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Home » Banks offering Auto loans » SBI

SBI
With the increase in the income standards and the living standards of the people, a large number of people are interested in buying cars as well as other vehicles for their comfort and luxury. As a result of this, a large number of people are interested in taking up auto loans. One of the major banks offering auto loans to a large number of people is SBI. This is one of the Government banks of India and is also known as State Bank of India. There are different finance agencies which can offer you the auto loans such as Citicorp, Maruti Associates and others but SBI is one of the best banks from where you can get these loans.
Eligibility Criteria for SBI Car Loan: There are various criteria that you will have to fulfill if you want to get any kind of auto loan. The person applying for the loan should be between 21-65 years of age. The person should also be a permanent employee of State or the Central Government, Public Sector Undertaking, Private company or any reputed establishment. Or else the person should be a Professional or self-employed individual who is an income tax payee or a Person who is engaged in agriculture or other allied activities. The net annual income of the person applying for the loan must be at least Rs. 75000.

Loan Amount provided by SBI for Cars: The maximum limit of car loans depends upon the your capacity to re-pay. The maximum loan amount of 2.5 times your net annual income can be sanctioned by the bank. If you are married then your spouse's income could also be taken into consideration provided if the spouse guarantees the loan. The loan amount also includes finance for one-time road tax as well as registration and insurance.

SBI Car Loans have various features. These features are unique as well. Some of these are total transparency, no processing charges, low interest rates, easy repayment options, finance to include vehicle registration charges, insurance and one time road tax. In case of new cars, the loans are provided on any make or model. In case of used cars, the loan is provided on any make or model, but the car should not be more than 5 years old.

You should also know about the various fees that are charged on the loans by SBI. The processing fee is said to be 1% of the loan amount. Advance Payments as well as other upfront payment are not required and there is no prepayment charge as well. There are no guarantors available as well. Other than this, the annual reducing balance is the basis of the loan. You will also have to repay the loans within 84 months which you can pay through the EMIs. There is also a check off facility in case of salaried persons.

Hope you get all the information about SBI from this site. To know more about the banks offering auto loans, have a look at the pages of autoloansxl.com.