State Bank of Patiala is offering the car loans for the people in india under the scheme SBP EZEE Car Loan at attractive interest rates with low documentation in a easy process, The State Bank of Patiala car loan is santioned for purchase of new passanger cars/jeeps/multi utility vehicles (MUVs and SUVs).
Eligibility:
- Age 21 to 65 years
- Permanent employees of State/Central Govt., Public Sector undertakings, Corporations, Private Sectopr Copmpanies and reputed establishments.
- Professionals, Self employed and others who are income tax assessees and persons engaged in agriculture and allied activities.
Salaried:
(i) Net annual income Rs. 1,50,000/ and above
(ii) Net monthly income should be atleast two times of EMI.
Self-Employed and Professionals: Net annual income Rs. 1,50,000/ and above for the last year as per Income Tax Return.
Loan Amount:
- No ceiling of loan amount
- Maximum loan amount will be 30 times the net monthly income/2.5 times the net annual income
- For agriculturists the net annual income shouldbe arrived at by the branched based on the nature of their activity (i.e. farming, dairy, poultry, orchards)
- Land holding, cropping pattern, yield etc. and average level of income derived therefrom in the area.
- income of spouse, father, mother, brother and sister may be included for arriving at the loan eligibility (any one). The person whose income is included will guarantee the loan.
Margin: 15% on road price of the vehicle.
Processing Fee: 0.50%
Repayment: The State Bank of Patiala car loan should be repaid in suitable monthly/quarterly installments within a period of 7 years.
Papers to be submitted with loan application:
- Statement of bank account for the last 6 months of the borrower
- Two passport sized photographs of vorrower/guarantator(s).
- Signature Identification from Banker of borrower.guarantator.
- A copy of passport/voter ID Card/PAN ID Card.
- Proof of Residence
- Latest salary slip showing all deductions and TDS Certificate Form-16 in case of salaried persons.
- Copy of Income Tax Return for the last two financial years duly acknowledged by ITO for professionals and self-employed and others.
- Proof of official adress for non-salaried individuals
