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 Car Loan

    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    9.65% - 10.15% Floating
    1,020 to ₹10,200 One time fee
    Response Time Within 30 minutes

    State Bank of Patiala Car Loan is Rated as "Blown Away!" by 10 Users

    Fees & Charges

    Promised Interest Rate

    Customer Service

    Responsiveness

    Car Loan BYTES FROM OUR KITCHEN

    State Bank of Patiala is an associate bank of State Bank of India. State Bank of Patiala, originally named Patiala State Bank, and currently an associate bank of the State Bank of India, was founded on 17 November 1917 and the functions of the bank included the normal functions of commercial banks, as also some functions similar to functions of a central bank for the princely state of Patiala. Continue reading to view more details about this loan.


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

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    State Bank of Patiala Car Loan Minimum Age

    At least 21 years old

    State Bank of Patiala Car Loan Maximum Age

    Less than 65 years old

    State Bank of Patiala Car Loan Eligible Employment Type

    Salaried or self-employed
    with regular income

    State Bank of Patiala Car Loan Minimum Income

    Earn more than the minimum
    income required


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

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    State Bank of Patiala Car Loan Minimum Salary

    Salaried with Regular Income

    State Bank of Patiala Car Loan Maximum Loan to Value

    Loan capped @
    85% of the ex-showroom price

    State Bank of Patiala Car Loan EMI

    EMIs of other loans lower
    your eligibility


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

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

    Pay off your credit card bills

    State Bank of Patiala Car Loan Maximum Tenure

    Choose longer tenure loan up to 7 years


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

    • 1. Residence proof
    • 2. Photo ID and age proof
    • 3. Signed application form with photograph
    • 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 Patiala Car Loan Interest RatesUpdated on 08 Dec 2016

    State Bank of Patiala Car Loan Details
    Interest Rate (Monthly reducing balance) 9.65% to 10.15%
    Processing Fees 0.51% of the loan amount Minimum Rs.1020/- Maximum Rs.10200/- and Rs.5100/- for Mercedes Cars
    Loan Tenure 1 year to 7 years

    Overview AboutState Bank of Patiala Car Loan

    In current times, owning a car has become more than just a luxury. With most of the cities facing the problem of inadequate public transportation systems, owning a car has become a necessity. It would free you from the hassles of having to wait for buses and having to pay those extra bucks for cabs. However, it is not wise to burn all your savings in the process of buying a car. A wise alternative would be to avail a car loan and pay the amount back in easy monthly repayments.

    A pioneer in loans portfolio, State Bank of Patiala car loans will duly assist you in fulfilling your dream of owning a car. With features like high loan quantum and affordable interest rates, SBP car loans will delight every borrower.

    Why Choose State Bank of Patiala Car Loans?

    SBP car loans comes with a host of features that benefit the customer. Salaried applicants are offered up to 48 times the net monthly income as the loan amount. Also, the loan tenure is very flexible and the applicant can choose a term of up to 7 years. The processing fee is very nominal and there is no charges for converting from floating to fixed rate, and vice versa. A complimentary group personal accident insurance cover is offered to new car loan borrowers.

    Features of State Bank of Patiala Car Loan

    The following advantages offered by SBP sets it a league apart from other car loan products in the market.

    • Flexible Tenures
    • With SBP offering up to 7 years of repayment tenure for car loan, borrowers can choose a term that they are most comfortable with.

    • Affordable Interest Rates
    • At 0.5% above the base rate, SBP offers a very competitive interest rate for car loans.

    • High Loan Quantum
    • State Bank of Patiala offers high loan amounts for car loans which will empower you to buy confidently, the car of your dreams.

    • No Prepayment Penalty
    • Borrowers can escape from the otherwise costly foreclosure charges, SBP car loans has no fee for foreclosure of car loans.

    • Personal Accident Insurance
    • All New car loan borrowers are offered free group cover for personal accident (death only).

    Why Apply for State Bank of Patiala Car Loan Through BankBazaar.com?

    You get the following benefits when you apply for a SBP car loan through BankBazaar.

