SBI Loyalty Car Loan Scheme for Individuals – First Cum First Serve Benefit at Lowest Rate
It is a problem for all home loan or other loan applicants , that while considering a new loan banks considered the existing loan of the applicant and also charges a higher rate of return considering the risk of the borrower . Borrowers who have already applied for or are running an existing home loan are generally not provided any additional loan due to their risk taking capacity and limit credit scope . Considering this for State bank of India customers , the bank has come up with a loyalty program where customers of SBI with existing home loan can avail another loan for buying their new car being a loyal customer of the bank and making regular payments of their current loan .
SBI named this plan as the SBI Loyalty Car loan scheme , where loan amount will be credited to the account of the applicant even if he is running a home loan with the bank . With benefits there are also certain limitations linked to this offer which are discussed below in this article .
SBI Loyalty Car Loan Scheme
The SBI Loyalty car loan program is especially for SBI Customers who are running an existing home loan with the bank and who want to buy a new car for themselves . Under this program, finance upto 100 percent of the on road price of the car is provided to the loan applicant at a subsidised rate being a loyal customer of SBI . The EMI of the SBI Loyalty program will have to be paid in parallel by the customer with the home loan .
The program can be applied online through the official portal of SBI or can be availed from the nearest bank branch of SBI . Also , it is a limited offer where after confirming to payments of the current loan and the amount of the loan to be applied the bank shall offer the credits to the applicant .
Who can apply for SBI Loyalty Car Loan Scheme ?
There are only few conditions linked for applying for a SBI Loyalty Car Loan scheme :
- Applicant must be a SBI Customer .
- He should have applied for a Home loan with the bank .
- The Minimum annual income of the borrower should be Rs 2 lakh .
- Their should be no default in payment of the home loan by the applicant .
Conditions and Charges for SBI Loyalty Car Loan Scheme
On the SBI Loyalty Car Loan program ,the applicant shall be provided a discount in the interest rate and will be provided loan for :
- 75 percent of the market value of the property less the outstanding home loan amount .
- EMI shall be provided in accordance with the home loan EMIs.
- Upto 100 percent of the ex-showroom price shall be provided as loan .
- The repayment period of the loan shall be for a maximum of 7 years.
- Some security shall also be asked by the bank in addition .
It was provided that charge of interest might fluctuate over years , while charge on home loan and car loan under this scheme shall be undertaken considering the present interest rates of the industry which can be checked at the Official Interest rates page and Processing charges page of SBI.
Also read : Rajasthan Water Bill Payment Online through Emitra Platform – Charges and Procedure 2023
Application Online for SBI Loyalty Car Loan Scheme
Online and offline application both can be made on the SBI Official website for applying for SBI Loyalty car loan program. The application can be made through these series of steps :
1 . Go to the SBI Auto Loan Portal .
2. Enter your Eligibility details.
3. Check the Loan offer details .
4. Complete Verification and enter contact details.
Once your application is processed , you will contacted by the SBI auto loan agent for processing the application further .
Documents for Online SBI Loyalty Car Loan Application
The following documents shall be required to apply for SBI Loyalty Car loan application online :
1. Mortgage documents of Home / Property
2. KYC Documents
3. Bank Statement
4. Identity Documents
5. Income Proof
6. Address proof
Repayment and Security Deposit with Bank
Under the SBI Loyalty car loan program , the repayment schedule for the loan shall be provided , while you can also adjust your schedule as per the application . The maximum duration for which loan under this scheme can be availed is for upto 7 years . Their shall be no security deposit for the loan while special security obligations can be raised by bank in specific cases.
Conclusion
SBI Car loan loyalty scheme is one of the most beneficial offers from SBI for existing borrowers as they are not able to raise any other loan even from different banks based on their risk profile due to existing loan . This will encourage more auto sales and also provides an easy option for the borrowers to have their dream car with this loan option .