SBI Certified Pre Owned Car Loan: Loan facility is also available for second hand cars in the auto loan scheme of State Bank of India. If your budget is low, then you can buy a certified pre-owned car. SBI provides loans on easy terms. In this scheme, a minimum loan of Rs 3 lakh and a maximum of Rs 1 crore can be taken from the bank.
What Should Be The Minimum Income Of The Applicant?
According to the information available on the SBI website, apart from salaried, self-employed, professionals, people involved in agriculture and allied activities can take loans. In this, the annual income of Salaried, Self Employed and Professionals should be 3 lakh or more. At the same time, the annual income for agriculture and its related people should be 4 lakhs or more.
Minimum And Maximum Age Of Application
People between the age of 21 to 67 years can apply for the loan. Loan repayment will have to be done by the customer in a maximum of 5 years. In this, up to 85% of the ex-showroom price of the car can be availed as loan.
How Much Will Be The Interest Rates
The loan interest rates under the SBI certified car loan scheme range from 11.25% to 14.75%. Whereas, the processing fee will be 1.25% of the amount plus GST.
Documents Required For Loan Application
While applying for the loan, you will need to submit the Proforma Invoice, Seller’s RC copy and Motor Insurance copy. Sale agreement, undertaking from the dealer, bank clearance, and communication with the insurance company about the change in name and financier of the insured are required at the time of loan disbursement.
