If you really think about it, it's easier getting a loan for a car than a loan for bus fare!
    Close

    Compare Car Loan Offers from Top Banks. Apply Online and Get e-Approved Instantly.

    State Bank of Travancore Car Loan Reviews

    Common Loader Icon

    State Bank of Travancore Car Loan is Rated as "Excellent!" by 14 Users

    Fees & Charges

    Promised Interest Rate

    Customer Service

    Responsiveness

    Car Loan BYTES FROM OUR KITCHEN

    State Bank of Travancore is a subsidiary of the State Bank Group and also has private share-holders. It is the premier bank of Kerala, India, where it has 777 branches. Overall, SBT has a network of over 1036 branches spread over 16 Indian states. To know more, follow some simple steps given below to get attractive deals.


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

    01
    02
    03
    04
    State Bank of Travancore Car Loan Minimum Age

    At least 21 years old

    State Bank of Travancore Car Loan Maximum Age

    Less than 65 years old

    State Bank of Travancore Car Loan Eligible Employment Type

    Salaried or self-employed
    with regular income

    State Bank of Travancore Car Loan Minimum Income

    Earn more than the minimum
    income required


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

    01
    02
    03
    State Bank of Travancore Car Loan Minimum Salary

    Minimum income required
    Rs.3,00,000 per annum

    State Bank of Travancore Car Loan Maximum Loan to Value

    Loan capped @
    85% of the ex-showroom price

    State Bank of Travancore Car Loan EMI

    EMIs of other loans lower
    your eligibility


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

    01
    02
    State Bank of Travancore Car Loan Payoff Outstanding Credit Card Bills

    Pay off your credit card bills

    State Bank of Travancore Car Loan Maximum Tenure

    Choose longer tenure loan up to 7 years


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

    • 1. Photo ID and age proof
    • 2. Signed application form with photograph
    • 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 Travancore Car Loan Interest RatesUpdated on 05 Dec 2016

    State Bank of Travancore Car Loan Details
    Interest Rate 10.10% to 10.35%
    Processing Fees 0.30% of loan amount with a minimum of Rs.1000/- and a maximum Rs.3,000/- .(Service tax extra)
    Loan Tenure 1 year to 7 years
    Pre Closure Charges Nil
    Guarantor Requirement No Guarantor required

    Overview About State Bank of Travancore Car Loan

    State Bank of Travancore is a public sector bank that was set up in 1945. Under the SBI subsidiary Banks Act 1959, it was incorporated as an Associate of State Bank of India and a member of the State Bank Group. It’s head office is in Thiruvananthapuram. State Bank of Travancore is committed to policies of the Government that aim at social development. Its role meeting need-based requirements of Small and Medium Enterprises and Agriculture is developmental and active. The bank has rural and semi-urban branches that caters majorly to the needs of farmers. It also provides banking services for NRIs.

    Why choose State Bank of Travancore Car Loans

    State Bank of Travancore offers car loans to customers who are seeking to purchase new cars, MUVs and SUVs. The process is very clear and prompt. You can avail of a car loan jointly where the vehicle can be registered in any one of the borrower's name. Get a large loan amount to purchase the car you want.

    Features of Car Loans from State Bank of Travancore

    • Get your loan sanctioned in 2 working days from the day the bank receives your application.
    • Avail of low interest rates.
    • Repay the loan in easy tenures of up to 7 years.
    • Enjoy low margins on the total cost of the vehicle of 10% for normal cars and 20% for premium cars.
    • Salaried individuals can avail of up to 48 times their net monthly income or 4 times the net annual salary.
    • For all others, you can avail of up to 4 times the annual net profit or gross taxable income.
    • Avail of up to Rs. 10 lakhs for normal cars, and more for premium cars.
    • Comprehensive insurance is a must in the name of the borrower for the market value or at least 10% more than the outstanding loan amount, whichever is higher.
    • Pre-close the loan at no extra charges.

