State Bank of Mysore

Comprehensive Car loan for new vehicles:

Comprehensive Car loan for used vehicles:

SBM Advantage Car Loan:

Comprehensive Car loan for new vehicles:

Salient features of the scheme: 

Apply Online

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

Annual Income:
Salaried class with an annual income of `. 1,00,000/- & above. Self employed & Professionals with an annual income of `.1,00,000/- & above.

Loan amount :

Security:
1) Hypothecation Charge over the car.
2) Noting of Bank’s lien with the R.T.O

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

Service Charges:
0.50 % of the loan amount with a minimum of `.500/- and  maximum of ` 10,000/-

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

Comprehensive Car loan for used vehicles:  

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

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

 SBM Advantage Car Loan::

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

Eligibility:
The minimum net annual Income should be Rs.2.50 lacs

Rates of Interest: <--click here for details  

Loan amount :
Minimum loan amount is Rs .5.00 lacs.
Maximum loan amount is 48 times the net monthly income for the salaried class. For non-salaried class, the eligibility is four times the net annual income or Rs. 2,50,000/- p.a.

Margin : 15 %    

Pocessing charges: 0.50 % of the loan amount with a minimum of `.500/- and
Maximum of `.10,000/-

Prepayment charges: No Pre-closure / Pre-payment penalty  on all Car Loans.

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

FREE ACCIDENT INSURANCE COVER (DEATH RISK ONLY)  

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

BENEFITS:
- No advance payment of Equated Monthly Instalments (EMI).
- Loans can be repaid in easy instalments for a period of seven years.
- Loan upto 85 % of the cost of the vehicle including the Road tax, Insurance,   accessories etc will be financed.
- Interest on the loan account is calculated on the daily reducing balance.
- Low processing fees.
- Free accident insurance cover

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
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