SBH Car Loan

Updated: 08-02-2018 06:36:11 AM

Headquartered in Hyderabad, State Bank of Hyderabad is the largest & one of the five associate banks of State Bank of India. With over 1000 branches in Andhra Pradesh itself and 2000 branches all over the country, State bank of Hyderabad is serving the residents of India and NRIs with exclusive range of financial products. In the year 2015, State Bank of Hyderabad even received Best Bank branches award under Pradhan Mantri Jan-Dhan Yojana (PMJDY). Car Loan by SBH is one of the financial products to monetarily help the intended car buyers to bring home their dream car. For its consistent performance, State bank of Hyderabad has received several awards such as MSME National Award and Best Bank Award.

Car Loan by State bank of Hyderabad: Overview

Due to the attractive features, competitive car loan interest rates, and simple terms & conditions, car Loan offered by State bank of Hyderabad is one of the much availed loan product in the country. State Bank of Hyderabad offers car loan to the self-employed professionals, salaried individuals, businessmen as well as agriculturists of India for maximum of 7 years. For the SBH car loan, bank charges interest on daily reducing balance, which makes it much convenient for the borrowers. Plans for car loans from State Bank of Hyderabad can be borrowed for the purchase of new car as well as pre used car. The car loan has been categorically divided into three different categories – UTSAV Car Loan, Used Car Loan, and Car Loan Along With Home Loan.

1. UTSAV Car Loan

State Bank of Hyderabad’s UTSAV Car Loan is a mortgage plan that is fulfilling several dreams of owning a new car. This car loan is a specially designed term loan that is sanctioned by the bank for the purpose of purchasing new passenger cars, jeeps, Multi Utility Vehicles (MUVs) and SUVs. Self-employed, professionals, businessmen, as well as agriculturists are eligible for an SBH car loan -UTSAV Car Loan.

Highlights of State Bank of Hyderabad’s UTSAV Car Loan:

• State Bank of Hyderabad offers UTSAV Car Loan to individuals aged between 21 to 65 years.
• State Bank of Hyderabad sanctions maximum car loan amount for individuals on the basis of their employment.

• For salaried professionals, maximum car loan amount sanctioned is 48 times of their net monthly income.
• For self-employed professionals, maximum loan amount sanctioned by State Bank of Hyderabad is 4 times of their net monthly income.
• For agriculturists, maximum loan amount sanctioned by State Bank of Hyderabad is 3 times of their net monthly income.

• For UTSAV Car Loan, State bank of Hyderabad charges 0.25% processing fee of the Loan Amount subject to a minimum of Rs. 500/- & a maximum of Rs. 5000/-
• State bank of Hyderabad offers UTSAV Car Loan on 20 basis points above MCLR of 9.70%, effective rate is 9.90% p.a, irrespective of the loan amount.

2. Used Car Loan

State bank of Hyderabad offers financial assistance to buy Used Cars at a better reverse mortgage option. Permanent employees of state/ central government, public sector undertaking, private company or a reputed establishment are eligible to get an SBH Car loan. The Used Car Loan by SBH is a term loan that is sanctioned by the State Bank of Hyderabad for purchasing passenger cars, Multi Utility Vehicles (MUVs) and SUVs. The used cars against which an individual needs mortgage amount must not be more than five years old. State Bank of Hyderabad does not finance old vehicles on the basis of duplicate Registration Books.

Highlights of Used Car Loan by state Bank of Hyderabad

• Maximum car loan amount sanctioned for Salaried Persons is 48 times of the individual’s Net Monthly Income.
• Maximum car loan amount sanctioned for Self Employed individual is 4 times of the Net Annual Income.
• State Bank of Hyderabad keeps 15% of the cost of the old vehicle as margin.
• To apply for pre-used car loans offered by State Bank of Hyderabad, an individual must have a minimum of Rs. 250,000 net annual income.
• Processing fee for this car loan is Nil. State Bank of Hyderabad does not charge any processing fee charges for Used Car loans processing.
• Pre-owned car loan provided by State Bank of Hyderabad is offered on floating rate basis. Currently bank is offering 15.30% p.a. interest on pre-used vehicles which are less than 3 years old; and for vehicles which are 3-5 years old, 15.55% SBH car loan interest rate is charged.
• State Bank of Hyderabad offers Pre-Used car loan to individuals aged between 21-65 years.
• Any professional, self-employed, or businessmen, who are an income tax payee, can apply for State Bank of Hyderabad Per used Car Loan.

3. Car Loan Along With Home Loan

State Bank of Hyderabad offers a combo offer for Car loan as well as home loan, who wish to live these two dreams at the earliest, without getting into different documental formalities.

Features of State Bank of Hyderabad Car Loan:

• State Bank of Hyderabad offers maximum of 90% of the ex-showroom price of the car.
• State Bank of Hyderabad Bank offers floating car loan interest rates on car loans.
• State Bank of Hyderabad Bank offers loan for a maximum of 7 years tenure.
• Maximum amount for SBH loan for a new car is 48 times of applicant’s monthly income or 4 times of amount mentioned in Form 16.
• State Bank of Hyderabad bank offers an option of prepayment of loan amount at no extra prepayment charges.