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Owning a car is no longer the prerogative of a handful nor is it the unfulfilled dream of the rest. With State Bank of India (SBI) car loans , owning a car is now possible for most if not all Indians. As long as you meet the criteria for eligibility, you can just walk into any dealer showroom and drive out in a brand new car of your choice.
SBI is one among the oldest and most trusted banks in India, and once your SBI car loan eligibility has been verified, you can fulfil your dream of owning a car.
SBI provides car loans for -
Following are the features of the SBI car loan scheme -
You can get an SBI car loan for passenger cars, multi-utility vehicles and SUVs.
About SBI Car Loan Eligibility Criteria
The eligibility criteria for SBI car loan are
Individual applicants must be above 21 years of age and below 65 years of age. The applicant must also belong to one of the following categories -
The following documents must be submitted with the loan application -
90% of the on-road price of the car will be available subject to the maximum limits on loan amount.
While SBI offers up to 90% of the on-road price of a car as loan, there are a number of factors that can impact the amount of loan you will be eligible for. Some of these factors include -
Credit score – Credit score is an indicator of the applicant’s creditworthiness. A high credit score indicates better creditworthiness which means you stand a better chance of getting a loan.
Age – Individuals below the age of 21 years or above 65 years are not eligible to apply for an SBI car loan. Also the car loan should be paid back before the applicant attains age 65. Therefore your age has an impact on whether you are eligible for loan and the amount of loan.
Income level – Your income determines your ability to repay the loan as such it is an important factor that determines your eligibility for loan. You are required to show proof of your income at the time of application. In case your income falls short of the eligibility criteria, you can include a co-applicant whose income will be added to yours for computation of eligibility.
Debt – Any existing debts you may have will also impact your eligibility since these debts have a claim on your income. It is advisable to repay all pending dues before applying for a fresh loan.
How to improve your eligibility for car loan?
If you find that you are not eligible for the amount of loan you desire you can take any or all of the following steps to improve your eligibility -
Repay existing debts – Pay off any and all existing loans or debts. This will improve your debt-to-income ratio and enhance your eligibility for loan.
Increase your credit score – Having a good credit score can greatly increase your eligibility for SBI car loan. Some ways in which you can improve your credit score are by repaying existing loans, closing existing credit or debit cards, and paying off any overdrafts on your account.
Bring in Co-applicants – Despite all efforts if you are still found not eligible, you can bring in a co-applicant whose income will also be considered for eligibility. Terms for co-applicants are generally same as those for primary applicants.
You may contact an SBI branch or visit the website for more details.
While there are some formulae you can use to compute the amount of interest on your loan and the amount of EMI you will pay, these formulae are complex and may not return accurate results. SBI has a car loan eligibility calculator facility on its website which you can use to determine your eligibility and compute the amount of interest and EMI.
(1) What is Car Loan eligibility calculator?
Car loan eligibility calculator is an online calculator that can help you assess your eligibility for a certain amount of loan for a certain term. It also calculates the interest and EMI that you will pay.
(2) What are the eligibility criteria of the SBI car loan?
Eligibility for car loan is based on age, income, any previous debts outstanding, and loan repayment history of an individual.
(3) What if you are not eligible for the car loan?
You can improve your chances of becoming eligible for SBI car loan by increasing your credit score, paying off earlier debts, or bringing in a co-applicant.
(4) How can I improve my credit score?
If you are prompt in paying your EMI and careful about how many current debts you have, you will surely have a good credit score. In case you are falling short of score for car loan eligibility, you can pay off certain debts or close a credit or debit card - which is also a consideration when computing credit score.
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