Car Loan for new&used vehicles - Personal Banking -SBM

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	Comprehensive Car loan for new vehicles / used vehicles
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Comprehensive Car loan for new vehicles:

Comprehensive Car loan for used vehicles:

Salient features of the scheme

Eligibility:

Individuals of age 21 to 65 years and salaried class with annual income of Rs. 75000/- & above. Self-employed & Professionals with annual income of Rs. 75000/- & above

Loan amount:

30times of Net Monthly Income for salaried persons
2.5 times of Net Annual Income for others

Margin:

Amount	Margin
Loans upto Rs.6.00 lacs	15%
Above Rs. 6.00 lacs	30%

Car Loans are now sanctioned only on floating rate

There is no differential rate of interest stipulated for premium cars

Rates of Interest:

For Metro & Urban Areas (Floating Rates) <--click here for details

For Rural & Semi-Urban Areas (Floating Rates)<--click here for details

Security:

Hypothecation over the car
Guarantee of spouse if employed
3rd party guarantee good for the loan amount

Insurance:

Comprehensive insurance for full value of the vehicle. FREE ACCIDENT INSURANCE COVER (DEATH RISK ONLY)

Service Charges:

No precessing fee

Disbursal:

Direct to the supplier (usual exchange for issue of BC / DD to be collected)

Purpose:

For purchase of passenger Cars, Jeeps, Multi Utility vehicles not more than 5 years old

Rates of Interest: <--click here for details

Car Loans are now sanctioned only on floating rate

Valuation:

Certificate of fitness / Valuation by reputed garage agency of the Bank

Repayment:

Loan should be repaid within 7 years from the date of original purchase of the vehicle.

Other conditions are as applicable to New Car Loan a/cs as above

	For more details, Please Contact your nearest Branch of State Bank of Mysore or
	Chief Manager State Bank of Mysore Personal & Services Banking Department H .O.: K.G.Road, Bangalore - 560009, INDIA Phone: 91 80 22353901 to 22353909 ; 22353473.extn.380 91 80 22353467 Fax: 91 80 22283684 Email:cmpsb@sbm.co.in