    State Bank of Travancore Car Loan Interest Rates

    In response to RBI’s new rules, SBT has implemented the system of MCLR (Marginal Cost Based Lending Rate) for all its retail loan offerings which includes auto loans. This system is used to determine the minimum applicable rate for car loans of various terms.

    State Bank of Travancore Marginal Cost Based Lending Rate (MCLR) for New Borrowers
    Benchmark MCLR rate 9.60%
    Rate of interest (loan amount below Rs.10 lacs) 10.60% (MCLR + 0.75%)
    Rate of interest (loan amount above Rs.10 lacs) 10.35% (MCLR + 0.50%)

    The effective MCLR for various tenures have been provided below.

    Tenure MCLR
    Overnight MCLR 9.00%
    One month MCLR 9.10%
    Three month MCLR 9.35%
    Six month MCLR 9.65%
    One year MCLR 9.65%

    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.

    Eligibility criteria for a Car Loan from State Bank of Travancore

    • 21 to 65 years
    • The loan should be repaid by attaining the age of 70 years.
    • If you above the age of 65, you can avail of this loan if you have sufficient and regular income to ensure repayment.
    • Salaried and regular income individuals
      • Minimum net annual income required is Rs. 3,00,000.
      • You are not required to maintain a salary account with the bank.
      • Income from interest, dividends, rent can be added to total income.
    • Commissioned officers in defence
    • Professionals, self-employed, businessmen, proprietary and partnership firms
      • Should be earning a minimum of Rs. 4,00,000 per annum as net profit or gross taxable income as per ITR. Business income from other sources can be added.
    • All applicants should have a minimum of 2 years work experience, standing or service.

    How to calculate EMI on State Bank of Travancore Car Loans

    If you wish to calculate the EMI you would incur on your car loan, visit BankBazaar.com. Access our “Car Loan EMI Calculator” under the tab “Finance Tools”. The calculator is very easy to use and generates handy results. Input your details such as loan amount, tenure, interest rate and if you would prepay the loan. Click on “Calculate” to generate your results that will help you understand your loan better.

    State Bank of Travancore Car Loan FAQs

    1. What type of four wheelers can be purchased with State Bank of Travancore Car Loan?
    2. All types of new passenger cars, Sports Utility Vehicles (SUVs) and Multi Utility Vehicles (MUVs) can be purchased using State Bank of Travancore Car Loan.

    3. What is the eligibility criteria for State Bank of Travancore Car Loan?
    4. An applicant must satisfy the following eligibility conditions to apply for a State Bank of Travancore Car Loan.

      • The applicant must be in the age group of 21 years to 65 years.
      • The car loan must be fully paid before the borrower attains the age of 70 years.
      • The applicant must have a regular income source and must fall in one of the occupation class (self employed/salaried etc.,) as prescribed by the bank.

    5. Who can apply for a State Bank of Travancore Car Loan?
    6. The following class of customers can apply for a State Bank of Travancore Car Loan.

      • Salaried & regular income earners having a minimum 2 years experience or standing in their line of occupation.
      • Employees of Central & state Government, Corporations, Public Sector Undertakings, Insurance Companies, pensioners and banks can apply for State Bank of Travancore Car Loan.
      • Self - employed applicants, businessmen, professionals, partnership firms, proprietary firms and others who are income tax assessee with experience of minimum 2 years can apply for the loan.

    7. For pensioners and salaried applicants, what is the minimum income criteria to apply for State Bank of Travancore Car Loan?
      • Salaried applicants and pensioners must satisfy the below given income criteria to apply for a State Bank of Travancore Car Loan.
      • Minimum Net Annual income of the applicant and co-applicant must be at Rs. 3 lakhs and above per annum.
      • Co-applicant's’ income can be added for this purpose.

    8. Can I add income from other sources to fulfil the minimum income criteria for State Bank of Travancore Car Loan?
    9. Yes, income from other sources like rent, bank interests and dividends of listed companies can be added to arrive at the minimum income requirement.

