Individuals of age 21 to 65 years and
salaried class with annual income of Rs. 75000/- &
above.
Self-employed & Professionals with annual income of
Rs. 75000/- & above
Loan amount:
30times of Net Monthly Income for salaried persons
2.5 times of Net Annual Income for others
Margin:
Amount
Margin
Loans
upto Rs.6.00 lacs
15%
Above
Rs. 6.00 lacs
30%
Car
Loans are now sanctioned only on floating rate
There
is no differential rate of interest stipulated for
premium cars
Rates of Interest:
For
Metro & Urban Areas (Floating
Rates):
Tenor
Rate
of Interest(%)
wef 28.06.08
Upto
3 years
11.75
3 years upto 5 years
12.25
5 years upto 7 years
12.25
For Rural & Semi-Urban Areas (Floating
Rates):
Tenor
Rate
of Interest(%)
wef 28.06.08
Upto
3 years
12.00%
3 years upto 5 years
12.50%
5 years upto 7 years
12.50%
Security:
Hypothecation over the car
Guarantee of spouse if employed
3rd party guarantee good for the loan amount
Insurance:
Comprehensive insurance for full value of the vehicle.
FREE ACCIDENT INSURANCE COVER (DEATH RISK ONLY)
Service Charges:
No precessing fee
Disbursal:
Direct to the supplier (usual exchange for issue of BC / DD to be collected)
Comprehensive Car loan
for used vehicles:
Purpose:
For purchase of passenger Cars, Jeeps, Multi Utility vehicles
not more than 5 years old
Rates of Interest:
For all centres
Tenor
Rate
of Interest(%)
wef 28.06.08
Upto
3 years
13.25%
3 years upto 7 years
13.75%
Car
Loans are now sanctioned only on floating rate
Valuation:
Certificate of fitness / Valuation by reputed garage agency of the Bank
Repayment:
Loan should be repaid within 7 years from the date of original purchase of the
vehicle.
Other conditions are
as applicable to New Car Loan a/cs as above
For
more details, Please Contact your nearest Branch
of State Bank of Mysore or
Chief Manager
State Bank of Mysore
Personal & Services Banking Department
H .O.: K.G.Road, Bangalore - 560009, INDIA
Phone: 91 80 22353901 to 22353909 ; 22353473.extn.380
91 80 22353467 Fax: 91 80 22283684
Email:cmpsb@sbm.co.in
