Frequent question: What are the documents required for SBI car loan?

How can I check my SBI car loan eligibility?

Track your SBI Car Loan Status Online

  1. Click on the ‘Application Tracker’ button present on the top-right hand corner of the page.
  2. Choose the ‘Track’ followed by the ‘Retail Loan’ option, enter the application reference number and your mobile number.
  3. Hit the ‘Track’ button to know the status of your car loan application.

What are the documents required for car loan in SBI bank?

Documents Required

  • Statement of bank account for last 6 months.
  • 2 passport size photographs.
  • Proof of Identity.
  • Address Proof.
  • Income Proof: Latest Salary Slip, Form 16.
  • I.T. Returns or Form 16 for the last 2 years.
  • Proof of Identity : – (Copy of any one) Passport/ PAN Card/ Voters ID card/ Driving License etc.

What are the documents required for a car loan?

General Documents:

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Documents Required Individual Cases
Salaried Self Employed
Income Proof Latest 2 Salary Slips & Latest Form 16 1. Latest ITR
Bank Statement Latest 3 months Bank Statement
Age Proof PAN / Driving Licence/ Passport/ Birth Certificate

What is the current interest rate for SBI car loan?

Auto Loans Interest Rates (Fixed Rate)

Scheme Interest Rate (1 year MCLR: 7.00%)
Certified Pre-owned Car Loan Scheme From 9.25% to 12.75%
Super Bike Loan Scheme 3.25% above 1 year MCLR i.e. 10.25% p.a
SBI Two-Wheeler Loan 16.25% p.a. to 18.00% p.a.

What is the EMI for 10 lakhs car loan?

What is a car loan EMI calculator?

Loan amount Loan tenure EMI
Rs.5 lakh 5 years Rs.10,477
Rs.10 lakh 1 year Rs.87,637
Rs.10 lakh 5 years Rs.20,953
Rs.15 lakh 1 year Rs.1,31,456

How much car loan can I get on 40000 salary?

It is advised to customers that they restrict their car loans to not more than 20 percent of their monthly income. For example, if you make Rs. 40,000 per month, your monthly car loan EMI should not exceed Rs. 8,000.

How much car loan can I get on 25000 salary?

Most lenders determine the maximum loan amount up to 10 times of your monthly salary. If you earn Rs. 25,000 per month, you may become eligible for up to Rs. 2.5 Lakhs.

Can I pay car loan before due date in SBI?

Pre-Payment penalty: –

Charges @1% on part payment amount (plus GST) will be levied quarterly in Fixed Interest rate car loan if prepaid within 24 months from the date of disbursement.

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Does SBI provide car loan?

-SBI offers car loan at an effective rate of 7.75% p.a. -Get a special interest concession of 25 bps on applying for the loan through YONO i.e. 7.50% p.a.

Is salary slip required for car loan?

Proof of identity documents: Aadhar card, passport, pan card or voters ID card etc. … Proof of income documents: Bank statement of the last six months. Salary slip and form 16 (for salaried persons)

Do car dealerships verify income?

Yes, is the short answer to whether car dealerships verify income. Car dealerships are prospective lenders. … All dealerships go through a verification process in which they check to make sure you have a reliable income and are stable enough with your income or employment to make timely payments.

Can I get car loan without salary slip?

It is very easy in India for any salaried or self-employed person to get a car loan – even without furnishing an income tax return or any other kind of income proof. However, the person needs to have a good credit score to buy either a new or a used car with the help of a car loan.

What is the minimum downpayment for a car?

If you’re buying a new car – When buying a new car, putting a down payment of 20% is a good way of avoiding owing more than what the car is worth. Due to the rapid depreciation of brand new vehicles, putting a down payment of 20% is a good rule of thumb.

What is the minimum EMI for car loan?

Lowest Car Loan EMI, Car EMI per lakh Oct 2021

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Bank Car Loan EMI per lakh, New Car Car Loan EMI per lakh, Used Car
Indian Bank ₹ 1,642 for 7 years ₹ 911 for 5 years
OBC ₹ 1,504 for 7 years ₹ 1,186 for 3 years
Bank of Baroda ₹ 1,509 for 7 years ₹ 1,321 for 3 years
United Bank of India ₹ 1,589 for 7 years

Can we close car loan before tenure?

Pre-closing a car loan before the end of the tenure can negatively affect your credit score. … Pre-closing your car loan can help you save up on interest. Although, the borrower is willing to preclose the car loan, the bank may not allow it. That is why, banks charge penalty fees for pre-closing car loans.