State Bank of Mysore Car Loan

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Buy your dream Car

Rates as low as 7.35%*
Up to 100% Funding
Doorstep Service
Hassle-free Disbursal
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State Bank of Mysore Car Loan Key Features – January 2021

State Bank of Mysore Car Loan Interest Rate 7.50%
Min Loan Amount ₹ 100,000
Max Loan Amount
(Loan to Value)
Loan up to 90% of On Road Price
or 100% of Ex-showroom Price
Loan Tenure One year to 7 years
Lowest EMI / Lac ₹ 1,590
Minimum Net Monthly Income ₹ 20,000
Minimum ITR for Self Employed ₹ 2,50,000
Age Criteria Salaried: 21 years to 60 years
Self Employed: 21 years to 65 years
Types of Cars For All New Passenger Cars, Multi Utility Vehicles (MUVs) and Sport Utility Vehicle (SUVs).
Processing Fee 0.20% (Rs.500 – Rs.10,000)
Foreclosure Charges Varies*
Basic Documentation ID Proof, Address Proof, Salary Slip, Bank Statement and Car Quotation

About State Bank of Mysore Car Loan

Headquartered in Bangalore, State Bank of Mysore is a public sector bank founded in 1913 as The Bank of Mysore Limited.
SBI is the successor of State Bank of Mysore.
N. Krishnamanchari is the CEO of the bank.
The bank has 1074 branches and nine extension counters nationally.

State Bank of Mysore car loan is one of the most exceptional financial product provided by the bank. CIBIL score and other criteria are kept in the light while sanctioning the Car Loan.

Advantages of State Bank of Mysore Car Loan

State Bank of Mysore Car Loan

State Bank of Mysore Car Loan Eligibility

Salaried Individual
  • Age – 21-60 years of age
  • Net Monthly Income – should be minimum ₹ 20,000
  • Employment Duration – Minimum 2 year
  • Income Eligibility – Depends on Form 16 and Salary Slip
Self-Employed Individuals
  • Age – 21-65 years of age
  • Minimum ITR  – Rs. 2,50,00
  • Employment Duration – Minimum 3 years
  • Income Eligibility – Depends on the latest Income Tax Returns
Self-Employed Non-Individuals (Company/Partnership)
  • Minimum ITR  – Rs. 2,50,000
  • Employment Duration – Minimum 3 years
  • The applicant has to present IT returns and audited financials of 2 years with Calculated Income.
Priority Customers
  • Applicant should have a vintage of at least six months
  • Average Quarterly Balance – Minimum Rs.1 lakh for the last two quarters
  • Maximum Loan Amount – 3 X Average Quarterly Balance of Last two quarters

State Bank of Mysore Car Loan Interest Rate, Fees and Charges

Charges New Car Loan Used Car Loan
Interest Rate 7.50% p.a. to 11.30% p.a. 14.80% p.a. to 16.80% p.a.
Processing fee 0.20% (Rs.500 – Rs.10,000) 0.20% (Rs.500 – Rs.10,000)
Issuance of Duplicate Repayment Schedule Charges A basic of Rs.500 A basic of Rs.500
Foreclosure Charges Varies according to profile* Varies according to profile*
Penal Interest 1 to 2% per month 1 to 2% per month
Part Payment charges 5% of the paid amount 5% of the paid amount
Cheque/Instrument Swap Charge A basic of Rs.500 A basic of Rs.500
Documentation Charge A basic of Rs.500 A basic of Rs.500
Issuance of Duplicate No Dues Certificate Charges A basic of Rs.500 A basic of Rs.500
Registration Certification Collection Charge A basic of Rs.200 A basic of Rs.200
Cheque Bounce/Instrument Return Charges A basic of Rs.500 A basic of Rs.500
Issuance of Duplicate Statement Charges A basic of Rs.500 A basic of Rs.500
Loan Cancellation/Re-booking Charges Rs.2,500 per instance Rs.2,500 per instance
Issuance of Credit Report Approx Rs.50 Approx Rs.50

State Bank of Mysore Car Loan Documents Required

Salaried Individual

Category Documents Required
Identity Proof

 

(Any 1)

Passport
Driving Licence
PAN
Voter ID
Address Proof

 