    10. For self - employed applicants and businessmen, what is the minimum income criteria for State Bank of Travancore Car Loan?
    11. Businessmen and self - employed applicants should satisfy the below given income criteria to apply for a State Bank of Travancore Car Loan.

      • Gross Taxable Income or Net Profit should be not less than Rs. 4 lakhs as per Income Tax Returns after deducting repayment of all existing loans and adding back the depreciation.
      • Business income of other sources can be added the income.

    12. When applying for a State Bank of Travancore Car Loan jointly, in whose name will the vehicle be registered?
    13. When State Bank of Travancore Car Loan is sanctioned in joint names, the vehicle can be registered in any one of the borrower’s name. The borrower can choose the name to be registered.

    14. What is the maximum loan quantum that will be sanctioned for salaried applicants under State Bank of Travancore Car Loan?
    15.  

    16. For salaried employees, four times the net annual income or up to 48 times the net monthly income is offered as maximum loan quantum for State Bank of Travancore Car Loan.
    17. For self - employed applicants, what is the maximum loan quantum that is offered under State Bank of Travancore Car Loan?
    18. For self - employed applicants and businessmen, up to 4 times the Gross Taxable Income or the Net Profit per annum as per Income Tax Returns after adding depreciation and deducting repayment of all other existing loans is offered as maximum loan quantum under State Bank of Travancore Car Loan.

    19. What is the net monthly income and how is it calculated while computing the State Bank of Travancore Car Loan quantum?
    20. The Net monthly income is the net of all deductions including original monthly TDS (tax deduction at source). It is calculated by taking an average of Net salary of the last six months.

    21. For State Bank of Travancore Car Loan, what is the maximum amount that will be offered for term loan?
    22. Under normal car loan scheme, up to Rs. 10 lakhs will be offered. For premium car loan scheme under State Bank of Travancore Car Loans, Rs. 10 lakhs and above will be offered.

    23. For State Bank of Travancore Premium Car Loan, what should be the EMI to NMI ratio of the applicant?
    24. For State Bank of Travancore Premium Car Loan, the EMI to Net Monthly Income (NMI) ratio of the applicant should be 55%.

    25. For State Bank of Travancore Car Loan amounts below Rs. 10 lakhs, what is the desirable EMI to NMI ratio of the applicant?
    26. For normal car loan amounts (below Rs. 10 lakh), the EMI to NMI ratio should not exceed 50%.

    27. I have applied for State Bank of Travancore Car Loan and I am already paying EMI for a home loan. Will the home loan EMI be included while computing the EMI to NMI ratio?
    28. Yes, the EMI to NMI ratio will include all EMIs towards the proposed car loan and existing loans. The NMI will be equal to the Total Gross Income after depreciation, if applicable and other compulsory deductions like Employee Provident Fund and Income Tax.

    29. What is the margin for State Bank of Travancore Car Loan?
    30. The table below gives the margin requirements for State Bank of Travancore Car Loan.

      Loan Type

      Margin

      Normal Car loans - below Rs. 10 lakh

      15% of the total cost of vehicle

      Premium car loan - Rs. 10 lakhs and above

      20% of the total cost of vehicle

    31. What does the cost of vehicle when calculating the quantum and margin for State Bank of Travancore Car Loan?
    32. Under State Bank of Travancore Car Loan, the cost of vehicle includes the cost of life tax, insurance, invoice price and accessories. Any discounts or consumer offers announced by dealers and manufacturers should be reduced from the on-road price.

    33. What can be the maximum cost of accessories when calculating the cost of vehicle for State Bank of Travancore Car Loan?
    34. The maximum cost of accessories should not exceed Rs. 50, 000 or 5% of the cost of four - wheeler, whichever is less.

    35. What is the maximum repayment tenure offered for State Bank of Travancore Car Loan?
    36. For all class of borrowers, the maximum repayment tenure is 7 years. However, the borrower must repay the loan before he attains the age of 70 years.

