State bank of Patiala has a car loan plan for a car buyer who is looking for finance options to buy a new car or old car, as it offer both new car loan as well as pre used car loan.
- SBP Bank Loan for a New Car
State Bank of Patiala New Car Loan is a car mortgage plan that is offered to fulfill dreams of several people who wish to drive and own a new car. SBP car loan is a precisely designed loan plan to finance money for purchasing new passenger jeeps, cars, Multi Utility Vehicles (MUVs) and SUVs. State Bank of Patiala offers car loan for new car on floating interest rate & attractive conditions. The new car loan is offered by SBP Bank to self-employed professionals, businessmen, as well as agriculturists.
Highlights of New car loans offered by SBP Bank
- Loan amount: State Bank of Patiala has set a minimum and maximum loan amount for availing car loan on new cars.
Minimum loan amount:
- Term loan : No limit
- Overdraft : Rs.3 lacs
Maximum loan amount:
- For Salaried: 48 Times the Net Monthly Income (NMI)
- For Self Employed: 4 Times the Net Annual Income (NAI)
- For Agriculturists: 3 Times the Net Annual Income (NAI)
- SBP car loan term: The SBP car loans for new car are offered for a maximum of 7 years subject to loan liquidation before the borrower attains 70 years of age.
- SBP car loan interest rate: For term loan, SBP offer 9.95 % p.a. (0.45% above MCLR ) and for Overdraft SBP offers 10.45% p.a. (0.95% above MCLR )
- Processing fee for State Bank of Patiala car loan: 0.51% of the loan amount minimum of Rs.1020 & Maximum of Rs.10200
- SBP Pre Owned Car Loan
State Bank of Patiala has designed special terms and conditions for pre-owned car loan. The financial assistance offered by the State bank of Patiala for purchasing a pre-owned car is a boon for several individuals who had a year’s long wish to buy a car, no matter a pre used car. The Used Car Loan plan by SBP is sanctioned by the State Bank of Patiala for buying passenger cars, Multi Utility Vehicles (MUVs) or SUVs. To apply for a State Bank of Patiala car loan, the intended car buyer has to ensure that the used cars against which he needs mortgage amount should not be more than five years old.
Highlights of SBP Pre Owned Car Loan:
- Loan amount: State Bank of Patiala has set a maximum loan amount for availing car loan on pre used cars.
- Minimum loan amount : No Limit
- Maximum loan amount: Rs.15 lacs
- SBP car loan term: The SBP car loans for used car are offered for a maximum of 84 months subject to loan liquidation before the borrower attains 70 years of age.
- SBP car loan interest rate: For pre used car loan, SBP offer 6.50% above MCLR i.e. 16.00% for loan lesser than or up to 3 years and 6.75% above MCLR i.e. 16.25% for loan between 3 years to 7 years.
- Processing fee for State Bank of Patiala car loan: 0.51% of the Loan Amount with a Minimum of Rs.1020 & Maximum of Rs.10200
Eligibility for SBP Car Loan
To get the loan amount, every applicant has to meet eligibility requirements for SBP Car Loan:
- Age Criteria: SBP car loans are approved if an applicant meets the set age criteria of minimum & maximum age.
- The minimum age requirement for SBP car loan eligibility is 21 years
- The maximum age requirement for SBP car loan eligibility is 65 years
- Income Criteria: SBP Car loan applicants must have a regular source of income as per the bank’s requirement.
- Employment type: SBP car finance plans can be availed by a self-employed professional, salaried individual as well as agriculturist.
Applicable Interest Rates
For Used Cars
Up to 3 Years: 6.50% above MCLR Rate i.e. 16.00%
>3 Years to 7 Years: 6.75% above MCLR Rate i.e. 16.25%
For New Cars
9.95% P.A. - Term loan
10.45% P.A. - Overdraft
Documents for SBP Car loan
For applying for the State Bank of Patiala car loan, an applicant needs to submit following list of documents as proof:
- Duly filled and signed SBP car loan application form
- Age Proof
- Birth certificate
- School 10th certificate
- Residence Proof
- Ration card
- Driving License
- Voters ID card
- Telephone Bill
- Electricity bill
- Life Insurance policy
- Identity Proof
- PAN Card
- Voters ID card
- Driving License
- Signature Proof
- Bank passbook
- Proof of regular source of income
- Last 6 months bank statements
- Proof of IT return