(Any 1)

Passport
Voter ID
Driving Licence
Aadhaar Card
Date of Birth Proof

 

(Any 1)

Driving Licence
Birth Certificate
Passport
PAN
Signature Proof

 

(Any 1)

Passport
Bankers Verification
PAN
Income Proof Latest Form 16 and Salary Slips
Bank Statement Bank statement of the last 12 months
Employment Continuity Proof Work Experience Certificate
ITR of Form 16
Salary Slip with Joining Date
Appointment Letter
Letter of Relieving

Self-Employed Individuals

Category Documents Required
Identity Proof (Any 1) Driving Licence
PAN
Voter ID
Address Proof (Any 1) Driving Licence
Aadhaar Card
Passport
PAN
Voter ID
Date of Birth Proof (Any 1) Birth Certificate
Passport
Driving Licence
PAN
Signature Proof (Any 1) Passport
Bankers Verification
PAN
Income Proof Latest Form 16 and Salary Slips
Bank Statement Bank statement of the last 12 months
Employment Continuity Proof Shop & Establishment Act Certificate
Current Account Statement
SSI or MSME Registration Certificate
Sales Tax or VAT Certificate
Business Proof Current Account Statement
Telephone Bill
Electricity Bill
Shop & Establishment Act Certificate
SSI or MSME Registration Certificate
Sales Tax or VAT Certificate
Registered Lease Document with other utility bills

Self-Employed Non-Individuals:

1. Partnership Firms/Societies

Category Documents Required
Identity Proof (Any 1) Passport
PAN
Voter ID
Driving Licence
Aadhaar Card
Address Proof (Any 1) Driving Licence
Aadhaar Card
Passport
PAN
Voter ID
Income Proof Audited Balance Sheet
P&L Account and ITR for the previous two years
Bank Statement Bank statement of the last 12 months
Business Continuity Proof Shop & Establishment Act Certificate
SSI or MSME Registration Certificate
Sales Tax or VAT Certificate
Current Account Statement
Additional documents Authority Letter or PAN card

2. Private Limited/Limited Companies

Category Documents Required
Identity Proof Copy of Latest MOA
Copy of Incorporation
Copy of Latest AOA
Address Proof (Any 1)
Current Account Statement
Telephone Bill/Electricity Bill
SSI or MSME Registration Certificate
Sales Tax or VAT Certificate
Shop & Establishment Act Certificate
Registered Lease Document with other utility bills
Income Proof Audited Balance Sheet
P&L Account and ITR for the previous two years
Bank Statement Bank statement of last three months
Business Continuity Proof Shop & Establishment Act Certificate
Current Account Statement
SSI or MSME Registration Certificate
Sales Tax or VAT Certificate
Additional documents
List of Directors and Shareholding Partners
PAN Card
Board Resolution
Certificate of Commencement of Business for Ltd. Co.

State Bank of Mysore Car Loan EMI Calculator

Use the calculator give below to check the EMIs of your loan:

Car Loan EMI Calculator

State Bank of Mysore Car Loan Types

State Bank of Mysore provides a range of car loans for different customers willing to buy the car:

  1. New Car Loan –  Go for this loan for purchasing a brand new car and loan tenure of 7 years.
  2. Used Car Loan – Go for this loan for buying any used car with a loan tenure of 5 years.
  3. Loan Against Car – Go for this loan if you have a car already and want to get funds through a loan against it.

State Bank of Mysore Car Loan Pre Calculated EMI

How to Apply for State Bank of Mysore Car Loan?

  1. Provide your details at Dialabank web address.
  2. Get assistance from our Relationship Manager for the loan process.
  3. Select the best loan type after comparing all the options available.
  4. Applying with Dialabank for the car loan is the best deal you can come through.

State bank of Mysore Car Loan for Top Selling Cars

Other Available Products from State Bank of Mysore

Personal Loan Education Loan Loan Against Property
Car Loan Two Wheeler Loan Home Loan

FAQs for State Bank of Mysore Car Loan

✅ What is State Bank of Mysore Car Loan?

State Bank of Mysore Car loan is a financial product of the bank which avails funds to the applicants looking to buy any new or second-hand car.

