New Car Loan

Need financial help for New Car? Looking for a better reverse mortgage option? SBH has the right loan for you. Whether you are a journalist or into security service, our loans encompass all.
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New Car Loan

Overview

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Purpose : Loans sanctioned for purchase of new passenger cars, Multi Utility Vehicles (MUVs) and SUVs
Loan Amount :
  1. Salaried Persons: 48 times the Net Monthly Income (NMI)
  2. Self Employed: 4 times the Net Annual Income (NAI)
Margin : 15% of the On Road price of the Vehicle
Repayment : Upto 7 years
Interest : All loans should be given on a floating rate basis i.e.,the effective interest will increase or decrease in BASE RATE.
Processing Fee : collected upfront
Prepayment Penalty : No Pre-payment penalty is there.

Eligibility

To avail an SBH Car Loan, you should be:

  1. Individual between the age of 21-65 years of age.
  2. A permanent employee of state/ central government, public sector undertaking, private company or a reputed establishment
  3. Professionals, self-employed, businessmen who is an income tax assessee or
  4. Person engaged in agriculture and allied activities.
  5. Net Annual Income `250,000/- and above.

Documentation

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

Features

  1. No Advance EMI
  2. Longest repayment tenure (7 years)
  3. Competitive EMI
  4. 85% of ‘On Road Price’ of car (includes registration, insurance and cost of accessories worth `25000)
  5. Interest Calculated on Daily Reducing Balance
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