail a loan amount of up to 48 times their net monthly income and all those who avail a new car loan gets a free personal accident insurance cover as well.


    State Bank of Patiala Car Loan Eligibility Criteria

    Those who are eligible to apply for a SBP car loan are:

    • Salaried Individuals
    • Agriculturists
    • All employees of State government, Central government or Semi govt. organizations.
    • Employees of recognized profit making corporates and PSUs
    • Individuals who work in reputed colleges like - Universities approved by Govt./ UGC/ AIBMS/ AICTE/ CMR etc., or Universities approved by Indian Medical Council,NEC accredited colleges, Deemed Universities, etc.
    Apply for Car Loan Online

    Factors Affecting State Bank of Patiala Car Loan Eligibility

    Once you have submitted your car loan application, the Bank goes through a detailed process of scrutinizing your credit history and several other factors in order to determine your creditworthiness. Some of these factors are as follows:

    • Your CIBIL/ Credit Score: Your CIBIL score is one of the first things that a bank checks while processing your car loan application. This reflects all your transactions, financial liabilities, as well as your repayment capacity. If you credit history projects a negative credit score, then car loan application may be rejected. On the other hand, if your CIBIL score is high, the Bank will consider your car loan application favourably.
    • Income: State Bank of Patiala, scrutinizes your bank statements and all your open accounts, in order to evaluate your income earned against your expenses such as payment of loans, receipts, etc. If your total outflow is over 55-60% of your monthly income, your loan applicant will not be considered favourably.
    • Co-applicant: If you have a co-applicant, your eligibility quotient is high since, both of your income will be clubbed together to evaluate repayment capacity, This increases your net-worth and also increases the assurance of repayment since the co-applicant is equally liable to repay the loan. Since the risk is low and security is high, State Bank of Patiala will consider your loan application in your favour. Parents, children, spouse, siblings etc. can be a co-applicant.
    • Loan Amount and Loan Margin: The loan amount applied for with the bank as well as the loan margin you are willing to pay, also affects your eligibility. From the Bank’s point of view, a higher downpayment made by the individual corresponds to a lower loan amount, which will be repaid faster. This reduces any risk involved or liabilities to the bank so such smaller loan amounts will be approved quickly.
    • Age: Applicants who fall close to the upper age limit set by the bank have a smaller chance of getting a loan approval. This is because, the risk involved in lending to an older individual is higher - their income, dependants, health, etc might affect their repayment capacity. However, if these applicants have a higher net worth and opt for a shorter loan tenure, their car loan application will be considered favourably.

    How to Increase Your State Bank of Patiala Car Loan Eligibility

    • In order to increase your networth, you can provide a guarantor, who has a good social standing. Family, friends or spouse can stand as a guarantor to your car loan application.
    • Collateral/Security: In order to increase your eligibility and chances of getting a car loan application approved, you can pledge collateral or security with the bank, such as: KUP/ NSC/ LIC policies, bank fixed deposit, land and building deeds, gold, etc.
    • Having a salary account or fixed deposit with State Bank of Patiala also increases your chances of availing a car loan from the bank.
    • Review your CIBIL score and make sure that you have cleared all your dues. Your credit score plays a detrimental role in the bank’s decision making process.
    • If you have a healthy combination of unsecured as well as secured credit/loans reflected in your credit history, the Bank considers this positively in determining your eligibility for the car loan.
    • Make sure that all the transactions made in your Joint accounts or accounts in which you are a guarantor, do not have any defaults.

    State Bank of Patiala Car Loan Eligibility Calculator

    Finding out your eligibility for a State Bank of Patiala car loan is now easier and quicker with the availability of the online car loan eligibility calculator tool. You can save time spent on contacting the Bank branches or its executives, since the online car loan eligibility calculator tool can be accessed anywhere, anytime. All you have to do is enter some relevant details based on which the tool will calculate your eligibility a State Bank of Patiala car loan, instantly! The information that you have to manually key-in are: age, income, type of employment, choice of car/model, etc. Click on “calculate” and access your result in seconds! The tool projects your car loan eligibility status, amount of car loan you are eligible for, tenure of loan, etc.

