Friday, September 13, 2013

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

1 comment:

  1. Hello there,
    I want to buy a used car from my friend in jaipur, He is asking Rs. 2,50,000 for the Maruti Swift dezire model 2011. I have my own business of dealing in mobile and accessories. I also file income tax return but I am a government employee working in sales tax department in Chandigarh. My salary is Rs. 38000/ per month. whether I am my business is quite new, I have only ITR of last one year. My total income for last year as per my advocate is Rs.4,46,000. What is my chance to get a used car loan from SBI bank. I maintain my account with SBI Jaipur Branch. Do I apply for loan to this branch of SBI. Please suggest. I want to buy my car before Diwali. Also tell if there is any Diwali Car loan offer from SBI bank.