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State Bank of Mysore Car Loan

State Bank of Mysore Car Loan Key Features – Jul 27 2021

State Bank of Mysore Car Loan Interest Rate 7.05% per annum
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

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

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 7.05% per annum 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

Documents required for a car loan are as followed:

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.

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 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 loan 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

Loan Amount 2 Years 3 Years 5 Years 7 Years
1 Lakh ₹  4,480 ₹  3,090 ₹  1,982 ₹  1,512
3 Lakh ₹  13,439 ₹  9,270 ₹  5,947 ₹  4,535
5 Lakh ₹ 22,398 ₹ 15,450 ₹  9,912 ₹ 7,559
10 Lakh ₹ 44,795 ₹ 30,900 ₹ 19,825 ₹ 15,117

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.

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 own 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 own 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 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 installments 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.

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

Compare State Bank of Mysore Car Loan With Other Banks In India

Car loan Banks Interest Rates EMI per Rs 1 lakh for 7 Years
Bank Of Baroda Car Loan 8.80% – 10.55% Rs. 1,599 – Rs. 1,689
Canara Bank Car Loan 8.70% – 9.35% Rs. 1,594 – Rs. 1,627
Corporation Bank Car Loan 8.75% – 9.50% Rs. 1,596 – Rs. 1,634
HDFC Bank Car Loan 7.05% – 11.25% Rs. 1,512 – Rs. 1,725
ICICI Bank Car Loan 8.82% – 12.75% Rs. 1,600 – Rs. 1,806
Union Bank Car Loan 8.85% – 11.85% Rs. 1,601 – Rs. 1,757
SBI Car Loan 8.65% – 9.70% Rs. 1,609 – Rs. 1,645

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 7.05% per annum.

✅ 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 myself 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 rate 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 State Bank of Mysore 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 List of documents required for 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 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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