State Bank Of Mysore Car Loans

Find details of state bank of mysore car loan through State Bank Of Mysore EMI calculator. Just enter the loan amount of car you want to get financed and rate of interest. State Bank Of Mysore EMI calculator automatically calculates the installment on reducing balance and it does not have any other processing fee.

Also see :   Car Loan Emi Calculator
State Bank Of Mysore
State Bank Of Mysore

New Car Loan Rates

Tenure5 Years
Down Payment15% -30%
Processing FeeNil
Interest Rate10.90
Document Charges
State Bank Of Mysore avails you with host of services and facilities online with which you can get car loan approval in an easier way. The customers who are dreamt of owning their desired car will turn their dream into reality via the golden opportunity provided by State Bank Of Mysore. The eligibility criteria set by the bank that any individual having minimum gross income of Rs. 1.00 lakh per annum erases the hindrance that only silver-spooned can purchase the latest available cars. The bank even churns out the repaying capacity of an individual who had applied for loan by extending the tenure up to 8 years for new car while it is 5 years for used cars. Vicky. in proves to be the powerful tool through the provision of accurate information on processing fee, documentation charges, EMI amount of such banks

Loan Eligibility Calculator

State Bank of Mysore Car Loan eligibility, Interest Rate, documents and process

Salaried: Employees of State/Central Governments, Public Sector Undertakings Minimum Net Annual Income (NAI) of Rs.3.00 lacs
Other Salaried & Pensioners Minimum Net Annual Income of Rs.4 lacs
Self-employed & Professionals, Businessman Minimum Net Profit or Gross Taxable Income of Rs.4 lacs as per ITR(s)
Agriculturists Minimum Net Annual income of applicant and/or co-applicant together to be Rs.4.00 lacs
Loan amount:
CATEGORY OF CUSTOMERS  Maximum Loan amount
Salaried 48 times of NMI
Self employed, Professionals, Proprietory/Partnership firms and Businessman 4 times of NMI
Agriculturists 3 times of NAI
  • Margin: 15%
  • Security:
1) Hypothecation Charge over the car. 2) Noting of Bank’s lien with the R.T.O. 3) Third party guarantee (if there is a need)
  • Repayment: the loan to be repaid in 84 EMIs (Maximum)
  • Insurance:
Comprehensive insurance cover for the full value of the vehicle.
  • Service Charges:
0.20 % of the loan amount with a minimum of Rs.500/- and maximum of Rs.10,000/-  
  • Prepayment charges:
No Pre Closure / Pre Payment penalty on all car loans.  
  • Papers to be submitted: 
  1. Statement of Bank account of the borrower for last 12 months.
  2. 2 passport size photographs of borrower/guarantor.
  3. Signature identification from bankers of borrower/guarantor.
  4.  A copy of Passport /Voters ID card/PAN card.
  5.  Proof of residence by way of tax receipts, telephone bill, electricity bill or any other document that comply with the regulatory and/or KYC requirements.
  6. Latest salary-slip showing all deductions and TDS Certificate-Form 16 in case of salaried persons.
  7.  Copy of Income tax Return for the last 2 financial years duly acknowledged by the ITO for professionals, Self employed and others.
  8.  Proof of official address for non-salaried individuals.
  9.  Proforma invoice of the vehicle. 
  • For Used Cars:
  • Salient features of the scheme:
  • Purpose:
For the purchase of passengers Cars, Jeeps, Multi Utility Vehicles which are not more than 5 years old.
  • Valuation:
Certificate of fitness / valuation from a reputed garage is required.
  • Repayment: 
The loan has to be repaid within 7 years from the date of original purchase of the vehicle. Processing Charges :0.20%