SBI CAR LOAN LITE SCHEME

Question
Response and Scheme Details

Name of the Scheme

SBI CAR LOAN LITE SCHEME

Margin required/LTV

25% of “On Road price”

Loan to value :
75% of On-road Price (Including Taxes & Insurance)

Eligible Age Group

People with age between 21- 65 years are eligible.

• The scheme is applicable to Businessmen, Professionals & Self Employed and Agriculturists’ under ‘Tatkal Tractor Scheme’ who are engaged in economic activity which gives them income but have no proof of income.

• Aadhar card of the borrower should be obtained.

Minimum Income Criteria

Minimum Net Annual Income (NAI) of Rs.2,50,000/- declared in Application Form.

Maximum loan amount

Rs.4,00,000/-

EMI/NMI Ratio

• As per regular Car Loan scheme as follows:

 

Net Annual Income
EMI/NMI Not to Exceed

Upto Rs 10 Lacs

50%

Above Rs 10 Lacs

60%

 

Max Repayment period

Maximum 5 years.

Documents required

Bank Account Statement:

(Not applicable for Existing SME Customers:-
(a).having covered under “SME SMART SCORE” for last 2 years with satisfactory annual review
(b). having SME Credit Card for min Rs. 2 lacs for the last 2 years with satisfactory review.)

For Others :

• Customer must have Saving/Current bank account in his/her name or his business entity's name for at least 2 years.

• Bank statement will be thoroughly scrutinized to check other repayment obligations.

• Statement of Bank account will be obtained for the last 12 months reflecting regular transactions over the year.


Job / Stability :

(Not applicable for Exsisting SME Customers : -
(a).having covered under “SME SMART SCORE” for last 2 years with satisfactory annual review
(b).having SME Credit Card for min Rs. 2 lacs for the last 2 years with satisfactory review.)

For Others :

• Minimum 3 years at the current residence

• Must have a CIBIL score of 700 & above, if not residing in own/ parental House and 650 & above if residing in own/parental house.

The applicant must be carrying on activity for 5 years in case of businessmen and for 3 years in case of professional and self-employed.

• Proof of activity will be ensured and verified.

Physical visit to office/work place/shop will be ensured and feedback from few firms in the neighborhood obtained during pre-sanction survey to establish stability of activity.


KYC :

(Not applicable for Existing SME Customers:-
(a). having covered under “SME SMART SCORE” for last 2 years with satisfactory annual review
(b).having SME Credit Card for min Rs.2 lacs for the last 2 years with satisfactory review.)


For Others:

• KYC is MUST for all customers

Web verification of KYC documents to be ensured as per extant instructions.