SBI increases Base interest rate to 9.80%

State bank of India has increased interest rate by increasing base rate from 9.70% to 9.80%. So all loans, whether two wheeler loan, four wheeler loan, home loan or personal loans will see an increase in lending rate due to this hike of interest rate by SBI.

The leading bank of India today announces hike of 10 basis point (basis point means 100 basis point means 1 percent) in interest rate due to change in monetary and liquidity conditions. Earlier the SBI has decreased it base rate by 5 basis point in February 2013 from 9.75% to 9.70%.

The new increase in base rate will be going to make two wheeler loan and four wheeler loan from SBI dearer than it was before. Let us see what will be the impact on sale of vehicles due to this change in interest rate.

New base rate of Interest is 9.80%

SBI Certified Pre-Owned Car Loan

SBI Certified Pre-Owned Car Loan

SBI offers certified pre owned car loan to its customers who want to avail Certified Pre-owned car loan from State bank of India. To get a pre certified car loan of SBI, borrower should provide details of certified used car dealers from whom he/she is willing to buy a used car. SBI imposes restriction on pre certified car loan i.e. loan on certified pre owned car will be only sanctioned if the pre owned car is not more than 5 years old.

What are the Features of SBI Loan on Certified Pre-Owned Car?

Any certified pre owned car loan seeker will be reimbursed car loan from SBI to borrow pre-owned car (used car) from a certified dealer if they fulfil eligibility criteria as documented by SBI for certified pre owned car loan. Here are features of Certified Pre owned Car loan from SBI

• Low EMI as compared to other banks car loan
• Borrower may opt a seven year long tenure of Pre-owned car loan
• Low interest rate
• A minimal pre payment charges
• Reducing balance method interest calculation
• Fast sanction of loan
• Apply to any Branch throughout India

Eligibility to get Certified Pre owned car loan

Salaried person – Salaried person having income of Rs. 4,00,000 per annum can go for SBI Certified pre owned car loan.

Self Employed / Businessmen / Professional – Person other than salaried employee such as professional, businessmen, professionals, doctors, lawyers, engineers etc will get certified pre owned car loan if they have net profit or income of Rs. 6,00,000 per annum as per documentary evidence specially ITR(Income tax return) of previous years.

Documents required for SBI Certified Pre-owned car loan

• Identity Proof (Voter ID card / Aadhaar Card / Passport etc)
• Address Proof (Electricity Bill / Telephone bill /Rent Agreement / Ration card etc)
• Salary slip and Form 16 from current employer
• ITR of last two years duly certified by ITO (income Tax Officer)
• Bank account statement of last six months

SBI New Car Loan Scheme – Buy New Car with SBI Four Wheeler Loan scheme

SBI New Car Loan Scheme – Buy New Car with SBI Four wheeler Loan scheme

SBI (State Bank of India) provides best car loan in lowest interest rate. Some of features on SBI car loan are really lucrative and anyone with a low monthly income can purchase new car through new car loan scheme of State Bank of India.

Why to go for SBI car loan even there are several other options available to car loan seeker? The answer of this question is very simple. Read the silent features of SBI car loan scheme and decide to go with SBI car loan option or not

SBI car Loan Scheme Features –

• Borrower of SBI car loan need not to pay any amount in form of Advance EMI
• A well long repayment tenure period of 7 Years (84 Months) is offered by SBI
• Low base rate of interest and hence lowest rate of SBI car loan
• Least EMI (Equated monthly Installment) on amount borrowed towards repayment of car loan amount
• Daily reducing balance method interest calculation
• SBI provide 85% to 90% LTV (Loan to value amount). It means borrower can get car loan up to 90% of total cost of new car that includes Vehicle + Insurance+ Accessories etc. Borrower need to pay only 10% of amount as advance.
• EMI can be paid anytime during month.
• SBI car loan includes free accident insurance cover and provides option for life insurance cover
• Car loan Borrower can make pre payment of EMI’s without any penalty.
• Less paper work
• SBI car loan can be applied online and offline

Who are Eligible to borrow SBI new car loan

1- Salaried Person - A person whose salary account is maintained with State Bank of India at least from three previous months and is in employment of Central Government, PSU, Defense services, Railways having income of Rs.400000 or more are eligible to apply for SBI four wheeler loan.

