Asked by: Bhrigu Deubert
personal finance home financing

What are the documents required for SBI car loan?

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Following papers are required for taking SBI Car Loan alongwith loan application:
  • 2 passport size photographs of borrower/guarantor(s).
  • Signature identification from bankers ofborrower/guarantor(s).
  • A copy of passport /voters ID card/PAN card.
  • Proof of residence.
  • Proof of official address for non-salaried individuals.


Similarly, it is asked, what are the documents required for a car loan?

Proof of identity documents: Aadhar card, passport, pancard or voters ID card etc.

What are the documents required for a Car Loan?

  • Bank statement of the last six months.
  • Salary slip and form 16 (for salaried persons)
  • Income tax returns (for self-employed persons)

One may also ask, how can I check my SBI car loan? Track your SBI Car Loan Status by CallingCustomer Care The status of SBI car loan application statuscan also be tracked by calling SBI's 24/7 toll-free numbers– 1800 11 2211 and 1800 425 3800.

Similarly, you may ask, is there any processing fee for SBI car loan?

Maximum vehicle loan amount offered by SBIis up to 85% of on-road price. Interest rates starts @ 8.70%depending upon down payment, net income and other factors.Processing fee in SBI is 0.51% of the cost ofthe carMinimum Rs. 1,020 and Maximum 10,200.

What is the interest rate of SBI for car loan?

As per current interest rates, SBI car loaninterest rates are in the range of 8.70 % . What is the lowestEMI per lakh on SBI car loan? Lowest EMI per lakh is Rs.1,594 for SBI for a loan availed at an interestrate of 8.70% and for a tenure of 7 years.

Related Question Answers

Dan Sundergeld

Professional

Which bank is best for car loan?

Best Car loan Interest Rates India October 2019
Car loan Banks Interest Rates EMI per Rs 1 lakh for 7 Years
HDFC Bank 8.50% – 11.25% Rs. 1,584 – Rs. 1,725
ICICI Bank 8.82% – 12.75% Rs. 1,600 – Rs. 1,806
IDBI Bank 9.00% – 9.10% Rs. 1,609 – Rs. 1,614
Indian Bank 9.00% Rs. 1,609

Laszlo Hameau

Professional

How can I get a car loan without proof of income?

When you apply for a car loan, most lendersrequire proof of income. If you are unable to provide thatevidence because you don't have a job or are self-employed, youroptions are somewhat limited. However, it is still possible to buya car even if you don't have proof of income when youfollow some specific steps.

Asma Ouchen

Professional

Is Form 16 mandatory for car loan?

Form 16 is a TDS Certificate that must beprovided to employees, by their employers. It certifies that theincome tax on your income from salary has been deducted at source,and deposited with the Central Government Account. Whether Form16 is mandatory or not, is a common query that you mayhave thought about.

Tyrone Kinzler

Explainer

What is the eligibility for car loan?

Salaried Individuals:
Individuals who are a minimum of 21 years of age at thetime of applying for the loan, and no older than 60 at theend of the loan tenure. Individuals who have had a job forat least 2 years, with a minimum of 1 year with the currentemployer.

Lis Oñaederra

Explainer

What is car loan process?

Car Loan Application Process
The entire process of applying for a carloan has been simplified by the banks for the ease of theborrowers. Loan disbursal- The loan amount isdisbursed to the applicant after a certaintime.

Hosnia Jewell

Explainer

What is the interest rate for car loan?

Car Loan Interest Rate Comparison for All Banks, Lowest EMI,Best Rates in India
Bank Car Loan Interest Rates Lowest EMI per lakh for Max Tenure
Axis Bank 9.25% Fixed ₹ 1,478 for 8 years
IndusInd Bank 10.65% Fixed ₹ 2,157 for 5 years
Kotak Bank 11.50% Fixed ₹ 2,199 for 5 years
PNB 8.75% Floating ₹ 1,596 for 7 years

Mamie Tchanov

Pundit

What documents are required for buying a car?

