State Bank, SBI, the largest bank of India, offers attractive auto loans. it has low interest rates, easy payment options, and total transparency. Finance includes costs for vehicle registration, insurance, road tax once and accessories. The bank branches are located even in remote areas that are easy to apply. Loan can be used for new or old cars, multi utility vehicles and jeeps. Preferred Manufactures are Chevorlet, FIAT, Ford, General Motor India, Hindustan Motor, Honda, Hyundai, Mahindra, Maruti, Mercedes-Benz, Mitsubishi, Nissan, Reva, SAN Engineering, Skoda, Tata Motors, Toyota
Features
- Low interest rates
- Repayment period of up to 84 months
- No administrative costs
- The cost of a one-time road tax, registration fee, insurance premiums and accessories included in the funding
- No need to pay any advance EMI
- Interest is charged on reducing balance method daily. When a client pays a fee, interest is automatically calculated on the reducing balance of that date.
Eligibility
Anyone with net annual income of Rs One Lakh is eligible for auto loan of SBI. The individual must be between the 21-65 years. He must be a permanent employee of State and Central Government, Public Sector Company, Private Company or a reputed establishment or a professional or self-employed individual who is an income tax assessee. . People who work in agriculture and related activities can also SBI loan.
Loan Amount
The upper limit for the car loan is not fixed. The bank could enact a maximum loan amount of 2.5 times the net annual income. The income of the spouse could also be considered if the spouse becomes a co-borrower. The penalty includes funding for an amount of time road tax, registration and insurance. Loan amount for used car has the ceiling of Rs 15 lakh.
Required Documents
Applicants must provide proof of residency, proof of identity and proof of income, in addition to the copy of PAN card. SBI is not necessary that account holders can produce proof of residence and identity.