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    State Bank of Travancore Used Car Loan

    About State Bank of Travancore Used Car Loan

    Established in the year 1945, State Bank of Travancore, also known as SBT, is the public sector banking subsidiary of the State Bank group. Headquartered in Thiruvananthapuram, SBT serves as the premier bank in Kerala where it operates via a network of 777 branches. Overall, the bank has over 136 branches spread across 16 other Indian states as well. Currently State Bank of Travancore provides an array of financial products and services which span across investment banking, consumer banking, commercial banking, retail banking, retail banking, private banking, asset management, pensions, loans and mortgages.

    For those looking to purchase second hand vehicles, State Bank of Travancore provides a unique financing option by way of Used Car Loans. This car loan offers multiple benefits like high loan value, quick loan processing, flexible repayment period, low interest rates and more..

    Features of State Bank of Travancore Used Car Loan

    • For vehicles up to 2 years old, customers can avail a loan of Rs 4 lakhs while for vehicles which are 2 to 5 years old, a loan up to Rs 3 lakhs can be obtained.
    • Choose from flexible repayments tenures of a minimum of 36 months and a maximum of 60 months.
    • Quick loan approval within 24 hours of documentation being complete.

    State Bank of Travancore Used Car Loan Interest Rates

    SBT’s pre-owned car loan can be availed by individuals looking to purchase a car which is under 5 years old. The interest on this loan is computed on the basis of two benchmarks, MCLR and Base Rate. While MCLR is applicable in case of all new borrowers (loans sanctioned after April 1, 2017), other borrowers can choose an interest platform based on their convenience.

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

    MCLR benchmark rates at SBT are highlighted in the table below.

    MCLR Benchmark Tenure (Period) Benchmark Rates (MCLR)
    Overnight 9.35%
    1 month 9.45%
    3 months 9.55%
    6 months 9.75%
    1 year 9.85%
    2 years 9.95%
    3 years 10.00%

    Used car loan interest rates (2018)

    Interest charged by SBT depends on the loan tenure and amount taken, with the table below highlighting the interest applicable in different cases.

    Loan Tenure Interest Rate
    Upto 3 years MCLR + 5.25% = 15.10% per annum
    Greater than 3 years MCLR + 5.75% = 15.60% per annum

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

    Base Rate 9.95% per annum, effective 05/10/2015
    Prime Lending Rate 15.15% per annum, effective 05/10/2015

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

    Borrowers who availed a loan before MCLR benchmarks came into existence have the option to continue with their existing rates or migrate to MCLR. Those who refrain from moving can be charged an interest which includes a certain component over and above the existing base rate, with the final interest determined after factoring a number of reasons.

    Note: Interest rates mentioned above are valid as of Jan, 2018. These rates are subject to change at the sole discretion of SBT and borrowers should check prevailing rates before applying.

    State Bank of Travancore Used Car Loan Eligibility Criteria

    The State Bank of Travancore Used Car Loan can be applied for by individuals who are have a steady source of income by way of a salary or otherwise and must hold a minimum experience of 2 years in the current line of work. This loan is also open to spouses of NRIs (based on the NRIs monthly income)..

    Documents Required To Apply for State Bank of Travancore Used Car Loan

    In order to apply for the State Bank of Travancore Used Car Loan, applicants must furnish the following documents..

    • Duly filled Application form (in duplicate)
    • 2 Passport size photos
    • Proof of Income
    • Details of Guarantors

    For Salaried Individuals

    • Salary Certificate showing deductions
    • Letter of Authorization from the applicant allowing the bank to deduct monthly installments from their salary towards repayment of loan (subject to availability of check-off facility)

    Self employed Individuals / Professionals / Businessmen

    Must present the statement of computation of taxable income.

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