Headquartered in Hyderabad, State Bank of Hyderabad is the largest & one of the five associate banks of State Bank of India. With over 1000 branches in Andhra Pradesh itself and 2000 branches all over the country, State bank of Hyderabad is serving the residents of India and NRIs with exclusive range of financial products. In the year 2015, State Bank of Hyderabad even received Best Bank branches award under Pradhan Mantri Jan-Dhan Yojana (PMJDY). Car Loan by SBH is one of the financial products to monetarily help the intended car buyers to bring home their dream car. For its consistent performance, State bank of Hyderabad has received several awards such as MSME National Award and Best Bank Award.
Car Loan by State bank of Hyderabad: Overview
Due to the attractive features, competitive car loan interest rates, and simple terms & conditions, car Loan offered by State bank of Hyderabad is one of the much availed loan product in the country. State Bank of Hyderabad offers car loan to the self-employed professionals, salaried individuals, businessmen as well as agriculturists of India for maximum of 7 years. For the SBH car loan, bank charges interest on daily reducing balance, which makes it much convenient for the borrowers. Plans for car loans from State Bank of Hyderabad can be borrowed for the purchase of new car as well as pre used car. The car loan has been categorically divided into three different categories – UTSAV Car Loan, Used Car Loan, and Car Loan Along With Home Loan.
- UTSAV Car Loan
State Bank of Hyderabad’s UTSAV Car Loan is a mortgage plan that is fulfilling several dreams of owning a new car. This car loan is a specially designed term loan that is sanctioned by the bank for the purpose of purchasing new passenger cars, jeeps, Multi Utility Vehicles (MUVs) and SUVs. Self-employed, professionals, businessmen, as well as agriculturists are eligible for an SBH car loan -UTSAV Car Loan.
Highlights of State Bank of Hyderabad’s UTSAV Car Loan:
- State Bank of Hyderabad offers UTSAV Car Loan to individuals aged between 21 to 65 years.
- State Bank of Hyderabad sanctions maximum car loan amount for individuals on the basis of their employment.
- For salaried professionals, maximum car loan amount sanctioned is 48 times of their net monthly income.
- For self-employed professionals, maximum loan amount sanctioned by State Bank of Hyderabad is 4 times of their net monthly income.
- For agriculturists, maximum loan amount sanctioned by State Bank of Hyderabad is 3 times of their net monthly income.
- For UTSAV Car Loan, State bank of Hyderabad charges 0.25% processing fee of the Loan Amount subject to a minimum of Rs. 500/- & a maximum of Rs. 5000/-
- State bank of Hyderabad offers UTSAV Car Loan on 20 basis points above MCLR of 9.70%, effective rate is 9.90% p.a, irrespective of the loan amount.
- Used Car Loan
State bank of Hyderabad offers financial assistance to buy Used Cars at a better reverse mortgage option. Permanent employees of state/ central government, public sector undertaking, private company or a reputed establishment are eligible to get an SBH Car loan. The Used Car Loan by SBH is a term loan that is sanctioned by the State Bank of Hyderabad for purchasing passenger cars, Multi Utility Vehicles (MUVs) and SUVs. The used cars against which an individual needs mortgage amount must not be more than five years old. State Bank of Hyderabad does not finance old vehicles on the basis of duplicate Registration Books.
Highlights of Used Car Loan by state Bank of Hyderabad
- Maximum car loan amount sanctioned for Salaried Persons is 48 times of the individual’s Net Monthly Income.
- Maximum car loan amount sanctioned for Self Employed individual is 4 times of the Net Annual Income.
- State Bank of Hyderabad keeps 15% of the cost of the old vehicle as margin.
- To apply for pre-used car loans offered by State Bank of Hyderabad, an individual must have a minimum of Rs. 250,000 net annual income.
- Processing fee for this car loan is Nil. State Bank of Hyderabad does not charge any processing fee charges for Used Car loans processing.
- Pre-owned car loan provided by State Bank of Hyderabad is offered on floating rate basis. Currently bank is offering 15.30% p.a. interest on pre-used vehicles which are less than 3 years old; and for vehicles which are 3-5 years old, 15.55% SBH car loan interest rate is charged.
- State Bank of Hyderabad offers Pre-Used car loan to individuals aged between 21-65 years.
- Any professional, self-employed, or businessmen, who are an income tax payee, can apply for State Bank of Hyderabad Per used Car Loan.
