State Bank Of Mysore Auto Loans

I recently opened an account in the State Bank of Mysore and want to take the Auto Loan from this bank searching for details. Will you tell what the State Bank of Mysore Car Loan Eligibility along with Car Loan Interest Rates and tell list of documents needed to apply for this loan?

[pawan]

State Bank of Mysore is a nationalized bank in India, with headquarters at Bangalore. It is one of the five associate banks of State Bank of India.

State Bank of Mysore Car Loan Eligibility

The State bank of Mysore imposes some basic requirements in order to qualify a prospective car loan borrower. The following conditions apply-

Salaried professionals (public & private sectors) – Minimum NAI of Rs.3 lakhs. Maximum loan amount assured will be 48 times of NMI.
Other Salaried & Pensioners- Minimum NAI of Rs.4 lakhs.
Self Employed Professionals- Minimum Net Profit or Gross Taxable Income of Rs.4 lakhs as per ITR. Maximum loan amount assured will be 4 times of NMI.
Agriculturists- Minimum Net Annual income of applicant and/or co-applicant together at Rs.4 lakhs. Maximum loan amount assured will be 3 times of NAI.

State Bank of Mysore Car Loan Interest Rates

State Bank of Mysore Car Loan Details

Interest Rate 10.00%
Processing Fees 0.20 % of the loan amount with a minimum of Rs.500/- and maximum of Rs.10,000/-
Loan Tenure 1 year to 7 years
Pre-closure Charges Nil
Guarantor Requirement Guarantor required

Following documents must be produced to get loan:

Primary bank account statements for the last 12 months.
Identity proof- Passport/ Voter’s ID/ PAN card copy.
Last salary slip (with deductions) & TDS certificate- Form 16 (for salaried people).
Residence proof- tax receipts, telephone or electricity bill (any document that complies with the regulatory and/or KYC requirements).
Income tax returns for the last 2 years, acknowledged by the ITO for salaried professionals, self-employed people and others.
Signature identification proof from bankers of borrower/guarantor.
For non-salaried individuals- proof of official address.
Proforma invoice of the vehicle.
2 passport sized photographs of borrower/guarantor.In case of a pre-owned car: Certificate of fitness / valuation from a reputed garage.

Contact:

State Bank of Mysore,
H .O.: K.G.Road,
Bangalore - 560254, INDIA.
Phone(EPABX) : 91 80 22353901(30 lines of PRI).
Fax: 91 80 22283684