Age Limit
| Minimum Age | 21 years |
| Maximum Age | • 70 years (at the time of sanction) • 75 years (at the time of closure of loan) |
Income
- Salaried: Net Monthly Income (NMI) >=25000 (NAI >=300000/-) Income from other sources like Bank Interest/Dividend/Rent can be added.
- Self-employed, Professionals, Proprietor / Partner and Businessmen: Net Profit or Gross Taxable income of Rs.3,00,000/- p.a. Income from other sources like Bank Interest/Dividend/Rent can be added.
- Agriculturists – NAI of Rs 4.00 lakhs and above& other income conditions apply.
Loan Amount
- Minimum: Rs 1 lakhs
- Maximum:
- Salaried: 48 NMI or 4 NAI
- Self-employed, professionals and businessman: 4 times the Net Profit or Gross Taxable Income
- Agriculturists: 3 NAI
EMI/NMI
| NAI up to Rs 5 lakhs | 50% |
| NAI > Rs 5 lakhs | 60% |
| NAI >Rs 10 Lakhs | 65% |
LTV
- 85 % of on road price (Maximum up to 100 % of Ex-show room price).
Margin
- 15% of on-road price (10% for Salary Package Customers)
CIC Score
| Govt employees having salary account with SBI | 650 |
| Others | 700 |
Repayment
| Minimum | 3 years |
| Maximum | 7 years |
Processing Fee
- 0.25% + GST
- Min: 750+GST
- Max: 7500+GST
Security
- Hypothecation of vehicle
Penalty
- Pre-payment Penalty: NIL
- Foreclosure Charges: @2%+GST on theo-balance in case foreclose within 1 year from the date of disbursement of loan.
- Penal interest – 2% per month over and above the applicable interest rate on the overdue amount for the period of default
Inspection
- Within 15 days from the date of disbursement.
- No periodical Inspection in case of Standard Asset.
- Inspection must be when there is a default of 1 installment. Inspection must be done Twice a year for NPA a/cs.
Flexi pay option
- Flexi Pay Option for the first 6 months (upto 50% of regular EMI) if the loan is repayable in 36 months.
- Flexi pay option in the form of 50% of regular EMI for the first 6 months and 75% of regular EMI for the next 6 months if the tenure of the loan is 60 months.
Dealer incentive
- Dealers and DSEs: Maximum 2 % of loan amount
- Auto Loan Counsellors: 0.20 % of loan amount
Important Points
- Maximum no. of borrowers can be 2.
- Project costs includes ex-showroom price road taxes, insurance.
- For loan amount of above Rs 5.00 lakhs, two CIC Reports to be taken.
- Customer can avail maximum 3 car loans
- Insurance: Comprehensive, for market value or 10% above the loan amount outstanding, whichever is higher.
- Compilation of Opinion Report/ Assets and Liabilities statements is waived for all car loans up to Rs 20.00 lakhs if the CIC Score is 721 and above.