    • You don’t have to run from one corner to the other, collecting information and brochures on car loan, to decide as to which loan to choose. BankBazaar is your one-stop for all financial products.
    • We give you personalized car loan suggestions based on a small questionnaire. You can view all information about a loan product in a single page and also shortlist suitable car loan deals.
    • With bankBazaar.com, applying for a car loan is as easy as shopping! Fill in a simple form and we will send your application to the bank for further processing. What more, you get e-mail and SMS notifications to track your application.
    • Last but not the least, your information is always secure with us.

    State Bank of Patiala Car Loan Interest Rates

    As per the latest guidelines issued by the RBI (Reserve Bank of India), State Bank of Patiala (SBP) follows the MCLR (Marginal Cost Based Lending Rate) system to determine the interest rate on auto loans for new borrowers.

    State Bank of Patiala Marginal Cost Based Lending Rate (MCLR) for New Borrowers
    Benchmark MCLR rate 9.50%
    Floating rate of interest 9.95% p.a (MCLR + 0.45%)

    The bank also offers overdraft facility under the car loan scheme an interest rate of 10.45% p.a. A special concession of 0.10% on the applicable rates is offered for existing home loan borrowers, central & state government employees, employees of select corporate companies, PSUs and to applicants from recognized universities/colleges.

    Note: The MCLR 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.

    How to Calculate the EMI for State Bank of Patiala Car Loans?

    Calculating your financial affordability is very important before you sign up for huge monetary commitment like loan. Just follow the steps given below to calculate the EMI for a State Bank of Patiala Car Loans.

    • On BankBazaar.com homepage, choose Car Loan EMI Calculator under Finance Tools.
    • Enter the loan amount, tenure, interest rate and processing fee. If you are planning to make pre-payments, choose “Yes” and fill in the corresponding details like pre-payment frequency, amount and the fee.
    • Click on “Calculate” once you have entered all the details. The calculator will project your monthly car loan EMI in an instant. You will also get amortization details and repayment schedule.
    • You can use the repayment details to assess your affordability. Also, use the sliders to vary the values till you arrive at an affordable EMI.

    State Bank of Patiala Car Loan FAQs

    1. What are the types of vehicles that can be financed using the State Bank of Patiala Car Loan?
    2. All types of new cars inclusive of sedans, hatchbacks and luxury vehicles can be financed using the State Bank of Patiala Car Loan.

    3. Can customers apply for a State Bank of Patiala Car Loan online?
    4. Yes, customers can apply for a State Bank of Patiala Car Loan on the bank’s website by entering certain personal details, loan amount, income, etc.

    5. What type of interest rate is offered by State Bank of Patiala for car loan borrowers?
    6. The interest rate offered by State Bank of Patiala is a floating interest rate.

    7. Does State Bank of Patiala provide an overdraft facility on the SBP car loan?
    8. Yes, an overdraft facility is available for new vehicle borrowers at an interest rate of 10.60% for a loan tenure ranging between three and seven years.

    9. What is interest rate charged by State Bank of Patiala for car loans?
    10. The interest rate offered for car loans is 0.45% above the base rate, which is 10.10% per annum.

    11. Does State Bank of Patiala offer any special concessions on car loan interest rates?
    12. State Bank of Patiala offers a concession of 0.10% on the car loan interest rate for the following borrowers -

      • Existing home loan borrowers
      • Central and State Government employees.
      • Employees of Public Sector Undertakings and Corporates
      • Employees of colleges

    13. Can State Bank of Patiala car loan borrowers reset their interest rates?
    14. No, interest rate resets are not feasible with State Bank of Patiala car loans.

    15. Do State Bank of Patiala car loan borrowers have to pay any fees upfront while applying?
    16. No, State Bank of Patiala car loan borrowers do not have to pay any upfront fees while applying.

    17. Do State Bank of Patiala car loan borrowers have to pay any prepayment penalty while closing their loan accounts?
    18. No, State Bank of Patiala car loan borrowers do not have to pay any pre-closure fees while closing their loan accounts.

