How to apply for an SBI car loan during the holiday season: check out the guide, interest rate, features, advantages, length of occupancy, exclusive YONO offers and more

SBI Auto Loan Application Online: Owning a car is a dream for many, and it goes without saying that it is one of the biggest investments an individual makes in their lifetime. Many people choose the holiday season of Navratra, Dussehra, Dhanteras and Diwali to buy a car. It may not be possible for everyone to pay for the purchase of a car all at once. And, this is where the car loan comes in.

India’s largest lender, State Bank of India (SBI), says the process of getting a car loan has been simplified for the benefit of millions of customers. Here, we have incorporated all the details about the detailed SBI car loan process, the documents required to qualify for this loan, and the bank’s offers with several car manufacturers, for the convenience of readers looking for information on the same. in this holiday season: –

SBI claims it offers the best deal for financing a new car by offering the lowest interest rates, lowest EMI, minimal paperwork, and quick payout. The bank says it offers personalized car loans for customers such as regular car loan, certified used car loan, SBI loyalty car loan for existing mortgage borrowers, insured car loan program for existing customers with term deposits and the green car loan for electric cars. .

-Lowest interest rates and IMEs

-Longest repayment term (7 years)

-Zero processing fees

-Funding on ‘On-Road Prize’

-The price on the road includes registration and insurance

-Financing up to 90% of the “Price on the road”

-Interest calculated on the daily declining balance

-Allows the purchase of new passenger cars, multi-utility vehicles (MUV) and SUVs.

-No EMI in advance

Interest rate:

-SBI offers a car loan at an effective rate of 7.75% pa

– Obtain a special interest concession of 25 bps when applying for a loan via YONO, i.e. 7.50% pa

Auto loan term: 3 to 7 years

SBI auto loan market share: 31.11%

Eligibility

– Age: 21 to 67 years old

-Regular employees of central public sector companies, defense salary package, para-military salary package / Indian Coast Guard package / clients and short-term officers from various defense establishments

-The net annual income of the applicant and / or co-applicant, if applicable, must be at least Rs. 3,000,000

-Maximum loan amount can be 48 times net monthly income

-Professionals / Freelancers / Businessmen / Own-account companies / Partnership companies / Other income tax contributions

-Net profit / gross taxable income of self and / or co-applicant of Rs. 3,00,000 pa

-Maximum loan amount can be 4 times net profit or taxable gross income according to ITR after adding amortization and repayment of all existing loans

-People engaged in agriculture and related activities (income tax declaration is not required in the case of farmers)

-The net annual income of the applicant and / or co-applicant must be a minimum of Rs. 4,00,000

-Maximum loan amount can be 3 times annual net income

Apply Online: Customers can click on the link below to apply online for the car loan. Fill in the required information, verify eligibility and get the loan quote:

Connect:https: //onlineapply.sbi.co.in/personal-banking/auto-loan? se = Product & cp = S …

Exclusive automotive offers for customers who apply for a car loan through YONO:

Benefit from a car loan with YONO SBI in the comfort of your home:

-Log in to your YONO account

-On the home page, click on the menu (three lines) at the top far left

-Click on loans

-Click on Car loan

-Do a quick eligibility check

– Loan request by providing some details

-Find the eligible amount

-Fill out an application form and upload the necessary documents

-Click on Submit

Required documents

Employee *

-Bank account statement for the last 6 months

-2 passport size photos

-Proof of identity

-Anyone – Passport / PAN card / Voter ID card / Driver’s license

-Proof of address

-Anyone – Ration card / Driver’s license / Voter ID card / Passport / phone bill / electricity bill / life insurance policy

-Proof of income: last payslip

– IT Returns or Form 16 for the last 2 years

* Form 16 / ITR is deleted for SBI salary package clients who maintain their salary account with the Bank for at least 12 months

* Bank account statement is deleted for SBI salary package clients who maintain a salary account with the bank

-Non-employees / professionals / businessmen

-Bank account statement for the last 6 months

-2 passport size photos

-Proof of identity

-Anyone – Passport / PAN card / Voter ID card / Driver’s license

-Proof of address

-Anyone – Ration card / Driver’s license / Voter ID card / Passport / phone bill / electricity bill / life insurance policy

– Proof of income: ITR for the last 2 years

– Computer returns or Form 16 for the last 2 years.

-Audited balance sheet, Income statement over 2 years, Certificate of trade and establishment act / Sales tax certificate / SSI registration certificate / Copy of partnership.

-Person carrying out agricultural and related activities

-Bank account statement for the last 6 months.

-2 passport size photos

-Proof of identity

– Any – Passport / PAN card / Voter ID card / Driver’s license

-Proof of address

-Anyone – Ration card / Driver’s license / Voter ID card / Passport / phone bill / electricity bill / life insurance policy

-Direct agricultural activity (vegetable crops)

– Khasra / Chitta Adangal (showing the cropping pattern)

-Patta / Khatoni (showing land ownership) with photo

-All land must be freehold and proof of ownership must be in the name of the borrower

-Documentary proof of the execution of the activities to be provided for related agricultural activities like dairy, poultry, plantation / horticulture

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