State Bank of Mysore Car Loan

State Bank of Mysore Car Loan Key Features – Apr 16 2024

About State Bank of Mysore Car Loan

Headquartered in Bangalore, the State Bank of Mysore is a public sector bank founded in 1913 as The Bank of Mysore Limited. SBI is the successor of the 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 products 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

⍟ Loan Approval in 30 Minutes
⍟ Lowest Rate of Interest
⍟ Up to 100% on Road Loan
⍟ Minimum Documentation
⍟ Paperless Process
⍟ Flexible Repayment
⍟ Zero Foreclosure
⍟ 24 x 7 Online Payment Facility
⍟ No Hidden Charges

State Bank of Mysore Car Loan Eligibility

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

State Bank of Mysore Car Loan Documents Required

Documents required for a car loan are as followed:

Salaried Individual

Self-Employed Individuals

Self-Employed Non-Individuals:

1. Partnership Firms/Societies

2. Private Limited/Limited Companies

How to Increase Your Eligibility for State Bank of Mysore Car Loan

• Opt for a shorter tenure – When you opt for a shorter tenure to repay the money, the EMI that you will be paying each month will be higher. This will be an indication of your higher repayment capacity which will build a sense of confidence in you. So, if you wish to boost your eligibility for a car loan, you can opt for a shorter repayment tenure.
• Keep your credit score in check – If you wish to increase your eligibility for a State Bank of Mysore car loan, ensure that you have a credit score of over 750. You can use the Free Credit Score tool to check and maintain such a healthy credit score. Checking your credit score regularly will allow you to take corrective measures to improve it if your score is low or if it gives you the confidence to approach the bank if it is high.
• Maintain a low debt-to-income ratio – A low debt-to-income ratio means that you have a good balance between your earnings and your spendings. Before banks decide to lend to you, they will check the percentage of your earnings that goes into paying your debts and a low debt-to-income ratio will indicate your high repayment capacity. To enhance your eligibility for a car loan, you should ensure that you maintain a low debt-to-income ratio.
• Apply for a loan for a lower amount – By applying for a loan for a lower amount, you can increase your eligibility for a State Bank of Mysore car loan. A lower loan amount means that the loan will be repaid faster. Therefore, the chances of you being eligible for a loan are higher.

Factors Affecting State Bank of Mysore Car Loan Eligibility

The eligibility criteria for a car loan will depend on the below-given factors:

• Income – If your income is on the higher side, there is a good chance that your eligibility for a State Bank of Mysore car loan will be higher. This is because a higher income indicates a higher repayment capacity. To be eligible for a State Bank of Mysore car loan, your yearly income should be at least Rs.3 lakh.
• Loan amount – Your eligibility for a car loan from the State Bank of Mysore will be higher if you apply for a lower loan amount as if the loan amount is lower, the bank knows that the loan will be paid off quicker. Hence, they will be more confident to give you the loan.
• Repayment tenure – Choosing a longer repayment tenure can decrease your eligibility for a car loan. It might give an impression to the bank that you do not possess the ability to pay the loan. This is because longer repayment tenure results in lower EMIs and the lender will think that you cannot afford to pay higher EMIs. Therefore, the bank may be reluctant to lend to you.
• Credit score – This is an important factor that every bank, including the State Bank of Mysore, considers when finding out your eligibility for a car loan. A credit score of 750 and above is considered to be a healthy credit score by most lenders. If you have a healthy credit score, banks will be happy to offer you a car loan and your eligibility will be much higher.
• Relationship with the bank – As stated earlier, State Bank of Mysore offers instant car loans to their existing customers through the ZipDrive feature which allows State Bank of Mysore customers to can avail themselves of loans instantly, at their convenience, with very few documents required for a car loan. This indicates that your relationship with the bank is an important factor while determining your eligibility.

State Bank of Mysore Car Loan Customer Care – Toll-Free Number

State Bank of Mysore 24*7 customer care toll-free number all your general enquiries is For Ahmedabad / Bangalore / Chennai / Delhi & NCR / Hyderabad / Kolkata / Mumbai / Pune dial 1800-425-2244. For Chandigarh / Cochin / Indore / Jaipur / Lucknow dial 1800-425-2244.

