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Frequently Asked Questions
Car Loan

Q.1 What makes of cars does SBBJ finance?
A. We finance all makes of new cars, and secondhand cars not more than five years old. Thus, you are free to choose any vehicle you want to own.

Q.2 Can my spouse's income be included for calculating the loan amount?
A. Yes, your spouse's income can be included provided he/she guarantees the loan.

Q.3 What is the repayment schedule for SBBJ Car Loan?
A. The minimum amount that you are expected to pay every month is the EMI.You can repay the loan in upto 84 EMIs.

Q.4 What Security do I have to furnish for availing the Car Loan?
A. A charge on the vehicle financed is noted with local Transport Authorities. Your spouse's guarantee, if his/her income has been considered for fixing the loan amount, would also be required.

Q.5 Can I pre pay the car loan? Will there be any pre-payment penalty for doing so?
A. Yes, there is no prepayment penalty.

Q.6 What is EMI? How is it calculated?
A. EMI stands for Equated Monthly Installments. This installment comprises both principal and interest components. Your EMI would be calculated depending on the tenor you choose, to repay your loan. The EMI would be higher if you choose to repay within a shorter period as against a longer-term loan.
You can use our EMI calculator to determine how much you would be required to pay, based on the tenor and the amount of the loan.

You can also contact your nearest SBBJ Branch to know the EMI for proposed loan amount and tenor.

Q.7 How do I benefit if the interest is calculated on a daily reducing balance?
A. In a flat rate of interest (which is what many other players charge), the interest is calculated for the full tenor of the loan on the amount advanced. In effect you continue to pay interest on the amount you have already repaid. Similarly, on an annual reducing balance method, you will continue to pay interest on amounts you repay during the coming one year.

In the case of the daily/monthly reducing balance, which is the methodology we employ, your interest is calculated only on the outstanding loan amount, which reduces every time you pay off your EMIs or make any prepayments. This in essence lowers your effective rate of interest significantly.

Q.8 How does SBBJ Car Loan compare with those offered by other institutions?
A. There is total transparency with regards to the rate of interest and the fees charged by us.

We offer loans for the longest tenors (84 months).

We also provide finance for both new vehicles as well as old cars (not more than five years old), as well as reimburse cost of new vehicle if purchased within last 2 years.

We levy interest based on daily/monthly reducing balance, unlike the flat rate of interest or interest based on annual reducing balance method used by several other financiers

We provide finance for one-time road tax, registration fee and insurance premium also.

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