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.
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.