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New Car Loan Scheme By SBI (Non-Mudra SBI Loan)

SBI has launched new car loan scheme for Non-Mudra Loan seekers. Please note that under Mudra Loan, vehicle loans are provided too. But in this case, the car loan by SBI is provided not under the Mudra scheme. It is an independent scheme launched by SBI.

Here is detailed information about SBI new car loan scheme.

NON Mudra SBI Loan Interest Rates

Here are interest rates for the new car loan offered by State Bank of India.

Scheme Interest Rate w.e.f. 01.03.2018 (1 year MCLR: 8.15%)
i) SBI Car Loan, ii) NRI Car Loan, iii) Combo Loan Scheme, iv) Assured Car Loan Scheme, v) SME Retail Car Loan Scheme (excluding Taxi, Transport Operators and fleet segments in SME) From 8.90% to 9.40%
Loyalty Car Loan Scheme SBI Car Loan, NRI Car Loan and Combo Loan Scheme For Men: 1.15% above 1 year MCLR i.e. 9.30% p.a.
For Women: 1.10% above 1 year MCLR i.e. 9.25% p.a.
Certified Pre-owned Car Loan Scheme Men: 2.45% above 1 year MCLR i.e. 10.60% p.a.
For Women: 2.40% above 1 year MCLR i.e. 10.55% p.a.
Certified Pre-owned Car Loan Scheme 4.65% above 1 year MCLR i.e. 12.80% p.a.
Super Bike Loan Scheme 3.65% above 1 year MCLR i.e. 11.80% p.a.
SBI Two-Wheeler Loan 9.25% above 1 year MCLR i.e. 17.40% p.a.
SBI Car Loan Lite
CIBIL Score Rate of Interest
>=750 3% above 2 Yr MCLR i.e. 11.25% p.a.
From 650 to 749 4% above 2 Yr MCLR i.e. 12.25% p.a.

More details about SBI car loan scheme. Note that Mudra scheme holders are not applicable under this new car loan scheme.

Non Mudra SBI Loan For Cars – Eligibility

Category
Income Criteria
Max. Loan Amount
Regular employee of State / Central Government, Public Sector Undertaking, Private Company or a reputed establishment. Net Annual Income of applicant and/or co-applicant if any, together should be a minimum of Rs. 2,50,000/- 48 times of the Net Monthly Income
Professionals, self-employed, businessmen, proprietary/partnership firms who are income tax assesses. Net Profit or Gross Taxable income of Rs. 4,00,000/- p.a.
(income of co-applicant can be clubbed together)
4 times Net Profit or Gross Taxable income as per ITR after adding back depreciation and repayment of all existing loans
Person engaged in agricultural and allied activities. Net Annual income of applicant and/or co applicant together should be a minimum of Rs. 4,00,000/- 3 times of Net Annual Income

Non Mudra SBI Loan for Cars – Documents Required

Salaried
Non-Salaried/ Professional/Businessmen
Person engaged in agricultural and allied activities.
Statement of bank account for last 6 months. Statement of bank account for last 6 months. Statement of bank account for last 6 months.
2 passport size photographs 2 passport size photographs 2 passport size photographs
Proof of Identity Proof of Identity Proof of Identity
Address Proof Address Proof Address Proof
Income Proof: Latest Salary Slip, Form 16 Income Proof: ITR for last 2 years Direct agricultural activity (crop cultivation):
  • Khasra/Chitta Adangal  (showing cropping pattern) Patta/Khatoni (showing land holding) with photograph.
  • All land should be on free hold basis and ownership proof to be in the name of borrower.
I.T. Returns or Form 16 for the last 2 years. I.T. Returns or Form 16 for the last 2 years. Allied agricultural activity (like Dairy, Poultry, Plantation/ Horticulture)
  • Documentary proof of running of the activities to be provided.
Audited Balance sheet, P&L statement for 2 years, Shop & establishment act certificate / sales tax certificate / SSI registered certificate / copy of partnership.
Mudra Bank

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