SBI Loyalty Car Loan Scheme

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Loyalty Car Loan Scheme(For existing Home Loan Borrowers)

Features

  • Income  : Minimum Net Annual Income of the borrower should be Rs. 2.00 Lacs.
  • 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
    • B) EMI/NMI ratio will be as per respective car loan scheme.
    • C) 100% of Ex-showroom price of the vehicle.
  • The permissible loan amount will be the lowest of (A, B and C).

Eligibility

  • Availed housing loan from SBI.
  • Satisfactorily serviced the loan for at least one year after the moratorium period.
  • Taken the possession of house.
  • Created valid equitable mortgage
  • Maintained security margin of at least 15% for purchase/construction of plot/house.
  • Completed all terms and conditions regarding sanction of housing loan.

What are the documents required ?

  • As per respective Car Loan Schemes
  • The equitable mortgage of the Housing Loan will be extended to cover the Car Loan for the loan amount above Rs 5 Lacs
  • 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.

Last Updated On : Saturday, 17-04-2021

Interest Rates

8.40% p.a.

 

*T&C Apply.

 

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