SBI COMBO LOAN SCHEME

SBI provides the loan for purchase of Car and Two Wheeler taken together.

Salient features:
  • No Advance EMI;

  • Longest repayment tenure (7 years);

  • Lowest interest rates ;

  • Lowest EMI;

  • LTV 85% of 'On Road Price' of car & 2-wheeler (includes registration, insurance and Extended Warranty/ Total Service Package/ Annual Maintenance Contract/ cost of accessories)

  • Interest Calculated on Daily Reducing Balance;

  • Flexibility of payment of EMI anytime during the month;

  • No pre-payment penalty;

  • Optional SBI Life cover;

Purpose

For purchase of Car and Two Wheeler taken together.

Eligibility

To avail the Loan, you should be :

  • Individual between the age of 21-65 years of age.

  • Regular employee of State / Central Government, Public Sector Undertaking, Private company or a reputed establishment.

  • Professionals, self-employed, businessmen, proprietary / partnership firms who is an income tax assessee.

  • Person engaged in Agricultural and allied activities.

a) Salaried and Pensioners:

a) Net Annual Income of applicant and/or co-applicant if any, together should be Rs. 2,50,000/-

b) Self employed, professionals and Proprietary/Partnership Firms:

Net Profit or Gross Taxable income of Rs. 4,00,000/- p.a. ( income of co-applicant can be clubbed together)

c) Agriculturist:

Net Annual income of applicant and/or co applicant together to be Rs. 4,00,000/-

Loan Amount

For Salaried: The maximum loan amount is 48 times of the Net Monthly Income.

For Self employed, professionals and Proprietary/Partnership Firms : Up to 4 times Net Profit or Gross Taxable income as per ITR after adding back depreciation and repayment of all existing loans

For Agriculturist: Up to 3 times of Net Annual Income

Process

i) Submission of both the invoices alongwith application form.

ii) Disbursement:

a) Simultaneously for two vehicles

or,

b) First Car Loan portion and then two-wheeler portion. But any case both disbursement should be within one month

Documents Required

You would need to submit the following documents along with the completed application form:

  • Statement of Bank account of the borrower for last 6 months.

  • 2 passport size photographs of borrower(s).

  • A copy of passport /voters ID card/PAN card.

  • Proof of residence.

  • Latest salary-slip showing all deductions

  • I.T. Returns/Form 16: 2 years for salaried employees and 2 years for professional/self-employed/businessmen duly accepted by the ITO wherever applicable

  • Proof of official address for non-salaried individuals

Margin

For borrowers with Net Annual Income upto Rs. 10 lac: 15% of 'On Road Price' of car (includes registration, insurance and Extended Warranty/ Total Service Package/ Annual Maintenance Contract/ cost of accessories)

For borrowers with Net Annual Income more than Rs. 10 lac: 15% on "ex-showroom price" or 20% on "On-road price", whichever selected by the borrower.

Repayment

You can enjoy the longest repayment period of 84 months.

Interest

Click here to view the interest rates

Processing Fee

Click here to view the Processing Fee

Security

As per Bank's extant instructions.