*Please note quotes shown will be from Our Partners

Car Loan

With the merger of State bank of Jaipur and State Bank of Bikaner, The State Bank of Bikaner & Jaipur (SBBJ) came into existence in the year 1963. State Bank of Bikaner & Jaipur is an associate of the State Bank of India (SBI), and 75% of the shares of this bank are held by SBI and the remaining by institutions and general public. With more than a thousand branches, State Bank of Bikaner & Jaipur can mostly be found in the state of Rajasthan. Its branch network in Rajasthan covers all major business centers in India.

State Bank of Bikaner and Jaipur Car Loan: Overview

State Bank of Bikaner and Jaipur fulfills the dream of having a car for several individuals with its exclusive car loan schemes. The State Bank of Bikaner and Jaipur offers car loan for both new as well as old cars at attractive rate of interests and easy re payment policies. State Bank of Bikaner and Jaipur is known in the market for offering transparent banking services, and this is one of the reasons for the popularity of the Car loans provided by the State Bank of Bikaner and Jaipur.


If there is one aspect of State Bank of Bikaner and Jaipur car loan that makes it one of the best car loans in India, it is the fact that it offers the longest tenure i.e. 84 months (7 years). The SBBJ bank offers car loan for pre used cars which are not older than 5 years. The bank even reimburses cost of car purchased within last 2 years. The State Bank of Bikaner and Jaipur levies car loan interest upon monthly reducing balance, and even finances for registration fee one-time road tax, and insurance premium.
 

Features of the State Bank of Bikaner and Jaipur Car Loan

  • The loan amount can be up to 30 times of  the net monthly income or 2.5 times of the net annual income of the applicant
  • There is no maximum ceiling on the loan amount for buying new cars
  • The maximum amount of loan used car approved by the State Bank of Bikaner and Jaipur is Rs. 15 lakh
  • There is an applicable margin or up to 15% of the on road cost
  • Tenure for a car loan can range from 36 to 84 months
  • The repayment of the loan is to be completed by the time the applicant reaches 70 years of age
  • As collateral the applicant needs to hypothecate the vehicle purchased to the bank

Eligibility for State Bank of Bikaner and Jaipur Car Loan

To offer Car loan, the State Bank of Bikaner and Jaipur has set certain eligibility criteria, based upon which bank sanctions loan or approves loan amount. The car loan eligibility criteria are based on the age of the applicant, income, and employment of the individual, i.e. based upon salaried individuals, self-employed individuals, and agriculturist.
 

Basic Eligibility Criteria to get Car Loan by the State Bank of Bikaner and Jaipur

  • Individual must be between the age of 21-65 years of age.
  • Applicant must have a minimum Net Annual Income of Rs. 75,000/- and above.
  • Individual has to be a permanent employee of State/Central Government, Public Sector Undertaking, Private company or a reputed establishment
  • A Professional or self-employed individual who is an income tax assesse
  • A Person engaged in agriculture and allied activities.

 

State Bank of Bikaner and Jaipur Car Loan Eligibility for Salaried Individuals

  • Minimum age of applicant should be 18 years
  • At the time of loan maturity, the applicant should be no more than 70 years of age
  • The applicant should be financially dependable, with a minimum net annual income of Rs. 3 Lakh
  • The applicant should have been working at their present organization for at least a year

 

State Bank of Bikaner and Jaipur Car Loan Eligibility for Self-Employed Individuals

  • Minimum age of applicant should be 18 years
  • At the time of loan maturity, the applicant should be no more than 70 years of age
  • The minimum net profit or the gross taxable income of the applicant should be at least Rs. 4 Lakh as per their last ITR
  • The supplicant should have been in the same field of business for a minimum of 3 years.

 

State Bank of Bikaner and Jaipur Car Loan Eligibility for Agriculturist

  • Minimum age of applicant should be 18 years
  • At the time of loan maturity, the applicant should be no more than 70 years of age
  • The applicant should have a minimum net annual income of Rs. 4 Lakh

Applicable Interest Rates on Car Loan by the State Bank of Bikaner and Jaipur

 

State Bank of Bikaner and Jaipur car loans offer low interest rates and easy repayment options to applicants for easy loan applications.
 

  • The rate of interest applicable on car loan by the State Bank of Bikaner and Jaipur is 9.70% p.a. 
  • Processing Fee (inclusive of service tax): Rs.750
  • Margin of 15% is applicable on the vehicle’s on road price
  • No prepayment charges are applicable on the loan.

