Good news from Sbi car loans  -  The interest rate on SBI car loans  has  fallen  to 8% with the country’s  biggest  lender State Bank of India  commencing  a  exceptional  scheme. Under this scheme,  auto car loans  will be  suggested  at a fixed  rate of 8% for the first year & 10% for the next 2 years.

Check the interest rates at official site – http://www.sbi.co.in

You can apply online at http://auto.sbi.co.in/index.jsp

State Bank of  India provides very attractive auto car loans and most of the people in india choose sbi auto loans beacuse of low interest rates, easy repayment options, and total transparency. Finance package includes vehicle registration charges, insurance, one-time road tax and accessories. And as State Bank branches are located even in remote areas, it is easy to apply. Loan can be availed for new or old car, jeep or Multi Utility Vehicles.

State Bank of  India  auto car loans features :

* Low interest rates
* Repayment period of upto 84 months
* No administrative charges
* Expenses for one-time road tax, registration fee, insurance premium and accessories included in finance
* One need not pay any advance EMI
* Interest is levied on daily reducing balance method. When a customer pays one instalment, the interest is automatically calculated on the reduced balance thereafter.

Eligibility for car loans:

• 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
• A Person engaged in agriculture and allied activities.
• Net Annual Income Rs. 100,000/- and above.

Maximum Loan Amount : The upper limit for car loan amount is not fixed. The bank could sanction a maximum loan amount of 2.5 times the net annual income. Loan amount for used car has the maximum limit of Rs 15 lakhs.

Documents Needed to avail loans :

1. Statement of Bank account of the borrower for last 12 months.
2. 2 passport size photographs of borrower(s).
3. Signature identification from bankers of borrower(s).
4. A copy of passport /voters ID card/PAN card.
5. Proof of residence.
6. Latest salary-slip showing all deductions
7. 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.
8. Proof of official address for non-salaried individuals.

If you are not an account holder with SBI you would also need to furnish documents that establish your identity and give proof of residence.

check this page for more updates in future on sbi car loans ….