    19. What is the processing fees charged by State Bank of Patiala for car loans?
    20. State Bank of Patiala charges a processing fee of 0.51% of the loan amount, with the minimum being Rs. 1020 and the maximum being Rs. 10200. The processing fee charged for a Mercedes vehicle is Rs. 5100.

    21. Will State Bank of Patiala refund any fee if the car loan is rejected?
    22. No, there will no refund on any fees if the car loan is rejected by State Bank of Patiala.

    23. Can State Bank of Patiala car borrowers convert their floating interest rates to fixed interest rates?
    24. No, State Bank of Patiala does not provide the option of changing floating interest rates to fixed interest rates.

    25. What is the penalty charged by State Bank of Patiala for late payments?
    26. State Bank of Patiala will charge a penal interest of 1% on the outstanding amount for delayed payments and will charge Rs, 281 for bounced cheques.

    27. How should State Bank of Patiala customers pay back their car loans?
    28. The State Bank of Patiala car loan should be paid back as monthly installments.

    29. What is the security that has to be submitted by State Bank of Patiala car loan customers?
    30. The primary security that has to be given is the hypothecation of the vehicle along with the record of the hypothecation in the RTO book. No other collateral security is required.

    31. When will the annual outstanding balance statement be issued by State Bank of Patiala?
    32. The annual statement will be issued on the 31st March of every year by State Bank of Patiala.

    33. What is the maximum loan tenure approved by State Bank of Patiala?
    34. The maximum car loan tenure approved by State Bank of Patiala will be up to 84 months.

    35. What is the maximum loan amount approved by State Bank of Patiala?
    36. The maximum car loan amount approved by State Bank of Patiala will be up to 85% of the on-road price of the vehicle.

    37. What is the loan margin that has to be brought in by State Bank of Patiala car loan borrowers?
    38. The loan margin that has to be brought in by borrowers is 15%.

    39. Should the CIBIL score be given by the customer while applying for a SBP car loan?
    40. Yes, customers have to disclose their CIBIL score for the verification process conducted by State Bank of Patiala.

    41. Will State Bank of Patiala ask for third party guarantee for a car loan?
    42. State Bank of Patiala might request for a third party guarantor according to the profile and credit history of the applicant.

    43. Can State Bank of Patiala car loan borrowers contact the customer care for feedback and queries?
    44. Yes, State Bank of Patiala car loan borrowers can get in touch with the toll free customer care number at 1800-180-2010 for feedback and queries.

    45. Who is eligible to procure a State Bank of Patiala car loan?
    46. Salaried employees, agriculturists and self-employed professionals are eligible to avail a State Bank of Patiala car loan.

    47. Is there a maximum limit fixed by State Bank of Patiala on the term loan amount?
    48. No, the State Bank of Patiala car loan is a term loan with no set limits for new vehicles.

    49. Does State Bank of Patiala have a limit on the overdraft amount given to borrowers?
    50. Yes, the overdraft limit would be up to Rs. 3 lakhs for State Bank of Patiala customers.

    51. What is the maximum loan amount sanctioned by State Bank of Patiala for salaried applicants?
    52. The maximum loan amount approved for salaried employees is up to 48 times their net monthly salary.

    53. What is the maximum loan amount sanctioned by State Bank of Patiala for agriculturists?
    54. The maximum loan amount approved for agriculturists is up to three times their net annual income.

    55. What is the maximum loan amount sanctioned by State Bank of Patiala for other types of applicants?
    56. The maximum loan amount approved for other types of applicants is up to four times their net annual income.

    57. When a borrower chooses a particular car loan tenure is there any age limit before which the loan has to be completed?
    58. State Bank of Patiala sanctions loans with tenures to up to seven years, with the loan reducing significantly before the borrower reaches 70 years.

    59. How will State Bank of Patiala disburse the car loan amount to the car dealer?
    60. State Bank of Patiala will disburse the sanctioned amount to the car dealer/seller using a DD, pay orders, RTGS or NEFT transfers.

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