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 Used Car Loan is Rated as "Blown Away!" by 10 Users

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    State Bank of Patiala Used Car Loan

    State Bank of Patiala Used Car Loans

    State Bank of Patiala offers used car loan for purchase of passenger cars/ jeeps/ multi Utility Vehicles (MUVs) and SUVs which are not more than five years old, at a margin of 15%.

    Features and Benefits of State Bank of Patiala Used Car Loan

    • Maximum loan amount provided is up to Rs.15 lac.
    • Salaried applicants are liable to receive 48 times net monthly income, self-employed and professionals can avail 4 times of net annual income, and persons engaged in agriculture and allied activities can avail 48 times their net annual income.
    • Annual net income for agriculturists should be arrived at by branches based on the nature of their activity, landholding, yield etc. and average income received.
    • Income of spouse, father, mother, brother, sister, son or daughter may be included by joining them as a Co-applicant/Co- borrower, to meet loan eligibility.
    • Takeover of car loans is considered only it satisfies the conditions such as: vehicle is not more than 2 years old and is a single ownership vehicle, no insurance claim has been redeemed and the borrower has made all repayments as per term of sanction of the other Bank.
    • Repayment of loan has to be done within 7 years from the date of original purchase.
    • Car loan borrowers who have applied online shall receive a concession of 0.50% in applicable processing fee.

    State Bank of Patiala Used Car Loan Eligibility Criteria

    • The applicant has to be aged between 21 to 65 years. The loan has to be repaid within 70 years of age.
    • Job criteria to be met includes applicants who are permanent employees of State/Central Govt., Public Sector Undertakings, Private Sector organizations and reputed establishments.
    • Under this scheme, professionals, self-employed and others who are income tax assessees and persons engaged in agriculture and allied activities are eligible to avail the loan.
    • The conditions applicable for Salaried applicants to avail loan are :
      1. The applicant should have an annual income of Rs.3, 00,000 or above.
      2. The net monthly income should be twice the amount to be paid as EMI.
    • The condition applicable for Self Employed and Professionals to avail used car loan is that he/she should have a Net Profit or Gross taxable income Rs.4,00, 000 and above.
    • For persons engaged in agriculture and allied activities, income eligibility is Rs.4, 00,000 and above of net annual income.

    State Bank of Patiala Used Car Loan Interest Rates

    Interest rates charged by SBP on its used car loans are extremely competitive, with the bank relying on MCLR and Base Rates to determine the final interest. MCLR is a new benchmark adopted by the bank, reflecting current financial conditions. While all new borrowers are automatically charged interest based on MCLR, existing borrowers can choose to move to this system.

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

    SBP modifies its MCLR based on factors like repo rate, CRR, operating costs, profit margin, etc. This MCLR is subject to change on a regular basis, with the current benchmark being 9.50% per annum, effective 15/04/2017.

    Used car loan interest rates – July 2017

    The loan repayment tenure plays a critical role in determining the final interest an individual is liable to pay, with the table below highlighting this relationship.

    Loan Repayment Tenure Interest Rate
    36 months MCLR + 6.50% = 16.00% per annum
    >36 months MCLR + 6.75% = 16.25% per annum

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

    Base Rate 9.65% per annum (effective 05/10/2015)
    Prime Lending Rate 15.00% per annum (effective 05/10/2015)

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

    Existing customers who do not intend to move to MCLR will continue paying interest as per the base rate. SBP can choose to modify this rate, with borrowers typically paying a certain percentage over and above the base rate. The final interest is computed by the bank after factoring things like the loan amount, tenure and relationship of a borrower with SBP.

    Note: SBP reserves the right to modify/alter interest rates without prior notice. All rates mentioned here are as of June 10, 2017. Eligible individuals should check the rates prevailing at the time of application.

    Documentation Required for State Bank of Patiala Used Car Loan

    At the time of loan application, the documents to be submitted are as follows:

    • 6 months bank account statement of the borrower.
    • Borrower/guarantor’s two passport sized photographs.
    • Signature identification from Banker of borrower/guarantor.
    • Identity proof in the form of a copy of passport/ voter ID card/ PAN card.
    • Residence/ Address proof.
    • Recent salary slip showing all deductions and TDS certificate. Salaried persons have to submit form 16.
    • Copy of income tax return for last two financial years duly acknowledged by ITO for professionals, self-employed and others.
    • Proof of official address for non- salaried individuals

    EMI Calculator

    The EMI calculator tool for the State Bank of Patiala Used Car Loan is available online through their website and it is efficient and easy to use. The values that are to be entered by the users include their desired loan amount, rate of interest in percentage as well as the loan tenure. Once all these factors are keyed-in, the results show in-depth information about the amount of EMI to be paid, sum of principal and interest that would be repaid, separate values of interest and principal as well as the balance amount.

    State Bank of Patiala Used 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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