Assess Your SBI Car Loan Eligibility for Securing your Quick SBI Car Loan

Going for SBI Car loan, but have you checked your eligibility for availing SBI Car loan? As eligibility is the key indicator of examining the worth of your capability for availing car loans. It is the eligibility which assesses your repayment capacity. After all, you have to shell out a certain portion from your net salary intake for affording your dream car. You should take a look that your EMI shouldn't go beyond 40% of your net salary intake.

The make and model of car you decide along with your net salary intake are the main indicators for denoting your worthiness towards SBI Car loan.To cater to the specific needs of the customers, SBI offers different options such as SBI New Car Loan scheme, SBI Combo Loan scheme, Certified pre-owned car loan and SBI Loyalty car loan scheme  where customers can pre-determine in advance the scheme of their choice that best accommodate their repayment capacity. Let's take a quick look at the eligibility criteria of SBI Car loan:

SBI Car Loan Eligibility

• For availing SBI Car loans, borrowers should fall in the category of salaried employee, self-employed professionals, and agriculturists.
• The age limit for such borrowers should be 21-65 years.
• The income criteria for salaried, self-employed and agriculturist need to fall in the range of the following :
• For Salaried employees : Net Annual Income of applicant and/or co-applicant if any, together should be ₹ 2,50,000/-.
• For self-employed professional and agriculturist:  Net Profit or Gross Taxable income of ₹ 4,00,000/- p.a. (income of co-applicant can be clubbed together).

• The permissible loan amount for the applicants need to come under the following range:

• For salaried employees: 48 times of the Net Monthly Income.
• For self-employed professionals: Upto 4 times Net Profit or Gross Taxable income as per ITR after adding back depreciation and repayment of all the existing loans running in your account.
• For agriculturists: Up to 3 times of Net Annual Income.

SBI Car Loan Eligibility Calculator

Check your eligibility for availing SBI Car loan by entering the following details in SBI Car Loan Eligibility Calculator:

• Monthly Income
• Savings
• Age
• Car Value
• Car Model Type
• Credit History
• Employment Status for Salaried
• Longevity in the business for self-employed
• Accommodation
• Category of your employer

For example : You wish to check your Car loan eligibility on the basis of 'per lakh EMI' . State Bank of India will be interested to know your savings you keep aside from your net salary intake which you bring home every month. Let's say, from your net salary of ₹ 80,000, you save 40%  i.e. ₹  32,000. SBI will consider your savings as a criterion of repaying your EMI. So, taking these inputs in SBI Eligibility calculator, check out your loan amount eligibility by using the following formula:

Loan amount eligibility =₹ 1,00,000 x savings/per lakh EMI

As a men borrower, know the loan amount eligibility at an interest rate 9.15%-9.25% p.a.

Amount =₹ 1,00,000

Loan Tenure= 7 years

Interest Rate=9.15%-9.25% p.a.

Per Lakh EMI=₹1,617-₹1,622

₹ 1,00,000 x 32000/1,617=₹ 19.78 lakhs

₹ 1,00,000 x 32000/1,622=₹ 19.72 lakhs

Hence, SBI can finance your dream car within the range of ₹ 19.72-₹ 19.78 lakhs.

As a women borrower, know the loan amount eligibility at an interest rate 9.10%-9.20% p.a.

Amount =₹ 1,00,000

Loan Tenure= 7 years

Interest Rate=9.10%-9.20% p.a.

Per Lakh EMI=₹1,614-₹1,619

₹ 1,00,000 x 32000/1,614=₹ 19.82 lakhs

₹ 1,00,000 x 32000/1,619=₹ 19.76 lakhs

Hence, SBI can finance your dream car within the range of ₹ 19.76 -₹ 19.82 lakhs.

SBI Car Loan Documents

The salaried, self-employed businessmen and agriculturists are required to furnish the following documents as follows:

1. Statement of bank account for last 6 months

2. Two passport size photographs

3. Proof of identity(Any 1):  Passport/ PAN Card/ Voters ID card/ Driving License etc.

4. Address Proof (Any 1) : Ration card/Driving License/Voters ID card/Passport /Telephone Bill/ Electricity bill/Life Insurance policy.

5. Income proof : latest salary slip, form 16 for salaried employees; ITR for last 2 years for self-employed businessmen and direct agricultural activity (crop cultivation) evidence required for Khasra/Citta Adangal(showing crop pattern), Patta/Khatoni(showing land holding) with a photograph. All land should be on a free-hold basis and ownership proof is required in the name of the borrower.

6. Agriculturists need to provide documentary proof of running the activities like allied agricultural activity (such as Dairy, Poultry, Plantation/Horticulture).

7. Self-employed businessmen are required to submit documents such as audited balance sheet, P&L statement for 2 years, shop & establishment act certificate / sales tax certificate / SSI registered certificate / copy of partnership.