 

List of Documents required for applying for Car Loan by the SBBJ

 

A State Bank of Bikaner and Jaipur car loan borrower is required to submit list of documents that includes:
 

  • Duly filled and signed SBBJ Car Loan application form
  • Proof of residence (Ration card/Driving License/Voters ID card/Passport /Telephone Bill/ Electricity bill/Life Insurance policy)
  • Proof of identity (Passport/ PAN Card/ Voters ID card/ Driving License etc)
  • Proof of age (birth certificate, school 10th certificate)
  • Proof of signature (Passport, bank passbook)
  • Last 6 months bank statements
  • Proof of regular source of income
  • Proof of IT return

 

Apply for SBBJ Plans for Car Loan at Paisa Bazaar

The process of applying for new car loan and pre-used car loans is simplified through  PaisaBazaar.com. Intended Car loan borrowers can look up for exclusive deals on car loans at Paisa Bazaar. For the feasibility of the loan borrowers, Paisa Bazaar has made the process of applying for the State Bank of Bikaner and Jaipur car Loan Schemes a lot easier. Merely with just few clicks, customers can explore the best deals, check out most suitable car loan plans and apply for SBBJ Car Loans online. That’s not all, with applying for car loan online through Paisa Bazaar, loan borrowers can enjoy instant car loan approvals.


PaisaBazaar also ensures to help you manage your car loan repayment. For this, at the online portal of Paisa Bazaar, customers can not just apply for a used or pre used car loan by SBBJ Bank, but can also calculate equated monthly installment to be paid with online car loan EMI calculator. You can also use the Car Loan EMI calculator by PaisaBazaar to try different permutations & combinations of car loan interest rate or tenure of loan to find the scheme that is best for you, (depending upon your personal & budget requirements).

FAQs of Car loan by the State Bank of Bikaner and Jaipur

1. What kinds and makes of cars does the State Bank of Bikaner and Jaipur finance?
Ans. The State Bank of Bikaner and Jaipur finances all kinds of cars i.e. jeep, Multi Utility Vehicle (MUV) or SUV (any make or model) of new cars as well as used cars (not older than five years).


2. Are there any prepayment penalties if I wish to do so?
Ans. There is a very easy method to pre pay the loan amount, and there are no prepayment charges applicable on the State Bank of Bikaner and Jaipur car loan.


3. What is EMI? How can it be calculated?
Ans. EMI is the Equated Monthly Installments, and comprises of principal and interest amounts to be paid back. The applicable EMI is calculated depending on the loan tenure. The EMI is higher in case of short tenures as compared to long term loans. It can be calculated using online EMI calculator tools like the one on PaisaBazaar site.


4. What is the collateral against which I can avail an SBBJ car loan?
Ans. A charge on the financed vehicle is to be noted with your local RTI, and the vehicle that you buy will be hypothecated to the bank for the loan period. So your own car is your collateral, no other property needs to be mortgaged.


5. What is the schedule for the repayment of a SBBJ car loan?
Ans. The minimum amount that the applicant is expected to pay each month is the EMI. You can opt for a loan tenure ranging from 36 months to 84 months.


6. How much amount does the State Bank of Bikaner and Jaipur Car Loan approve for car loan?
Ans. The approved amount is basically 2.5 times of the net annual income of the borrower. The State Bank of Bikaner and Jaipur offers maximum 85% of the on-road price of the car.


7. How much margin does the State Bank of Bikaner and Jaipur hold while sanctioning Car loan?
Ans. The State Bank of Bikaner and Jaipur holds following margins:

  • For New Vehicles bank holds 15%.
  • For New vehicles exceeding 6 lacs, bank holds 30%
  • For used vehicles upto 6 lacs, bank holds 15%
  • For used vehicles exceeding 6 lacs, bank holds 30%

 

8. What is the car loan repayment tenure for pre-used cars with the State Bank of Bikaner and Jaipur car loan?
Ans. For pre-used cars, a State Bank of Bikaner and Jaipur Car loan borrower has to repay the borrowed loan amount within 84 months.


9. To apply for SBBJ Car loan, is it important to have a State Bank of Bikaner and Jaipur bank account?
Ans. To avail a State Bank of Bikaner and Jaipur car loan, it is not important to have a SBBJ bank account.


10. Can I apply for the State Bank of Bikaner and Jaipur Car Loan online?
Ans. Yes, State Bank of Bikaner and Jaipur offers the facility of applying for Car Loan online. For this, interested applicants have to send online car loan application for State Bank of Bikaner and Jaipur.


11. What extra charges do the State Bank of Bikaner and Jaipur levy while applying for Car Loan?
Ans. The State Bank of Bikaner and Jaipur just charges nominal processing fees to customers applying for SBBJ Car Loan. The processing fee for the State Bank of Bikaner and Jaipur car loan is Rs 750. Other than that, there are no hidden costs or administrative charges levied by the State Bank of Bikaner and Jaipur (SBBJ).


