State Bank Of Travancore Car Loan

Hii sir, I wants to Apply for the Car Loan of the State bank of Travancore will you Please provide Me the Details of the Car Loan of the State bank of Travancore ?

[Rajkumar Agarwal]

State Bank of Travancore is a public sector bank that was set up in 1945. Under the SBI subsidiary Banks Act 1959, it was incorporated as an Associate of State Bank of India and a member of the State Bank Group.

the details of the Car Loan of the State bank of Travancore is given below


Features :

Get your loan sanctioned in 2 working days from the day the bank receives your application.
Avail of low interest rates.
Repay the loan in easy tenures of up to 7 years.
Enjoy low margins on the total cost of the vehicle of 10% for normal cars and 20% for premium cars.
Salaried individuals can avail of up to 48 times their net monthly income or 4 times the net annual salary.
For all others, you can avail of up to 4 times the annual net profit or gross taxable income.
Avail of up to Rs. 10 lakhs for normal cars, and more for premium cars.
Comprehensive insurance is a must in the name of the borrower for the market value or at least 10% more than the outstanding loan amount, whichever is higher.
Pre-close the loan at no extra charges.

Interest Rates :

Benchmark MCLR rate 9.60%
Rate of interest (loan amount below Rs.10 lacs) 10.60% (MCLR + 0.75%)
Rate of interest (loan amount above Rs.10 lacs) 10.35% (MCLR + 0.50%)

Eligibility Criteria

21 to 65 years
The loan should be repaid by attaining the age of 70 years.
If you above the age of 65, you can avail of this loan if you have sufficient and regular income to ensure repayment.
Salaried and regular income individuals
Minimum net annual income required is Rs. 3,00,000.

Margin

Loan Type Margin

Normal Car loans -
below Rs. 10 lakh 15% of the total cost of vehicle

Premium car loan - Rs. 10 lakhs and above 20% of the total cost of vehicle