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Car Loan Scheme

State Bank of Mysore

Trusted Service

Car Loan Scheme

Comprehensive Car loan for new vehicles:

Comprehensive Car loan for used vehicles:


Car Loan Scheme



1 Loan amount 48 times NMI subject to EMI/NMI ratio of 50%
2 Loan term 7 years
3 Interest type                                                 (fixed or floating) floating
4 a) Interest chargeable                                   (in case of floating Rate Loan) 0.50% above MCLR,presently 10%
b)Interest chargeable                                     (in case of Fixed Rate Loan) NA
5 Date of reset of interest NA
6 Mode of communication of changes in       interest rates Website,SMS,New paper
7 Fee payable
a On application 0.20% of loan amount Minimum Rs.500/- Maximum Rs.10,000/-
b During the Term of the loan Inspection charge of Rs 350/-
c On foreclosure Nil
d Fee refundable if loan not              sanctioned/disbursed NA
e Conversion charges for switching from       floating to fixed and vise-versa NA
f Penalty for delayed payments For loans above Rs.25,000/- if the irregularity exceeds EMI or instalment amount, for a period of one month, then penal interest would be charged @2% p.a. (over and above the applicable interest rate) on the overdue amount for the period of default.  If part instalment or part EMI remains overdue , then penal interest will not be levied.
8 EMI payable EMI Rs.1660/per lakh ( 7 years term) @10%
9 Details of Security/collateral obtained 1. Hypothecation of vehicle and noting of hypothecation charge in the books of R.T.O.
2. Third party guarantee may be obtained, if required, viz. when there is a need for credit enhancements e.g., credit score below threshold limit or any other business consideration
10 Date on which annual outstanding balance statement will be issued 31th  March


For further details,

Please Contact your nearest Branch of State Bank of Mysore

Call our Toll free Number : 1800 425 2244

Apply Online


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State Bank of Mysore,
H .O.: K.G.Road,
Bangalore - 560254, INDIA.
Phone (EPABX): 91 80 22353901 (30 lines of PRI)
Fax: 91 80 22283684

Download Application Form

 Application Form
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