12. From where can I get the State Bank of Bikaner and Jaipur Car Loan Application Form?
Ans. You can download the State Bank of Bikaner and Jaipur (SBBJ) Car Loan application forms from the SBBJ’s website. Alternatively, interested car loan borrowers can visit their nearest SBBJ branch to initiate the process and apply for a State Bank of Bikaner and Jaipur car loan.


13. Does the State Bank of Bikaner and Jaipur ask for advance EMI recovery at the time of Car Loan disbursals?
Ans. No, the State Bank of Bikaner and Jaipur does not ask for any advance EMI amount at the time of Car Loan disbursal.


14. How does the State Bank of Bikaner and Jaipur decide car loan quantum?
Ans. The State Bank of Bikaner and Jaipur decides Car Loan quantum on the basis of several factors such as applicant’s employment type, age group, repayment abilities, and CIBIL score.


15. What is the current base rate of interest on Car loan by the State Bank of Bikaner and Jaipur?
Ans. The current MCLR on Car Loan for SBBJ is 9.55% per annum. Interest rate on the State Bank of Bikaner and Jaipur car loan for a new car and used car is decided on the basis of this base rate.


16. Does the State Bank of Bikaner and Jaipur consider spouse’s income when looking at Car Loan repayment capacity?
Ans. Yes, the State Bank of Bikaner and Jaipur considers spouse’s income for deciding borrower’s loan repayment capacity. However, this is done, only when spouse guarantees the loan.


17. What is the maximum number of EMIs offered by the State Bank of Bikaner and Jaipur for repayment of Car Loan?
Ans. Since the State Bank of Bikaner and Jaipur offers car loan for a maximum tenure of 7 years, a borrower can opt for up to 84 EMIs for repaying the car loan by the State Bank of Bikaner and Jaipur.


18. How will my CIBIL score impact the car loan approval by the State Bank of Bikaner and Jaipur?
Ans. CIBIL Score of the borrower greatly impacts the car loan approval process. The State Bank of Bikaner and Jaipur consider CIBIL Score to identify the loan repayment capacity of the borrower. If the CIBIL score of the borrower is low, then banks mostly disapprove the applied loan or sometimes, approves loan for too low amount.


19. How is interest charged for the State Bank of Bikaner and Jaipur car loans?
Ans. For the State Bank of Bikaner and Jaipur Car Loan interest is charged on a daily or monthly reducing balance basis.


20. How is interest calculated on daily reducing basis method beneficial for borrowers?
Ans. In case of interest calculation on daily or monthly reducing balance, then interest is charged on the outstanding loan balance which decreases every time a person pays EMI. This method help the borrowers save money as if the interest is charged on annual reducing balance method or flat interest rate then borrowers would end up paying extra amount.


21. Is the cost of a car purchased by a borrower reimbursed by State Bank of Bikaner and Jaipur Car Loan?
Ans. Yes, the cost of car is reimbursed by the State Bank of Bikaner and Jaipur.


22. Is cost of insurance also included in the State Bank of Bikaner and Jaipur Car Loan?
Ans. Yes, the car loan provided by the State Bank of Bikaner and Jaipur includes cost of registration fee, one time road tax and insurance premium costs.


23. How is EMI for State Bank of Bikaner and Jaipur Car Loan calculated?
Ans. To calculate equated monthly installment amount or monthly car loan payments for the borrowed car loan by the State Bank of Bikaner and Jaipur, borrowers can use online car loan EMI calculator provided by PaisaBazaar. This EMI calculator is easy to use and is completely free of cost. Alternatively, loan borrowers can even use car loan EMI calculator at the State Bank of Bikaner and Jaipur’s website.


24. How can I use Car Loan EMI Calculator at Paisa Bazaar website?
Ans. To use SBBJ car loan EMI calculator at Paisa Bazaar, click on Tools > EMI Calculator > Car Loan
Once you reach on the Car Loan EMI Calculator page, use the slider or directly mention the figures in the respective columns for car loan amount, rate of interest, and duration of loan. When this is done, the EMI calculator at Paisa Bazaar automatically calculates the equated monthly installment figure and displays the result in the right side column. This is one of the easiest and reliable ways to calculate EMI for SBBJ Bank car loans.


25. Does the State Bank of Bikaner and Jaipur ask for security while availing car loan?
Ans. Yes, the State Bank of Bikaner and Jaipur would ask for security deposit from borrowers while reimbursing loan amount, for which borrowers can submit.

  • Spouse’s guarantee, in case his/her income is considered for arriving at the loan amount.
  • A charge on the car financed must be noted with the local transport authorities.

 

26. Does the State Bank of Bikaner and Jaipur offer car loan to existing customers?
Ans. Yes, existing customers as well as loan borrowers of the State Bank of Bikaner and Jaipur can apply for a Car Loan with the bank, which has customizable car finance plans for different customers.


