SBI Car Loan: Eligibility and Documents Required

There is not an iota of doubt in the fact that SBI Advantage Car Loan for Less than 5 Lacs is the best car loan scheme in India in its category. It has much to offer. The features that have been glued with this car loan scheme are really magnificent. Lowest interest rate, lowest EMI, the largest repayment schedule, among others make SBI Advantage Car Loan a great financial product. 

•  Income: the applicant should have net annual income of 1 lac or above to be eligible to apply for SBI Advantage Car Loan [car loan of less than 5 lacs]. The income of spouse may also be added if she/he is also the co-borrower. The maximum loan amount that you can get is 2.5 times of the net annual income. Here again, if the spouse’s name is included as a co-borrower then the net annual income of the couple will be calculated for this purpose.
•  Age: 21-65 years
• ·Employment: Wide enough to encompass every possible class. All you need is to be an income tax assessee to be eligible for application.

The eligibility to get this car loan from the SBI is quite simple. However, add to these, you need to convince the manager of the concerned SBI branch about your financial viability.

When it comes to documents that are needed with the application, SBI becomes a bit tough. Ensure that you have requisite documents as without it the whole process may become a tedious one. Following are documents that you need to get before starting to fill up the application form:

• · Bank Statement: borrowers should ask their bank to give them a statement of account for last 12 months. Keep this in mind, the statement that you are giving with the application form should be healthy one – in terms of no. of transaction and amount.
• · 2 passport size photographs
• · The bank needs to identify the signature of the borrower. Ask your bank about it. If you account is with SBI then this process becomes quite easy.
• · Identity Proof: Voter ID/Passport/PAN/Others
• · Salary Slip: The salary slip must be the latest one.
• · Form 16/Income Tax Returns: for salaried employees they will ask for two years record of Form 16, and for self-employed professionals the requirement is 3 years.