SBI LOYALTY CAR LOAN SCHEME ( Car Loan for SBI Home Loan Borrowers)



NIL-100% On Road finance


People with age between 21- 65 years are eligible.


i) Regular employees of State/Central Govt., Public Sector Undertakings, corporations, private sector companies, and reputed establishments .

ii) Professionals, Self-employed, Businessmen, proprietary/partnership firms and others who are income tax assesses can avail of the loan facility

iii) Persons engaged in agriculture and allied activities can also avail the car loan. Income Tax return is not required in case of agriculturists

Minimum Income Criteria

Net Annual Income of applicant and/or co-applicant if any, together should be Rs. 2,00,000/-

Maximum loan amount

A) 75% of present market value of the house property less present outstanding in the Home Loan account and Home Equity, if any. The present market value of the property will be decided as per fresh valuation report obtained from empanelled valuer.However, in cases where adequate cushion is available based on the original value of the property, fresh valuation need not be obtained.

B) Minimum Net Annual Income of the borrower will be Rs 2.00 Lacs. We propose to lower income criteria because the car loan will be adequately secured by the extension of mortgage of house property/lien on title deeds as stipulated in (A) above.

C) EMI/NMI ratio will be as per respective scheme.

D) On-road price of the vehicle.

The permissible loan amount will be the lowest of A), C) and D).


As per respective car loan schemes.

Repayment period?

7 years Maximum.

Interest Rate

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Processing fee

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What are the documents required?

i) As per respective Car Loan Schemes

ii) The equitable mortgage of the Housing Loan will be extended to cover the Car Loan for the loan amount above Rs 5 Lacs

iii) In case of car loans upto Rs 5 Lacs, a letter from the borrower authorizing the Bank to exercise lien on title deeds and to retain the title deeds till the car loan is completely discharged/repaid with interest and other charges.


As per Bank's extant instruction

Prepayment Penalty

No pre-payment penalty.