27. How can I reach customer support of State Bank of Bikaner and Jaipur?
Ans. To reach to the customer care representatives of the State Bank of Bikaner and Jaipur, borrowers can call at the toll free number or email to the official e-mail address. Alternatively, car loan borrowers can also visit nearest State Bank of Bikaner and Jaipur’s branch and talk to the representatives directly.


28. How much time does the State Bank of Bikaner and Jaipur (SBBJ) take for processing car loan applications?
Ans. Generally the State Bank of Bikaner and Jaipur takes up to 7 working days to process car loan applications of the customer. Bank disburse car loans within a week, however, it may vary depending upon the incomplete or irrelevant information or documents provided by the borrowers.


29. To apply for car loan, what is the list of income documents to be provided by a salaried individual to the State Bank of Bikaner and Jaipur?
Ans. List of documents that a salaried applicant is required to submit while applying for a car loan with the State Bank of Bikaner and Jaipur are:

  • Bank account statements
  • IT Return statements for the last 2 years
  • Latest salary slip
  • Form 16

 

30. What does the list of documents include for providing evidence of residence while applying for car loan by the State Bank of Bikaner and Jaipur?
Ans. For evidence of residence, a car loan borrower can submit any two of the following documents for the State Bank of Bikaner and Jaipur car loan.

  • Recent utility bill receipts - electricity bill, telephone bill, water bill
  • Ration card
  • Valid Election card
  • Aadhaar Card
  • Valid Driving license
  • PAN Card
  • Passport

 

31. Can I avail two-wheeler loan from the State Bank of Bikaner and Jaipur?
Ans. Yes, the State Bank of Bikaner and Jaipur offers loan options for two wheelers vehicles as well, however that can be availed under a different scheme.


32. What is the process to apply for the State Bank of Bikaner and Jaipur car loan?
To apply for the car loan at the State Bank of Bikaner and Jaipur, a borrower has to follow a three stage process, which includes:

  • Loan Application – The borrower has to apply for car loan and submit loan application form along with all the required documents.
  • Loan Processing – Bank approves the loan and decides the loan quantum
  • Loan Disbursal - The approved amount of loan is disbursed and credited to the account of car dealer (in case of new car) and customer (in case of used car)

 

33. Is it important to specify the assets in the car loan application form for the State Bank of Bikaner and Jaipur?
Ans. Yes, every car loan borrower has to specify the total value of assets that he possesses. This may include bank deposits, PF & PPF, NSCs, liquid assets, immovable assets in form of property, mutual fund units, shares or gold ornaments.


34. What is the list of documents required to apply for pre-owned car loan with the State Bank of Bikaner and Jaipur car loan?
Ans. A car loan borrower is required to submit following list of documents for car loan (pre-used) with State Bank of Bikaner and Jaipur:

  • Recent price quotation of the car (you intend to buy) from an authorized dealer
  • Sale agreement between purchaser and seller
  • Details of the vehicles to be purchased
  • Copy of receipts of up to date deposit of taxes including road tax
  • Copy of registration certificate of the vehicle

 

35. What is Vishesh Vahan Yojna by the State Bank of Bikaner and Jaipur?
Ans. Vishesh Vahan Yojna is a special car loan scheme offered by the State Bank of Bikaner and Jaipur for Rajasthan Government Employees. The government employees of Rajasthan can avail SBBJ Vishesh Vahan Yojna for purchase of new car as well as old car.


36. What are the eligibility criteria for the SBBJ Vishesh Vahan Yojna?
Ans. To be eligible for Vishesh Vahan Yojna by the State Bank of Bikaner and Jaipur an individual must be regular employees of the State Govt. He must have served a minimum service of 2 years and should be under the age of 55 years.


37. How much loan amount is approved under Vishesh Vahan Yojana by the State Bank of Bikaner and Jaipur?
Ans. The State Bank of Bikaner and Jaipur approves 12 times of Monthly Income or maximum Rs.12 lac for new car. For the old car, the maximum loan amount approved by the SBBJ under Vishesh Vahan Yojana is Rs. 5 lacs.


38. Does the State Bank of Bikaner and Jaipur charge any processing fee for the SBBJ Vishesh Vahan Yojna?
Ans. No, the State Bank of Bikaner and Jaipur does not charge any processing fee for car loan under SBBJ Vishesh Vahan Yojna.


39. How can I enhance the chances of getting my Car loan application with the State Bank of Bikaner & Jaipur improved?
Ans. You can enhance your chances of getting your SBBJ car loan application improved by improving your CIBIL score, paying off all the credit dues, and choosing a longer loan tenure of car loan.