State Bank of Mysore offers multiple differentiated types of car loans such as new car loan and used car loan according to the requirements of various groups of individuals.
- State Bank of Mysore Car Loan
State Bank of Mysore (SBM), one of the leading public sector banks in India, is also a preferred provider of car finance plans for the purchase of new and old vehicles of various makes as well as models. Customers can apply for a State Bank of Mysore Car Loan for brand new cars and also for used cars which are not over 5 years old. The bank provides a comfortable interest rate and tenure of repayment. These factors, alongside SBM’s long standing aura as a banking behemoth make the State Bank of Mysore loan for a new car an irresistible option for buyers and one of the best car loans in India.
Features of State Bank of Mysore Car Loan
- State Bank of Mysore provides car loan schemes for both new and used cars, be it a passenger car, jeep, Multi Utility Vehicles (MUV) or an SUV. A Pre-owned car loan from State Bank of Mysore is available on cars not older than 5 years.
- State Bank of Mysore Car Loans must be repaid in a maximum of 84 EMI’s or 7 years tenure. Also note that, no pre-closure or pre-payment penalty will be charged across all SBM car loans.
- SBM Car loan disbursal is quick and flexible paid in forms of orders, DD, NEFT or RTGS transfers by the bank to the dealer.
- Insurance cover is offered while availing a car loan from State Bank of Mysore.
- Floating type of interest rate is applied on all SMB Car loans, used or new.
- In the case of pre-owned cars, a processing charge of 0.20% is applicable.
- SBM does not offer pre-approved car loans.
- No charges for foreclosing the loan are levied on SBM car loans.
- State Bank of Mysore Used Car Loan
Apart from SBM plans and services like Personal Loan, Housing Loan, Mortgage Loan, Educational Loan, Car Loans offered by State Bank of Mysore for purchase of new cars as well as used cars or pre-owned cars is also popular among buyers. Benefits like smooth processing, affordable interest rates and free accident cover (death risk only) from the bank, have made it really popular bank and people prefer to apply for a SMB car loan over many other bigger banks.
Features of the Used Car Loan
- State Bank of Mysore Car Loans enable you to purchase a wide category of cars from passenger cars and Jeeps to Multi Utility Vehicles (MUVs) and Sports Utility Vehicles (SUVs) which are not more than 5 years old from the date of registration.
- The processing fee for SBM used car loan is as low as 0.20%.
- To avail a car loan from State Bank of Mysore, you need to submit a certificate of fitness/valuation for the car from a reputed garage. This works as a huge benefit because it provides you an authentication of the vehicle being in a good/fit condition despite being used.
- Accident Insurance Cover, only in case of a death risk, is also offered to its customers on used car loan provided by State Bank of Mysore. This is a huge plus as given the unpredictable traffic conditions these days, accidents are quite common.
- A salaried individual is eligible to avail any loan amount up to 48 times of his/her net monthly income. Whereas, self-employed professionals, businessmen (proprietary or partnership firms) can avail any loan amount up to 4 times their respective net monthly income.
- Agriculturists can avail any loan amount up to 3 times of their net annual income on availing SBM Used car finance plans.
- The repayment tenure for a car loan is 7 years from the date of original purchase of the vehicle.