    37. I have included my spouse’s income to satisfy the minimum income criteria for State Bank of Travancore Car Loan. Should I mention my spouse as a guarantor or a co - borrower?
    38. The person whose income is included for satisfying the loan eligibility criteria must be made a co - borrower and not as a guarantor.

    39. Will my CIBIL score have an impact in approval of State Bank of Travancore Car Loan?
    40. Yes, State Bank of Travancore will consider an applicant’s CIBIL score and credit repayment history before approving a car loan. The credit score threshold limit for car loans is set at 60 marks.

    41. What are the processing charges for State Bank of Travancore Car Loan?
    42. The processing charges for State Bank of Travancore Car Loan is 0. 30% of the loan amount subject to a minimum of Rs. 1,000 and a maximum of Rs. 3,000.

    43. My State Bank of Travancore Car Loan application was rejected. Will my processing fee be returned back?
    44. When State Bank of Travancore Car Loan applications are rejected, 25% of the processing fee will be retained if the car loan application is rejected after the pre sanction survey subject to a minimum of Rs. 250 plus the service tax.

    45. What is the security for State Bank of Travancore Car Loan?
    46. For State Bank of Travancore Car Loan, hypothecation of vehicle purchased out of the loan amount is prescribed as security.

    47. What are the pre closure charges for State Bank of Travancore Car Loan?
    48. If a borrower makes a prepayment for State Bank of Travancore Car Loan, no penalty is charged.

    49. Should I insure the vehicle that I purchase using State Bank of Travancore Car Loan?
    50. Yes, the car purchased with State Bank of Travancore Car Loan must be insured comprehensively for at least 10% of the outstanding loan amount or for the market value, whichever is higher, in the borrower’s name and the interest of bank as hypothecatee must be noted in the certificate of insurance policy.

    51. How long will State Bank of Travancore take to process Car Loan applications?
    52. The maximum time frame for receipt of application and the loan disbursal is 2 working days from the date of application provided all necessary documents have been submitted by the applicant.

    53. What income documents do businessmen, self employed professionals, partnership firms and proprietary firms have to submit when applying for State Bank of Travancore Car Loan?
      • Borrower’s Bank account statements for the last 6 months
      • Latest Income Tax Returns
      • Audited balance sheet
      • IT returns and form 16 for the last 2 years
      • P & L statement for the last 2 years
      • Shop and establishment act certificate
      • Sales Tax certificate
      • SSI registered copy and copy of partnership

    54. What documents can I submit as address proof and identity proof when applying for State Bank of Travancore Car Loan?
      • As identity proof, you can submit either of PAN card, voter ID, passport, Aadhaar card or driving license.
      • For address proof, you can submit either of driving license, voter ID, passport, telephone bill, life insurance policy, PAN card or Aadhaar card.

    55. How do I get the application form for State Bank of Travancore Car Loan?
    56. Customers can download a copy of the application form for State Bank of Travancore Car Loan from the bank’s website. Alternatively, customers can also visit any of the nearest bank branch to procure an application for State Bank of Travancore Car Loan.

    57. What are the prevailing interest rates for State Bank of Travancore Car Loan?
    58. The following table presents the current interest rates for State Bank of Travancore Car Loan.

      Loan Scheme

      Interest Rate

      For limit up to Rs. 10 lakh

      0. 75% above the base rate

      Currently fixed at 10. 70% per annum

      For limit Rs. 10 lakh and above

      0. 50% above the base rate

      Currently fixed at 10. 45% per annum

    Got something to say? Go on, you can say it; we don't bite. In fact, the more said, the better. The only thing we ask is that you keep it squeaky clean and follow our posting guidelines. Do not disclose sensitive information like your bank account details or phone number (or home planet). Comments posted on the BankBazaar site are not reviewed or endorsed by representatives of financial institutions affiliated with the reviewed products, unless explicitly stated otherwise.

    reTH65gcmBgCJ7k - pingdom check string.
    reTH65gcmBgCJ7k - pingdom check string.
    This Page is BLOCKED as it is using Iframes.