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 Mysore Used Car Loan Reviews

    • State Bank of Mysore Car Loan
      "Secured Bank"
      0.5 4.0/5 "Great!"
      State bank of Mysore takes much time in documentation and verification process. They approved my car loan and disbursed with in one week of time. I can say it is an average service when compared with sundaram finance. The rate of interest and fee and charges are nominal when compared with Sundaram finance.
      Was this review helpful? 0
      , bellary
      Reviewed on Mar 29, 2017
    • State Bank of Mysore Car Loan
      "Very good car loan process"
      0.5 5.0/5 "Blown Away!"
      I love the process followed by SBM for my car loan. They were able to offer 80% of the road value. The rate of interest offered 17.01% diminishing interest rate. I am holding this SBM car loan for about 5 years. No issues nor any challenges till date. No additional nor any extra charge levied on my car loan.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Dec 29, 2016
    • State Bank of Mysore Car Loan
      "Faster process"
      0.5 5.0/5 "Blown Away!"
      I do have a car loan with State bank of Mysore and the interest rate was around 10%. Customer service is an excellent one with them like, everything happens immediately. Manager of State Bank of Mysore have helped me a lot to in order for me to get the funds.
      Was this review helpful? 1
      , bangalore
      Reviewed on Jun 29, 2016
    • State Bank of Mysore Car Loan
      "Happy with them..."
      0.5 5.0/5 "Blown Away!"
      I am the existing customer of SBM in terms of car loan. So, I got my car loan within a day. They do not taken much time since they are government bank but they are provided good service. Charges and interest part an all good in SBM Bank. I would recommend them.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 06, 2016
    • State Bank of Mysore Car Loan
      "Great Experience"
      0.5 5.0/5 "Blown Away!"
      I submitted the documents directly by visiting the branch of state bank of Mysore and the car loan was approved in 45 minutes which was very fast. They offered the best rate of 10.25% and the processing fee was very minimal. 100% loan amount was disburses.
      Was this review helpful? 0
      , bangalore
      Reviewed on Dec 22, 2015
    • State Bank of Mysore Car Loan
      "Best "
      0.5 5.0/5 "Blown Away!"
      I got the car loan with the State Bank of Mysore. The rate of interest is around 10.75% and am happy with them. The loan got disbursed within 48 hours of time because I am the priority customer with them. The process got very smoothly done with them. Customer service is not good with them like they are not sending the loan statement of mine.
      Was this review helpful? 0
      , bangalore
      Reviewed on Oct 21, 2015
    • State Bank of Mysore Car Loan
      "Good one"
      0.5 5.0/5 "Blown Away!"
      SBM car loan process was very good. I have paid only 2.5 lakhs . Its still ongoing now .Interest rate offered by them was a fixed one, I am getting payment alerts from them on time. I normally make the cash payment and there is no charges or challenges as such.
      Was this review helpful? 0
      , bangalore
      Reviewed on Oct 12, 2015
    • State Bank of Mysore Car Loan
      "Loans Offered In Short Period...."
      0.5 4.0/5 "Great!"
      State bank of Mysore offered me a car loan. The loan was processed and cleared in just 7 working days. They collected less documents. The rate of interest was little bit high but its okay. I got a preference since I had my salary account with them.
      Was this review helpful? 0
      , bangalore
      Reviewed on Sep 22, 2015
    • State Bank of Mysore Car Loan
      "Attractive rate..."
      0.5 4.5/5 "Excellent!"
      On car loan the State Bank of Mysore offered me 8.5% of interest rate. I have an account of the same bank so they processed the car loan easily. The lockin period to pre close the loan is 18months and service charge is of 3%. The sanctioned amount was 1.5lakhs and the bank fulfilled all the commitments.
      Was this review helpful? 0
      , mysore
      Reviewed on Sep 18, 2015
    • State Bank of Mysore Car Loan
      "Great Support"
      0.5 5.0/5 "Blown Away!"
      I knew the manager at State of Mysore personally and his support during my Car Loan application was beyond expectation. It took hardly 24 hours to have the loan processed. Documentation was also very simple and hassle free I had taken the loan around 2-3 years back. Bank offered me the loan at floating interest rate.
      Was this review helpful? 0
      , bangalore
      Reviewed on Sep 14, 2015
    • State Bank of Mysore Car Loan
      "Improvement Needed"
      0.5 4.0/5 "Great!"
      I have taken a car loan from state bank of Mysore. The process was quite faster. The communication on EMI part was missing. Still they did not inform the same. The loan amount was disbursed in just 2 days. They should improve the technology part in communication. I may think before recommending this bank.
      Was this review helpful? 0
      , bangalore
      Reviewed on Aug 26, 2015
    • State Bank of Mysore Car Loan
      "Excellent customer service!!!!!!!!"
      0.5 5.0/5 "Blown Away!"
      I got my car loan from state bank of mysore with better interest rate as 12% which was very low when compared to other banks.I liked the customer service and documentation part which has been done for me within 2 days . The best part was they do each and every process in my convenient time
      Was this review helpful? 3
      , hosur
      Reviewed on Oct 27, 2014
    • State Bank of Mysore Car Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      It was through the car dealer I have availed the car loan from State bank of Mysore. Everything went smooth and my loan was disbursed within 3 days of time once the documentation process complete. They offered me a good rate of interest around 10.5%.
      Was this review helpful? 0
      , bangalore
      Reviewed on Sep 01, 2014
    • State Bank of Mysore Car Loan
      "Good Service Overall"
      0.5 5.0/5 "Blown Away!"
      SBM Car Loan Prompt response and very fast service it was very good experience, follow up from staffs was excellent, interest rate was 10.25% it could be have been less, i got everything done in 10 days. If documentation charges could have been less it might be great.
      Was this review helpful? 0
      , bangalore
      Reviewed on Aug 23, 2014
    • State Bank of Mysore Car Loan
      "Way To Go "
      0.5 4.0/5 "Great!"
      Customer service provided my State of Mysore is good.I am very satisfied. They did not ask for too many documents for my car loan, as they are following the RBI bank norms.however to set up my ECS, there was a delay .but I do understand that they have to follow a procedure.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 03, 2014
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    State Bank of Mysore Used Car Loan is Rated as "Blown Away!" by 15 Users

