State Bank of Mysore

Trusted Service

Car Loan Scheme

Comprehensive Car loan for new vehicles:

Comprehensive Car loan for used vehicles:

 

Car Loan Scheme

For New Cars:

Salient features of the scheme:

Purpose:

For the purchase of new passengers Cars, Jeeps, Multi Utility Vehicles (MUV) and SUVs.

 

Eligibility:

CATEGORY OF CUSTOMERS

ANNUAL INCOME

Salaried: Employees of State/Central Governments, Public Sector Undertakings

Minimum Net Annual Income (NAI) of Rs.3.00 lacs

Other Salaried & Pensioners

Minimum Net Annual Income of Rs.4 lacs

Self-employed & Professionals, Businessman

Minimum Net Profit or Gross Taxable Income of Rs.4 lacs as per ITR(s)

Agriculturists

Minimum Net Annual income of applicant and/or co-applicant together to be Rs.4.00 lacs

 

Loan amount:

CATEGORY OF CUSTOMERS 

Maximum Loan amount

Salaried

48 times of NMI

Self employed, Professionals, Proprietory/Partnership firms and Businessman

4 times of NMI

Agriculturists

3 times of NAI

 

Margin: 15%


Rate of Interest:
click here for details

Security:
1) Hypothecation Charge over the car.

2) Noting of Bank’s lien with the R.T.O.

3) Third party guarantee (if there is a need)

Repayment: the loan to be repaid in 84 EMIs (Maximum)

Insurance:
Comprehensive insurance cover for the full value of the vehicle.

 

Service Charges:

0.20 % of the loan amount with a minimum of Rs.500/- and maximum of Rs.10,000/-

Prepayment charges: No Pre Closure / Pre Payment penalty on all car loans.

FREE ACCIDENT INSURANCE COVER (DEATH RISK ONLY)

Papers to be submitted: 

  1. Statement of Bank account of the borrower for last 12 months.
  2. 2 passport size photographs of borrower/guarantor.
  3. Signature identification from bankers of borrower/guarantor.
  4.  A copy of Passport /Voters ID card/PAN card.
  5.  Proof of residence by way of tax receipts, telephone bill, electricity bill or any other document that comply with the regulatory and/or KYC requirements.
  6. Latest salary-slip showing all deductions and TDS Certificate-Form 16 in case of salaried persons.
  7.  Copy of Income tax Return for the last 2 financial years duly acknowledged by the ITO for professionals, Self employed and others.
  8.  Proof of official address for non-salaried individuals.
  9.  Proforma invoice of the vehicle. 

For Used Cars:

Salient features of the scheme:

Purpose:
For the purchase of passengers Cars, Jeeps, Multi Utility Vehicles which are not more than 5 years old.

Rates of Interest: <--click here for details

Valuation:
Certificate of fitness / valuation from a reputed garage is required.

 

Repayment:
The loan has to be repaid within 7 years from the date of original purchase of the vehicle.

Processing Charges :0.20%

Processing fees on Car loans  sanctioned during the campaign period from 01.10.2014 to 31.12.2014 - waived

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


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