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    Car Loan BYTES FROM OUR KITCHEN

    Overview:

    State Bank of Bikaner & Jaipur (SBBJ) offers loans for new as well as pre-owned cars. Getting easy funding to buy a second hand car has come as a great relief to many as they do not want to shell out a huge amount for that. Since second hand cars are comparatively less expensive, the burden of loan is evidently less. The only prerequisite is that the car should not be older than five years. And you can pick any make or model you want.

    Easy Monthly Instalments:

    If your spouse is earning, his/ her income could be included when the loan sum is calculated, given that he/ she agrees to it. SBBJ allows you great flexibility in terms of EMI and tenure. In fact you can pay back the loan in as many as 84 EMIs. This monthly installment pays towards the principal as well as interest. The road price of the car make and appropriate depreciation will be taken into consideration for approving the loan. These factors will be verified by a bank representative.

    The EMIs for a State Bank of Bikaner & Jaipur used car loan are normally gauged based on the tenure you choose to pay off the loan. Of course, the higher the EMI is shorter the loan term will be and vice versa. Since the official bank website has an EMI calculator, it is easier to decide how much you shall be required to shell out. You may also get in touch with your nearby SBBJ office to get more info regarding the loan sum, tenure and EMI. SBBJ also offers finance for one-time road tax, fees for registering and insurance premium.

    Loan Sum Permitted:

    The maximum permissible loan sum is INR 15 lakhs. It will take a week to process loan application.

    State Bank of Bikaner and Jaipur Used Car Loan Interest Rates

    SBBJ (State Bank of Bikaner and Jaipur) provides two used car loan products, one for the general public and the other for employees of Rajasthan government. The interest on this is computed by factoring the MCLR or Base Rate, depending on the date of loan sanction.

    State Bank of Bikaner and Jaipur Marginal Cost of Funds Based Lending Rate (MCLR) (For new borrowers)

    MCLR backed rates take current fiscal conditions into account, with the operating costs being a key factor in finalising these rates. Subject to change on a regular basis, these benchmarks ensure fair and equitable accountability. The current MCLR for 1 year at SBBJ stands at 9.55% per annum.

    Used car loan interest rates

    The final interest payable by a borrower depends on the tenure of a loan, with the table below highlighting the rates for different loan terms.

    Loan period Interest rate
    Less than 3 years MCLR + 2% = 11.55% per annum
    More than 3 years MCLR + 2.50% = 12.05% per annum

    State Bank of Bikaner and Jaipur interest rate for used cars (Based on Base Rate)

    Borrowers who wish to continue paying interest according to the old system will be charged an interest equivalent to 9.85% per annum. SBBJ can choose to reduce this interest, depending on the relationship a borrower has with the bank.

    Note: Interest rates mentioned here are as of June 8, 2016. SBBJ reserves the right to modify/change these rates without prior notice and applicants are advised to check rates before applying.

    Security:

    As collateral, a nominal charge on the car funded is noted with the local Transport Authorities. A guarantee from the parties involved is mandatory as the loan sum is fixed. You also have the choice to pay back early and finish off the loan sooner as there is no advance payment penalty levied. Rest assured that there is complete transparency with regards to the rate of interest and the fees levied.

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