The purpose of providing vehicle loan by SBI is for purchasing of new two-wheeler like scooter, motorcycle, etc and new passenger cars. No EMI’s for 3 Months according to RBI. Your CIBIL Score will likewise not be affected by this EMI waiver on your Personal/home/vehicle credits. But if you do not pay interest will increase.
SBI Two Wheeler loan details:
- Age of an individual should be between 21 to 65 years.
- Margin is 25% of “on road price” of vehicle
- Income should not be less that Rs. 12,500/-
- Minimum loan amount is Rs. 30,000/- and maximum is Rs. 2.5 Lakhs
- Maximum loan amount for salaried person is restricted to six time his net monthly income. Suppose in hand monthly salary of a person is Rs. 30,000/- then maximum loan he can get is Rs. 1.8 Lakhs.
- Maximum loan amount for non-salaried person is restricted to 50% of net annual income as per ITR.
- Maximum repayment period is up to 3 years.
SBI Two Wheeler loan details: Super Bike Scheme
- Age of an individual should be between 21 to 65 years
- Margin is 15% of “Ex-showroom price” of vehicle
- Minimum loan amount that a person can take under this scheme is Rs. 2.5 Lakhs
- Repayment tenure is maximum up to 5 years
- Net annual income for salaried person should be Rs. 2.5 Lakhs and above. If there is co-applicant then total income should be Rs. 2.5 Lakhs and above
- Net profit or Gross taxable income of non-salaried person should be Rs. 4 Lakhs p.a.
- Net annual income of an agriculturist should be Rs. 4 Lakhs. If there is co-applicant then total income should be Rs. 4 Lakhs and above
SBI car loan details:
- Age of an individual should be between 21 to 67 years
- Maximum repayment tenure is 7 years
- Minimum repayment tenure for “Electric Car loans” is 3 years and maximum is 8 years
- Financing up to 90% of “on road price”
- Net annual income of salaried person should be Rs. 3 Lakhs and above. If there is co-applicant then total income should be Rs. 3 Lakhs and above. Maximum loan is 48 times of the net monthly income
- Net profit or Gross taxable income of non-salaried person should be Rs. 3 Lakhs p.a. Income of co-applicant can be clubbed together. Maximum loan is 4 times the net profit or gross taxable income
- Net annual income of person engaged in agriculture and allied activities should be 4 Lakhs and above. Maximum loan amount is 3 times of net annual income.
You will need to submit the following document along with the application form.
- Salaried person have to submit bank account statement for last 6 months, ID proof, Address proof, 2 passport size photographs and I.T. return or Form 16 for the last 2 years. Non-salaried person must submit ITR for last 2 years as income proof. Non-salaried person may be asked to submit audited balance sheet, P&L statement for 2 years, sales tax certificate, copy of partnership deed in case of Firm.
- Person engaged in agriculture and allied activities have to submit khasra and khatoni with photographs. Land should be freehold and ownership should be in the name of borrower. Documentary proof of running allied activity should be provided
Proof of Identity : – (Copy of any one) Passport/ PAN Card/ Voters ID card/ Driving License etc.
Address Proof :- (Copy of any one) Ration card/Driving License/Voters ID card/Passport /Telephone Bill/ Electricity bill/Life Insurance policy
You can also check other loans of SBI here