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
