SBI car loan interest rate for Govt Employees

SBI car loan interest rate for govt employees

The state government timely ensures to provide benefits for its employees. With a positive view of stabilizing their living standards. Also, for being part of the economic growth as well. Like just home loans, car loans, health care, education, incentives, hikes, etc. This blog explains exclusively the SBI car loan interest rate for govt employees. If you are one among those planning to purchase a new car. Then just have your attention over here. We listed out some allowances that one can avail for a car loan being a government employee. 

At present, the SBI bank provides car loans at a rate of interest of 7.5%. The interest rate would vary between 7.5% -7.9%. Also, it differs based on the condition and status of the car. You might raise some doubt regarding what they would provide car types under the scheme. For that, this scheme applies to : 

  • New cars 

  • Cars in all the latest models 

  • Period of 5-year registered cars. 

 

Eligibility criteria:

  • Being a state government employee is not just enough to get the benefits. One must persuade certain parameters to get eligible for this scheme. This is to understand that one has the capacity to repay the obtained loan. For that purpose, the State bank ensures to check certain aspects before providing the loan. So one should cross-check whether they possess those parameters - 

  • Good CIBIL score (should be over 700 per 1000)

  • The annual income of the person (should be 3 lakh worth of tax applicable)

  • Type of the car and its value 

  • Credit history of a person (Any debts in long tenure)

  • Age (should be between 21 - 67) 

  • Employment status (Job Position/level)

Loan tenure and amount: 

The state bank sanctions the amount based on two criteria. Based on car type and individual status. Here the individual status defines the background and employment status of the borrower. Like just whether the borrower is a self-employed, salaried person, or non-salaried person. We just classified the provided amount and tenure for each category. 

Aspect 

Salaried person 

Non salaried person 

self-employed

Level of income 

3 lakhs per annum 

4 lakhs per annum 

4 lakhs per annum 

Age limit 

21 - 67 yrs 

21 - 67 yrs 

21 - 67 yrs

Amount of loan sanctioned 

48 times X monthly income

4 times of annual income 

3 times of annual income 


These criteria were applicable only at the time of sanctioning the loan.

Whereas the repayment conditions remain the same in any aspect. The total tenure provided for repaying the loan is 7 years for government employees. The state bank bears up to 85% of the loan to the borrower. For instance, if a government employee purchased a 10 lakh worth car. Then 85% of it i.e. 8,50,000 will be sanctioned as a loan to the borrower.  

EMI calculator :

We will help you get out of the drawbacks of calculating EMIs on car loans. You must know specific numerical details like :

  • Actual amount

  • Loan amount 

  • Rate of interest 

  • Time period 

Here is just one such formula to apply to get to know what’s the exact amount to be paid off. 

 EMI = Loan amount * current interest rate* year + Loan amount / Time (tenure)

Let us understand better with one practical example. A government employee has purchased one new brand car that costs around Rs.10,00,000/-. Got a loan of about Rs.8,50,000/- with a rate of interest 7.5%. Along with 5 years of repayment tenure. Let’s calculate the EMI for this criterion. 

= 8,50,000*0.075*5 + 8,50,000/ 60

= 11,68,750/60

= Rs.19,479.16/-

How to apply: 

We have provided the best handy guide to proceed with the loan application process. You just need to have your attention through these steps. And follow accordingly in a sequential manner.

Step 1 - Download the application YONO. Get registered and login into it. 

Step 2 - Click on the menu and then select ‘Loan’. 

Step 3 - Select car loan and click on 'Apply for loan’.

Step 4 - Fill out the application with the required details. It involves important documents like 

  • Bank statement from the past 6 months

  • 2 photocopies

  • Identity proof (passport/PAN/voter ID)

  • Address proof (Ration card/driving license/telephone bill/electricity bill)

  • Proof of income(salary slip/ bank statement)

  • IT returns from the past 2 years

Step 5 - tick the dialog box i.e. accept the terms and conditions. Click ‘submit’. 

Customer care: 

If anyone finds it difficult while applying for a car loan. They can easily approach SBI customer care. They have provided various toll-free numbers related to the aspect like

For any queries:

  • 1800 1234

  • 1800 11 22 11

  • 1800 425 3800

  • 1800 2100

For any electronic transaction issues:

1800 11 1109

94491 122 11

Customer care mail:
You can also reach out to them through the below mails

customercare@sbi.co.in 

contactcentre@sbi.co.in 

Conclusion: 
This blog provides information on SBI car loan interest rates for govt employees. We intended to clear many queries over here. Follow our blog posts for more informative updates on related articles. Thank you.



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