What Documents You Need to Bring When Buying or Leasing aCar
  • Valid driver's license.
  • Insurance card.
  • Any trade documents (title, registration, or loan release)
  • Last two recent pay stubs (if you have more than one job, bringthe stubs from those as well)

Yaimara Llago

Pundit

How much should I put as a downpayment on a car?

This means buyers who want to finance the purchase of a$15,000 used vehicle should plan to put at least$1,500 down. Lenders may require more money down on a newcar than a used car to offset its quickerdepreciation. Typically, an initial payment of 20 percent or moreof the purchase price is wise.

Aimad Minyazhetdinov

Pundit

What is the minimum down payment for a car loan?

A zero down payment car loan is ideal for anyonewho wishes to purchase a car but does not have enough fundsto make the down payment. Down payment is theinitial amount charged by certain banks which is a certainpercentage of the car value, to the borrower before thecar loan is released.

Diallo Rangwala

Pundit

What is the loan processing fee?

Home Loan Processing Fee. Home Loan processingfee is the charge that a home loan applicant has to payto the lender or the bank once his/her home loan applicationis accepted. It is a one-time fee that the borrower needs topay. Most banks charge a processing fee on their homeloan.

Yudi Arias Camison

Pundit

Can I pay more than my EMI?

If you can, then pay more than the regularEMI. The surplus amount will not only reduce yourprincipal outstanding, but also your interest burden. Youcan also pay one more EMI (than theusual number of EMIs) every year. This is an effective trick toreduce your loan tenure, and in turn the interestcost.

Antima Hacha

Teacher

Is SBI car loan fixed or floating?

SBI car loan come with the most competitiveinterest rates. The Bank offers both fixed andfloating interest rates on car loans. Also, theinterest is calculated on a daily reducing balance with monthlyrests. Car loan applicant : Your credit score, income group,employment type and similar things.

Yilena Quaggio

Teacher

How is interest rate calculated?

Divide your interest rate by the number ofpayments you'll make in the year (interest rates areexpressed annually). So, for example, if you're making monthlypayments, divide by 12. 2. Multiply it by the balance of your loan,which for the first payment, will be your whole principalamount.

Teresia Perejon

Teacher

How is car loan EMI calculated?

Therefore, EMI = principal amount + interest paidon the Car Loan. The EMI, usually, remains fixed forthe entire tenure of your loan, and it is to be repaid overthe tenure of the loan on a monthly basis. The rate ofinterest (R) on your loan is calculated monthly i.e.(R= Annual rate of interest/12/100).

Meiyan Rahlin

Teacher

How can I check my SBI car loan online?

SBI home loan statement as well as interest certificatescan be accessed online by the home loan customers of SBI.
  1. You can visit the link: onlinesbi.com/personal in order tomanage the personal section of SBI's official website.
  2. Right after this, you will gain access to the tab termed asEnquiries.

Lander Bande

Reviewer

What is the maximum tenure for car loan?

Your car loan tenure can be anywhere from 12 to60 months. Some banks offer car loans with a tenureof up to 7 years for new cars. What is the maximumamount of loan that I can avail?

Leonhard Rahause

Reviewer

How can I reduce my car loan EMI?

How to lower EMI on a car loan
  1. Negotiate on the car price first.
  2. Look out for NBFCs from car manufacturing companies.
  3. Negotiate with the lender.
  4. Make big down payment to cut EMIs.
  5. Extend the tenure.
  6. Prepay your loan.
  7. Look for a lender with less or no processing fee.

Ainnoa Lebereht

Reviewer

Can you take out a loan for a car?

An auto loan is taken out for the specificpurpose of buying a car, and the loan itself issecured by the vehicle. This means that if you failto repay the loan, the lender can repossess yourcar. Auto loans can be obtained through onlinelenders, banks, credit unions and directly from the autodealer.

Puerto Azkona

Reviewer

What is the purpose of a car loan?

An auto loan helps you buy a car thatcosts more than you can afford with cash. Unless you have asubstantial amount of savings to pay for a car all at once,you'll probably need to borrow money and pay off yourvehicle by making monthly payments.

Co-Authored By:

EveryThingWhat Staff Editor

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13th February, 2020

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