For SBI Car Loan

The SBI website claims that its car loans come with a lower interest rate, easy repayment options, low processing charges, more transparency, and above all, finance to include vehicle registration charges, insurance, and one time road tax. The car loan is offered for any new model of car/jeep/SUV, or any used vehicle that is not more than 5 years old.

Eligibility Criteria

• Age between 21 and 65.
• A permanant employee of State/Central Government, public sector undertaking, private company or a reputed establishment, or
• A professional or self employed person who is an income tax assessee, or
• A person engaged in agriculture or allied activities.
• Annual income above 75,000.
  

Loan Amount

There is no upper limit for the car loans issued by SBI. As much as 2.5 times of the annual income can be sanctioned in normal cases. However, for used cars, the maximum loan amount has a sealing of 15 lakhs.

Repayment Period

For new cars, the repayment period is set to a maximum of 84 months. For used vehicles, again a maximum of 84 months, but in this case, the period being counted from the date of the original purchase of the vehicle.