    State Bank Of Patiala Car Loan Reviews

    • State Bank of Patiala Car Loan
      "Excellent process"
      0.5 5.0/5 "Blown Away!"
      State Bank of Patiala provides excellent service. It provides the least rate of interest they are very much co operative.. They are very quick and fast when it comes to car loan disbursement as they took around a week's time to provide the same . They had confirmed all the bank policy documents what ever they require in one go. For documents collection the agent turned up on time and they had fulfilled all my requirements.
      Was this review helpful? 0
      , chandigarh
      Reviewed on Dec 07, 2016
    • State Bank of Patiala Car Loan
      "Approachable "
      0.5 5.0/5 "Blown Away!"
      They are good in the service related to the car loan process.There is no foreclosure charges applied in the loans from state bank of patiala related to the car loan.They have responded very immediately without any delay.Since I am happy with the service I have shifted my loan from HDFC LTD to this bank.
      Was this review helpful? 3
      , jalandhar
      Reviewed on Apr 23, 2016
    • State Bank of Patiala Car Loan
      "Wow!!!"
      0.5 5.0/5 "Blown Away!"
      The service provided was good based on the car loan with state bank of patiala.I was amazed with the service provided.They have given a good service.The interest rate applied for the car loan was around 11.25%.I would surely recommend the service of state bank of patiala to others.
      Was this review helpful? 0
      , delhi
      Reviewed on Feb 08, 2016
    • State Bank of Patiala Car Loan
      "Taken through an agency "
      0.5 5.0/5 "Blown Away!"
      The car agency company has recommended me about STATE BANK OF PATIALA for my car loan. The showroom has tied up with this bank. I did not faced any problems because all my process was done by the agency people. They came for collecting documents from me and I just singed it. Everything was done with in a day. 85% funding on my vehicle was offered to me.
      Was this review helpful? 0
      , chandigarh
      Reviewed on Nov 17, 2015
    • State Bank of Patiala Car Loan
      "Average service"
      0.5 3.0/5 "Satisfactory"
      State Bank of Patiala offered me Car Loan at 10% interest rate basis on my existing relationship. The loan amount offered was also as per my requirement. Although I am not very happy with the services from the Bank. They processed and disbursed the loan in 2-3 working days time.
      Was this review helpful? 0
      , ludhiana
      Reviewed on Sep 23, 2015
    • State Bank of Patiala Car Loan
      "Quick processing!"
      0.5 5.0/5 "Blown Away!"
      Processing time was very quick with State bank of Patiala and I got the loan amount disbursed within 2 days. The interest rate is 10.4% with them and there is no processing fees with them. Since I hold an account with them, they collected only minimal documents for the process.
      Was this review helpful? 0
      , chennai
      Reviewed on Sep 11, 2015
    • State Bank of Patiala Car Loan
      "Very Good!!!"
      0.5 4.0/5 "Great!"
      Since it is a Gov company the customer service is not that good. i suggest the Bank of Patiyala to improve their service. When ever we call they have to fulfill the customer needs. Interest rate is 10.75 which is floating. This car loan will complete in the year 2009. The processing fee is 1% , I am happy about it.
      Was this review helpful? 1
      , new delhi
      Reviewed on Jul 02, 2015
    • State Bank of Patiala Car Loan
      "Fabulous!!!"
      0.5 5.0/5 "Blown Away!"
      I took home loan from state bank of patiala. Compared to the other banks the rates and other charges applied was low at that time. This was taken long back. My only concern is response. As this is a Gov concern we can not except more. But then also my suggestion is to improve in response . Actually the processing fee and other charges it was waived off.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 02, 2015
    • State Bank of Patiala Car Loan
      "Extra ordinary service"
      0.5 5.0/5 "Blown Away!"
      I am holding a SBP car loan , their service is extra-ordinary, I have no words to express their service . To start with, the documentation process was clear and simple, they made it clear to me what all documents is required to process the loan. They were asking for basic documents like pay slip and bank statements which made my work easier. Their response is also good and the loan amount was sanctioned on time.
      Was this review helpful? 1
      , bangalore
      Reviewed on Aug 28, 2014
    • State Bank of Patiala Car Loan
      "Wonderful job done"
      0.5 4.0/5 "Great!"
      I selected State Bank of Patiala for its wonderful job throughout the process of availing car loan for me. The dealer and the Bank had a tie up, so it was very easier to get car loan at minimal interest rate. Processing fee was also quite ok. The Branch manager was so helpful in availing this car loan. He was the only person who completed all the process including documentation, signing up the documents within 2 visits. I am thankful to that Manager. who completed everything within a time frame of 30 minutes. My overall experience with this Bank is wonderful.
      Was this review helpful? 1
      , pune
      Reviewed on May 26, 2014
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