SBI Certified Pre Owned Car Loan

  • Loan ID : N018
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SBI Certified Pre Owned Car Loan : SBI provide the best car loan scheme for you to take a loan for purchase of Certified Pre-owned Car, not more than 5 years old.

SBI Car Loan offers you :

  • No Advance EMI;
  • Longest repayment tenure (5 years);
  • Lowest interest rates ;
  • Lowest EMI;
  • Interest Calculated on Daily Reducing Balance;
  • Flexibility of payment of EMI anytime during the month;
  • Low processing fee (only 1% of loan amount);
  • Optional SBI Life cover;

SBI Certified Pre Owned Car Loan Scheme Purpose
Term Loans for purchase of Certified Pre Owned car, from certified used car dealers, not more than five years old. The loan should be repaid within 8 years from the date of the original purchase of the vehicle.

SBI Certified Pre Owned Car Loan Eligibility
To avail an SBI Car Loan, you should be:

  • Individual between the age of 21-65 years of age.
  • A Permanent employee of State / Central Government, Public Sector Undertaking, Private company or a reputed establishment or
  • A Professionals or self-employed individual who is an income tax assessee or
  • Person engaged in Agricultural and allied activities.

SBI Certified Pre Owned Car Loan Minimum Annual Income :
Net Annual Income of applicant and/or co-applicant if any, together should be Rs. 2,00,000/-

SBI Certified Pre Owned Car Loan Salient Features

Loan Amount
Maximum Loan amount will be 2.5 times of net annual income. Spouse's income could also be considered provided the spouse becomes a co-borrower in the loan

SBI Certified Pre Owned Car Loan Documents Required
You would need to submit the following documents along with the completed application form:

  • Statement of Bank account of the borrower for last 6 months.
  • 2 passport size photographs of borrower(s).
  • Signature identification from bankers of borrower(s).
  • A copy of passport /voters ID card/PAN card.
  • Proof of residence.
  • Latest salary-slip showing all deductions
  • I.T. Returns/Form 16: 2 years for salaried employees and 3 years for professional/self-employed/businessmen duly accepted by the ITO wherever applicable to be submitted.
  • Proof of official address for non-salaried individuals

SBI Certified Pre Owned Car Loan Margin
20% of Invoice or IDV (Insured’s Declared Value) whichever is lower.

SBI Certified Pre Owned Car Loan Repayment
8 years minus the age of the vehicle subject to a maximum tenure of 5 years.

Interest

Click here to view the interest rates

Processing Fee

Click here to view the Processing Fee

Security

As per Bank's extant instructions.

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