State Bank of Hyderabad New Car Loan

• No Advance EMI
• Longest repayment tenure (7 years)
• Competitive EMI
• 85% of ‘On Road Price’ of car (includes registration, insurance and cost of accessories worth `25000)
• Interest Calculated on Daily Reducing Balance

Purpose : Term loans sanctioned for purchase of new passenger cars, jeeps, Multi Utility Vehicles (MUVs) and SUVs.

Loan Amount :

Salaried Persons: 48 times the Net Monthly Income (NMI)

For others: Upto 4 times of NAI.

Margin : Upto Rs 10 lacs: 15% on road Price of the Car

Above Rs. 10 Lacs:

15% Margin on Ex-showroom Price of the car

(OR)

Margin of 20% on Road Price of the car at the option of the customer

Processing Fee : 50% waiver subject to maximum of Rs. 1000/-

Interest : 30 basis points above base rate of 10.20%, effective rate is 10.50% p.a, irrespective of the loan amount w.e.f 02/05/2014

Insurance : Insured in the name of the borrower for the market value or at least 10% above the loan amount outstanding, whichever is higher for the market value.

Mode of Disbursement : The loan will be credited to the accounts of the supplier/ dealer by way of RTGS/ NEFT facility in case they don’t have account in SBH.

Penal Interest : The penal interest would be charged @ 2%p.a. on the overdue amount only.

What are the Eligibility criteria required to apply of State Bank of Hyderabad Car Loans?

Category 1(Salaried) (a):For employees of Central and State Government, Public Sector Undertakings, 
Defence/Paramilitary Forces and Railway employees who are maintaining salary accounts with us and min. 3 months salary have regularly come in these accounts, drawing gross annual income of applicant and/or co-applicant if any, together should be Rs.300000/- p.a. and above

(b):For salaried customers other than above mentioned categories, gross annual income of the applicant and/or co-applicant if any, together should be Rs.300000/- p.a. and above.

Category 2:Professionals, self-employed and others who are Income Tax assesses drawing Gross Annual Income of Rs.400000/-and above.

Category 3: Persons engaged in Agriculture and allied activities drawing Gross Annual Income of Rs.400000/- and above.

Repayment period : 7 years However the repayment will, in no case, exceed beyond 70 years age of the borrower.

Prepayment Penalty : No prepayment penalty