State Bank of Mysore

Trusted Service

Car Loan Scheme

Comprehensive Car loan for new vehicles:

Comprehensive Car loan for used vehicles:

 

Car Loan Scheme

CAR LOAN

1

Loan amount

48 times NMI subject to EMI/NMI ratio of 50%

No.Maximum.

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 9.95%

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/-

(Fee waived during campaign period 01.10.2016 to 30.11.2016)

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.1658/per lakh ( 7 years term) @9.95%

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

or
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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