    Fees & Charges

    Promised Interest Rate

    Customer Service

    Responsiveness

    Car Loan BYTES FROM OUR KITCHEN

    State Bank of Mysore Used Car Loans

    Established as Bank of Mysore Ltd in the year 1913, under the benefaction of the erstwhile Govt. of Mysore, State Bank of Mysore (SBM) became an associate of State Bank of India in March 1960. The banks shares are listed in Bangalore, Chennai and Mumbai stock exchanges. SBM boasts of a widespread network of 1002 branches (as on 31.12.2104) and 9 extension counters across the country. These numbers are inclusive of 20 small and medium enterprise branches, 3 corporate accounts branches, 4 industrial finance branches, 7 specialised personal & services banking branches. Giving support to the bank are 5 service branches and 1 asset recovery branch.

    Apart from offering services like Personal Loan, Mortgage Loan, Housing Loan, Educational Loan, SBM offers Car Loan for purchase of new cars as well as used/second hand cars. Smooth processing, affordable rates of interest and free accident cover (death risk only) has made SBM a really popular bank to apply for a car loan from.

    Features and Benefits of State Bank of Mysore – Used Car Loan

    The significant features of the SBM Used Car Loan are as follows –

    Category of Cars

    SBM offers used car loan for the purchase of passenger cars, Jeeps and Multi Utility Vehicles (MUVs), which are not more than 5 years old from the date of registration.

    Low Processing Fee

    The processing fee for SBM used car loan is as low as 0.20%.