Other prospective borrower of four-wheeler loan from SBI having salaried income should have gross annual income of Rs. 600000 to become eligible for SBI new car loan.

2-Self Employed / Businessmen / Professional - A person having business income and not a salaried employee need to provide proof through ITR (Income tax Return) of Rs. 600000 net profit or taxable income to avail SBI new car loan.

3-Any Other Person - Borrower other than above can avail four-wheeler loan from SBI on purchase of New car if they can provide sufficient proof of income (generally Rs.600000 annual) and bank think fit to grant loan.

Documents required

• Bank account statement of last six months
• 2 Recent passport size photograph of prospective borrower of four-wheeler loan
• Identity proof (Voter ID/ PAN card / Aadhaar Card / Driving License etc)
• Address proof (voter ID/ Ration Card/ Electricity Bill / Telephone bill etc)
• Salary slip and form 16 (In case of salaried employee)
• Income tax return of previous two years

                

SBI Two Wheeler Loan To Government Employees

Government employees working under various central or state government departments can easily avail two wheeler loan from SBI by completing minimum formalities. These employees need to provide quotation of the bike and other documents to avail two wheeler loan from SBI.

Not only employees working in Government departments are eligible for loan amount, but employees working in PSU's can also avail finance.

State bank of India, one of the largest bank and formed under SBI Act provide two wheeler loan on easy terms. Repayment of loan can be made in Equated monthly installments (EMI). Check the current two wheeler loan interest rate of SBI and apply today to get two-wheeler loan for bike/scooter/scooty/Honda Activa etc.

 

Sbi Two Wheeler Loan Interest Rate

SBI two wheeler interest rates are decided by State Bank of India from time to time according to monetary conditions, inflation and RBI guidelines etc. 

Person seeking two wheeler loan from SBI to finance their vehicle need to know about the prevailing two-wheeler loan interest rates. Currently SBI two wheeler loans are available on base rate plus 8.25%. It means the current interest rate with effect from 04.02.2013 is

Base Rate – 9.70% + 8.25% = 17.95% percent.

Amount of two-wheeler loan interest compounded annually and charged on reducing balance of amount due as principle towards loan.

Students Eligibility for SBI Two-Wheeler Loan

Students Eligibility for SBI Two-Wheeler Loan

Student seeking two-wheeler loan from SBI to purchase new bike/super bike, scooter, moped or sooty or any other loan, State Bank of India is with them to provide easy finance options even with zero percent interest rates in some cases.

Once student have selected a bike of their choice from a dealer of motorcycles/ showroom in city/locality, next step becomes necessary to arrange funds for financing two-wheeler. If the willing buyer is salaried employee in an organization or self-employed business men, financing from SBI is much easy. However, for students, getting two-wheeler financed from State Bank of India requires following formalities to be completed before sanction of two-wheeler loan.

Steps for students to get SBI Two Wheeler Loan

1. Two wheeler loan from SBI cannot be availed by minor (Age below 18 Years), it means age of loan seeker must be more than 18 years.
2. Get quotation from the two-wheeler dealer to satisfy bank about loan amount to be disbursed if all conditions would met by loan seeker.
3. Contact bank online or nearby bank branch to get application of two wheeler loan.
4. Fill the details correctly and submit to bank, bank will suggest for any correction if required in application form.
5. Now, student need to provide necessary documents as applicable to salaried employee or businessmen as the SBI two wheeler loan cannot be sanctioned to person having no income proof.
6. As mentioned in step number 5 above, student need to provide details of their Father or Mother or anyone else who should have income proof.

Documents required

• 3 years Income tax return
• Copy of last six months bank account statement
• Address Proof
• ID proof
• Other relevant documents as required by SBI for two-wheeler loan to Students.

