Margin Required/ LTV : 15% of “Ex-showroom Price” of the vehicle (Up to 90% funding for SBI Salary Package /HNI/Wealth customers)
Age of Customer : Age of the applicant should be between 21-65 years.
Repayment Tenure : Maximum up to 5 years
Salaried Net Annual Income of applicant and/or co-applicant if any, together should be Rs 2.50 Lacs and above.
Self-employed, Professionals, Proprietary/Partnership firms and Businessmen: Net Profit or Gross Taxable income of Rs. 4 Lacs p.a. (income of co-applicant can be clubbed together for Self-employed, Professionals and Businessmen) as per ITR after adding back depreciation and deducting repayment of all existing loans
Agriculturists: Net annual income of applicant and/or co applicant together to be Rs. 4 Lacs
Minimum loan amount : Rs. 2.50 Lakhs
Regular employees of State/Central Govt., Public Sector Undertakings, corporations, private sector companies, and reputed establishments.
Professionals, Self-employed, Businessmen, proprietary/partnership firms and others who are income tax assesses.
Persons engaged in agriculture and allied activities can also avail this scheme. Income Tax return is not required in case of agriculturists.