✅ How can I get Car Loan from State Bank of Mysore?

Use Dialabank to get State Bank of Mysore car Loan.

✅ How does State Bank of Mysore Car Loan work?

State Bank of Mysore Car Loan includes providing funds to the applicant for buying a car and charging interest rate against the loan.

✅ What is the Car Loan Interest Rate in State bank of Mysore?

Car Loan Interest in State Bank of Mysore is 7.50%

✅ How to Check Car Loan status in State Bank of Mysore?

Check the Loan status online on State Bank of Mysore’s website.

✅ How to Calculate Car Loan Interest in State Bank of Mysore?

Dialabank Calculator helps you to find the interest rates.

✅ What is the maximum loan amount I can avail on Car Loan from State Bank of Mysore?

100% of the ex-showroom price Loan can be availed with State bank of Mysore.

✅ What is the loan tenure of State Bank of Mysore Car Loan?

1 – 7 years is the car Loan tenure of State Bank of Mysore.

✅ Can I get 100% Car Loan from State Bank of Mysore?

Yes, State Bank of Mysore provides 100% car Loan on the ex-showroom price.

✅ How much Processing Fee is applicable on State Bank of Mysore Car Loan?

0.20% ranging from a minimum of Rs. 500 to the maximum of Rs.10,000 is the processing fee of State Bank of Mysore.

✅ What are the EMI options available on State Bank of Mysore Car Loan?

Step-up EMI and Balloon EMI options are available with State Bank of Mysore.

✅ What are the charges for Prepayment in State Bank of Mysore Car Loan?

Prepayment Charges of State Bank of Mysore varies according to the loan amount.

✅ Can I get a top-up loan on my existing State Bank of Mysore Car loan?

No, Top-up on State Bank of Mysore Car Loan is not available.

✅ Do I need to provide a guarantor to avail a car loan from State Bank of Mysore?

No, State Bank of Mysore doesn’t ask for the guarantor in case of Car Loan.

✅ How to get State Bank of Mysore Car Loan Statement?

Get Car Loan Statement directly from your loan dashboard of bank’s website or else by the branch.

✅ How to Pay State Bank of Mysore Car Loan Interest Online?

Use net banking for paying State Bank of Mysore Car Loan Interest Online.

✅ What if I can’t pay the interest on State Bank of Mysore Car Loan for three months?

Fine will be imposed for not paying interest for three months.

✅ How can I apply for EMI Moratorium on State Bank of Mysore Car Loan?

Write an application to the branch manager for EMI Moratorium on State Bank of Mysore Car Loan.

✅ What is the number for State Bank of Mysore Car Loan agent?

DialaBank is the finest Car Loan agent of State Bank of Mysore. Contact Number: 9878981166.

✅ Can I close State Bank of Mysore Car Loan online?

You can initiate the closing process online.

✅ What is HDFC Car Loan Customer Care Number?

Ring us on 9878981166 for all your questions.

✅ How can I get NOC from State Bank of Mysore for a car loan?

Get your NOC from State Bank of Mysore for Car Loan from the branch itself after paying your outstanding payments.

What is the State Bank of Mysore Car Loan closure procedure?

  • Just go to the bank with the documents.
  • Write a letter for pre-closure of the State Bank of Mysore Car Loan account.
  • Pay the pre-closure charges as per State Bank of Mysore Car Loan.

✅ What is the State Bank of Mysore Car Loan preclosure charges?

State Bank of Mysore Car Loan preclosure charges can vary according to the bank.

✅ What is the State Bank of Mysore Car Loan overdraft scheme?

For simplifying the process and providing you with a hassle-free service while processing an overdraft scheme at State Bank of Mysore bank is provided, it gives you an online way to get your own overdraft, also known as Smartdraft – Overdraft Against Salary. You do not need to visit bank branches and go through a boring process. Just log in to the State Bank of Mysore online banking portal and from there you can fill out a simple form and get an overdraft under your name.

✅ What is the State Bank of Mysore Car Loan maximum tenure?

The State Bank of Mysore Car Loan maximum tenure is 7 years.

✅ What is the State Bank of Mysore Car Loan minimum tenure?

The State Bank of Mysore Car Loan minimum tenure is 1 year.

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