State Bank of Patiala Car Loans : Get details on latest interest rates, Documents, EMI, Calculator & Processing fees etc online.
State Bank of Patiala Car Loan Instant Quotes
|Purpose||For purchase of new passenger cars/jeeps/Multi Utility Vehicles (MUVs) and SUVs)|
|Eligibility||Age: 21 to 65 years. However the loan should be repaid upto 70 years of age.
Permanent employees of State/Central Govt., Public Sector Undertakings, Corporations, Private Sector Companies and reputed establishments are eligible under the scheme.
Professionals, self employed and others who are income tax assessees and persons engaged in agriculture and allied activities can also avail of the loan facility.
(i) Net annual income Rs.3,00,000 and above
(ii) Net monthly income should be at least 2 times of EMI
Self Employed and Professionals:
Net annual income Rs.4,00,000 and above for the last year as per Income Tax Return.
Persons engaged in agriculture and allied activities::
Net annual income Rs.4,00,000 and above.
|Loan Amount||Maximum loan amount.
Salaried: 48 times the net monthly income
Self Employed and Professionals: 4 times of net annual income
Persons engaged in agriculture and allied activities: 48 times of net annual income
For agriculturists the annual net income should be arrived at by branches based on the nature of their activity (i.e. farming, dairy, poultry, orchards) land holding, cropping pattern, yield etc. and average level of income derived there from in the area.
Income of spouse, father, mother, brother, sister, son and daughter may be included for arriving at the loan eligibility (any one). The person whose income is included will join as a Co-applicant/Co- borrower.
|Margin||15% of the road price of the vehicle.|
|Repayment||The loan to be repaid in suitable monthly/quarterly installments within a period of 7 years.|
|Rate of Interest||For Term Loan: 0.50% above Base Rate, i.e. 10.75% p.a.
For Overdraft:: OD will attract 0.50% more than the existing rate for Term Loans, i.e. 11.25% p.a..
|Papers to be submitted with loan application:||* Statement of Bank account for last 6 months of the borrower.
* Two passport sized photographs of borrower/guarantor(s)
* Signature identification from Banker of borrower/guarantor.
* A copy of passport/voter ID card/PAN ID card.
* Proof of residence.
* Latest salary slip showing all deductions and TDS certificate – form 16 in case of salaried persons.
* Copy of income tax return for last two financial years duly acknowledged by ITO for professionals, self employed and others.
* Proof of official address for non- salaried individuals
|Processing Charges||Rs. 1000/- per loan application irrespective of the loan amount up to 30.06.2013.|
|Concession for On-Line Application||Concession of 0.50% in applicable processing fee will be given to all Car loan borrowers whose applications are received on line|