New Car Loan
|Purpose||:||Loans sanctioned for purchase of new passenger cars, Multi Utility Vehicles (MUVs) and SUVs|
|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.
To avail an SBH Car Loan, you should be:
- 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
- Professionals, self-employed, businessmen who is an income tax assessee or
- Person engaged in agriculture and allied activities.
- Net Annual Income `250,000/- and above.
- 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 3 years for professional/self-employed/businessmen duly accepted by the ITO wherever applicable to be submitted.
- Proof of official address for non-salaried individuals
- No Advance EMI
- Longest repayment tenure (7 years)
- Competitive EMI
- 85% of ‘On Road Price’ of car (includes registration, insurance and cost of accessories worth `25000)
- Interest Calculated on Daily Reducing Balance