    Fitness Certificate

    To avail used car loan from SBM, you need to submit a certificate of fitness/valuation (for the car) from a reputed garage. This works as a huge benefit because it gives you an authentication of the vehicle being in a good/fit condition despite being used.

    Accident Insurance Cover (death risk only)

    SBM offers accident insurance cover for free, only in case of a death risk, to its customers, on new and used car loans. This is a huge plus as given the unpredictable traffic conditions these days, accidents are quite common.

    Loan Amount and Repayment
    • A salaried individual can avail any loan amount up to 48 times of his/her net monthly income.
    • Self-employed professionals, businessmen (proprietary or partnership firms) can avail any loan amount up to 4 times their respective net monthly income.
    • Agriculturists can avail any loan amount up to 3 times of their net annual income.
    • The tenure to repay the loan is within 7 years from the date of original purchase of the vehicle.
    SBM Used Car Loans Eligibility Criteria

    Following are the eligibility criteria for availing used car loan from SBM –

    • A salaried individual employed with State/Central Government or Public Sector Undertakings must have a minimum Net Annual Income of Rs. 3 lakhs.
    • Other salaried individuals and pensioners must have a minimum Net Annual Income of Rs. 4 lakhs.
    • Self-employed individuals and businessmen must have minimum Net Profit or Gross Taxable Income of Rs. 4 lakhs (as per ITR)
    • Agriculturists must have minimum Net Annual Income of 4 lakhs. In case of co-applicants a total income of Rs 4 lakhs(joint income) is fine.
    Documents Required for SBM Used Car Loans

    You need to submit the following documents to apply for used car loan from SBM -

    • Your bank account statement for the last 12 months.
    • 2 passport size photographs.
    • Copy of your identity proof - Passport /Voters ID card/PAN card.
    • Residence/ address proof - tax receipts, telephone bill, electricity bill.
    • Your latest salary-slip (depicting all deductions) and TDS Certificate-Form 16 (for salaried individuals).
    • Your Income tax Return documents for the last 2 financial years (acknowledged by the ITO) for salaried individuals.
    • Proof of official address (for non-salaried individuals).
    • Pro forma invoice of the vehicle.
    • Vehicle fitness certificate

    State Bank of Mysore Used Car Loan Interest Rates

    Interest charged by State Bank of Mysore on its used car loan depends on certain benchmarks, with MCLR and Base Rate being critical aspects. SBM introduced MCLR benchmarks in accordance with new RBI rules, with all borrowers who avail a loan in the FY 2016 falling under its ambit. Existing users can choose between MCLR and Base Rate benchmarks, as per their convenience.

    State Bank of Mysore Marginal Cost of Funds Based Lending Rate (MCLR) (For new borrowers)

    The table below highlights the MCLR rates at State Bank of Mysore for the current month. These rates are indicative and are liable to change on a monthly basis.

    MCLR Benchmark Tenure (Period) Benchmark Rates (MCLR)
    Overnight 9.15%
    1 month 9.25%
    3 months 9.30%
    6 months 9.40%
    1 year 9.50%

    Used car loan interest rates – May 2016

    The table below highlights the interest rate as per MCLR benchmarks.

    Loan Tenure Interest Rate
    < 3 years MCLR + 6.55% = 16.05% per annum
    > 3 years MCLR + 7.30% = 16.80% per annum

    State Bank of Mysore Base and Prime Lending Rates (For existing borrowers)

    Base Rate 9.65%, effective 07/10/2015
    Prime Lending Rate 15.00%, effective 04/03/2013

    State Bank of Mysore interest rate for used cars (Based on Base Rate)

    Customers who do not wish to migrate to the MCLR platform can continue paying interest computed taking the base rate into account. The applicable interest in such case is 10.10% per annum (Base Rate + 0.45%).

    Note: Interest rates mentioned here are applicable as of June 8, 2016. SBM has the power to alter these rates without prior notice and borrowers should check the same before applying.

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