SBI Two Wheeler Loan EMI Calculator

SBI two wheeler loans EMI calculator provides easy way to calculate interest amount, principle amount and amount to be paid as EMI in case of borrower takes loan to finance their two wheeler. Anyone willing to calculate EMI on two wheeler loan from State Bank of India should calculate the EMI amount considering some important facts and figures.

1. Loan Amount : To calculate EMI, firstly loan seeker should enter the total amount of loan on two wheeler required to finance vehicle. Loan amount will be the first deciding factor of EMI
2. Interest Rate : Interest rate on two wheeler loan should be known to borrower in order to calculate EMI.
3. Tenor of Loan : Tenor means loan period in which borrower should pay all dues in Equated monthly installments (EMIs). Here in this EMI calculator enter the period in number of years, do not enter loan period in months.  

Calcualte EMI on SBI two wheeler Loan here

SBI Two Wheeler Loans : An Overview

Among various loans from SBI i.e. personal loans, home loans, education loans, car loans and loan against various deposits / property / gold etc, State Bank of India Two-Wheeler Loans are first choice of consumers.

State Bank of India provides two-wheeler loans to eligible applicants on production of required documents and verification through its branches and online.

SBI offers 2 wheeler loan to purchase new bikes, scooters, mopeds and battery operated two-Wheeler. Special features of 2 wheeler loan from SBI makes it best seller in the two-wheeler loan segment comparing to other banks.

Features of SBI 2 wheeler Loan:

• EMI need not to pay in Advance (Loan seeker need to pay advance amount as down payment over LTV percentage).
• SBI offers lowest Interest rate less than other banks
• Lowest EMI ease in repayment of borrowed amount
• Loan-to-value ratio is 85% of the two wheeler ex-showroom price
• Calculation of interest made on daily reducing balance method
• Schedule of EMI repayment provided in advance to borrower
• Minimal loan processing fees i.e. 1.20% of loan amount least among other banks
• Two wheeler accidental Insurance coverage included in loan offer
• Borrower of SBI two wheeler loan may opt for life insurance cover at time of loan agreement.
• Quick approval of loan amount
• Flexible tenor period of loan from 12 months to 60 months

Documents required for two-wheeler loan:

Applicants of two wheeler loans need to submit following documents:

1. Bank account statement copy of any bank (Current account or Saving Account) for last 6 months to 1 year.
2. Two recent passport size photograph of borrower
3. Identity proof (Any of the following)
1. Copy of passport
2. Voter ID
3. PAN card
4. UID Card
5. Driving license etc.
4. Residence proof (Any of the following)
1. Electricity Bill
2. Telephone bill
3. Rent agreement
4. Ration card etc.

A: In case of Salaried person :

• Salary slip from employer including Form 16 (TDS certificate)
• ITR (Income tax return) of last two financial years. (optional)

B: In case of Self Employed, Businessmen, Professionals (Doctors, CA, Architects etc)or Non-salaried employees:

• Income tax return (ITR) copy of last two financial years
• Office address proof of self employed person

Eligibility of Two-wheeler loan for Prospective Borrowers:

Age Limit: Loan applicant should be not minor and not of age more than 65 years.

Source of Income:

1. For Salaried Individuals: An Employee of Central/ State Government, Public sector or private sector employee having salary account or not-having such account can apply for SBI two wheeler loan. State Bank of India make it clear before disbursement of loan amount that whether borrower will be able to pay EMI on amount of 2 wheeler Loan.
2. For Professional / Businessmen/self employed individuals: The individual applying for 2 wheeler loan should be income tax assessee. Bank will ask for ITR of borrower.
3. For Others: Other individual like who are engaged in agriculture activities or any allied activities will be provided loan only after Bank will satisfy on their regular source of Income.

Net Annual Income :

State bank of India may ask minimum net annual income of borrower before loan sanction order. This amount of annual income may vary from Rs. 50,000 to Rs.75,000 or more.

Repayment of Loan amount: 

Loan amount to be paid by borrower depend on Tenor and EMI. EMI calculator can provide estimate regarding installments to be paid. 

You may be interested in:

• SBI Two Wheeler Loan EMI Calculator
• SBI two Wheeler loan Interest Rate