CERTIFIED PRE-OWNED CAR LOAN
SBI provide the best car loan scheme for you to take a loan for purchase of Certified Pre-owned Car, not more than 5 years old.
SBI offers you:
Term Loans for purchase of Certified Pre Owned car, from certified used car dealers, not more than five years old. The loan should be repaid within 8 years from the date of the original purchase of the vehicle.
To avail an SBI Car Loan, you should be:
Minimum Annual Income:
Net Annual Income of applicant and/or co-applicant if any, together should be Rs. 2,00,000/-
Maximum Loan amount will be 2.5 times of net annual income. Spouse's income could also be considered provided the spouse becomes a co-borrower in the loan
You would need to submit the following documents along with the completed application form:
20% of Invoice or IDV (Insured’s Declared Value) whichever is lower.
8 years minus the age of the vehicle subject to a maximum tenure of 5 years.
As per Bank's extant instructions.