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 a car loan is the best deal you can come through.

Tips to Decide the Right Amount of EMI in Car Loan

• Ascertain the amount you need to borrow: It is important that before approaching a bank for a loan, you inform them about the amount of loan you need to borrow. Limit your loan amount after accounting for your available funds. Furthermore, based on the EMI you can service, try to opt for the lowest tenure of loans as long tenure loans can result in huge interest outgo.
• Review your current obligations: Before taking a loan, it is advisable to check your expenses, including any EMI obligations that you have on your current loans. This assessment will help you to estimate the amount of EMI which you will be able to pay comfortably after taking into account other obligations. Once you arrive at the EMI, you can also decide on the right loan tenure.
• Calculate your State Bank of Mysore car loan eligibility: Your eligibility is an assessment of your repayment capacity based on your monthly income. State Bank of Mysore provides an LTV up to 100 % of the ex-showroom price and expects the borrower to fund the remaining value of the property with their own money.
• Multiplier-based loan amount eligibility – State Bank of Mysore also calculates your eligibility by applying a multiplier to your net take-home salary. This is the simplest method for calculating a loan eligibility used by banks. Usually, it is 2.5 to 3 times the annual salary for salaried individuals and 6 times the annual income for self-employed professionals. The multiplier depends on the bank’s internal categorization of your company that is based on its reputation, stability, size, and growth in turnover.
• FOIR based loan amount eligibility – State Bank of Mysore will also estimate your Fixed Income to Obligations Ratio (FOIR) to find out the maximum EMI you can service based on your current income and other monthly expenses. The bank applies a certain ratio to your income to estimate your monthly expenses and then adds your other EMI obligations to calculate your fixed obligations. The proportion of fixed income to your calculated fixed obligations gives your FOIR. Generally, banks lend up to a maximum FOIR of 0.50. Based on the FOIR, the bank will also estimate the maximum amount of EMI you can service as a borrower. State Bank of Mysore assessment may be different from your assessment. Any differences in assessment may require you to readjust your loan amount requirement. You may also consider paying back other running short-term loans to improve your eligibility.

Car Loan EMI Changes in Case of Pre-payment

In case you prepay your vehicle loan, a small penalty is issued. Prepayment in State Bank of Mysore is 5% from 13-24 months, 3% after 24 months. When you prepay, the outstanding balance on your vehicle loan reduces. State Bank of Mysore gives you two options:

• Reduce your loan tenure and keep EMI on your car loan unchanged
• Reduce the amount of EMI and keep your loan tenure the same

How to Calculate State Bank of Mysore Car Loan EMI

Before you avail of a car loan from the State Bank of Mysore, you may want to know how much amount you will be paying every month. This is simply known as EMIs or equated monthly instalments and it offers an easy way to repay your car loan. By calculating the EMI, you will be able to budget your monthly expenses better.

You can calculate the EMI for your car loan by using the below-given formula:

E = P*r*[(1+r) ^n/((1+r) ^n-1)]

In the above formula, E is the EMI, P the principal amount, r the interest rate, and n the number of years or tenure of the loan.

You can also calculate the EMI by using the EMI Calculator tool wherein you just need to enter the loan amount, interest rate, repayment tenure, processing fee, etc. The tool will calculate the EMI and display it to you.

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FAQs for State Bank of Mysore Car Loan

✅ What is the 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 a Car Loan from the State Bank of Mysore?

Use Dialabank to get the 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 rates against the loan.

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

Car Loan Interest in State Bank of Mysore is

7.35% per annum

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

Check the Loan status online on the 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 myself of on a Car Loan from the State Bank of Mysore?

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

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

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

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

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

✅ How much Processing Fee is applicable on the 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 the State Bank of Mysore.

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

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

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

Prepayment Charges of the 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 myself of a car loan from the State Bank of Mysore?

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

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

Get a Car Loan Statement directly from your loan dashboard of the 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 rate Online.

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

A 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 the State Bank of Mysore Car Loan agent?

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

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

You can initiate the closing process online.

✅ What is the State Bank of Mysore Car Loan Customer Care Number?

Ring us on 9878981166 for all your questions.

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

Get your NOC from the State Bank of Mysore for a 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 list of documents required for a Car Loan.
• 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 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.