- Car Loan Along With Home Loan
State Bank of Hyderabad offers a combo offer for Car loan as well as home loan, who wish to live these two dreams at the earliest, without getting into different documental formalities.
Features of State Bank of Hyderabad Car Loan:
- State Bank of Hyderabad offers maximum of 90% of the ex-showroom price of the car.
- State Bank of Hyderabad Bank offers floating car loan interest rates on car loans.
- State Bank of Hyderabad Bank offers loan for a maximum of 7 years tenure.
- Maximum amount for SBH loan for a new car is 48 times of applicant’s monthly income or 4 times of amount mentioned in Form 16.
- State Bank of Hyderabad bank offers an option of prepayment of loan amount at no extra prepayment charges.
- Intended car buyer can get a loan for State Bank of Hyderabad if he is above 21 years of age and below 65 years of age
- Intended car buyer has a regular source of income
- Applicant has to meet minimum income requirement of Rs. 3,00,000 for salaried professional and 4,00,000 for self-employed person.
Eligibility to avail combo loan:
- This loan by State bank of Hyderabad is offered to exclusively for home loan borrowers along with joint borrowers if
- They are the ones who have taken home loan from SBH and has completed the construction or have taken possession of the house.
If a valid and equitable Mortgage is created.
- All the terms and conditions were complied with, while getting the loan sanctioned
- Recently availed a home loan from SBH
- If a valid and equitable Mortgage is created.
- All the terms and conditions were complied with, while getting the loan sanctioned
How to check eligibility for SBH Car loan at PaisaBazaar?
For checking your car loan amount eligibility at PaisaBazaar, all you need to do is click on State Bank of Hyderabad Car Loan eligibility calculator to get to the SBH Car Loan online eligibility calculator tool page. This tool to check eligibility for SBH car loan is simple & quick to use. To use this easy tool, a person would need to share certain basic and easy questions, such as the type of car he is looking for; city he is currently residing in, make of the car, time for buying the car, loan amount he intends to borrow, duration of loan he wishes to take for, employment status, etc. Once a person fills all the required detail, on the basis of requirements for SBH car loan, the tool automatically displays possible outcomes of car finance plans.
Why should you use SBH Car Loan eligibility calculator at PaisaBazaar?
- It saves efforts: SBH Car Loan eligibility calculator by Paisa Bazaar is automatic and users can easily try and test their eligibility for different car finance plans. This SBH Car loan eligibility calculator put forward all other possible alternative loan products that intended borrowers can consider for availing car loan.
- It saves time: Using Paisa Bazaar’s SBH Car Loan eligibility calculator saves time as intended SBH car loan borrower is not required to visit State Bank of Hyderabad branch personally and wait for conversation with State Bank of Hyderabad representatives. Intended car loan borrowers can instantly check their eligibility within seconds and make their loan decisions accordingly.
- It helps compare: To get good deals on car loans, a borrower must always make good use of comparison tools. Intended borrowers can easily make comparison between different car loan offers to find best car loans in India.
State Bank of Hyderabad offer floating type car loan interest rates. For new cars, an intended car buyer can get a loan approved on SBH car loan interest rate that ranges from 9.70% to 9.90%. Along with SBH car loan interest rates, processing fee for SBH car loan is charged at 0.25% but there are no pre-payment charges levied on the borrower.
An interested State Bank of Hyderabad car loan borrower is required to submit list of documents for SBH car Loan:
- Duly filled and signed State Bank of Hyderabad Car Loan application form
- Proof of age (birth certificate, school 10th certificate)
- Proof of residence (Ration card/Driving License/Voters ID card/Passport /Telephone Bill/ Electricity bill/Life Insurance policy)
- Proof of signature (Passport, bank passbook)
- Proof of identity (Passport/ PAN Card/ Voters ID card/ Driving License etc)
- Last 6 months bank statements
- Proof of regular source of income
- Proof of IT return
SBH Car Loan EMI Calculator at Paisa Bazaar is simple and easy to use. To calculate car loan EMI for State Bank of Hyderabad car loans, a borrower needs just a minute and SBH car loan details such as details about loan amount, rate of interest, and loan tenure. With all these three details, you can easily use car loan EMI calculator at Paisa Bazaar. All you need to do is use the slider to adjust the exact figures and click on submit. As soon as you do that, you will see calculated figures in the right hand box. This is the monthly car loan EMI amount you need to pay.
- PaisaBazaar.com offers implied way to apply for different car loan SBH plans. Intended borrowers can check out exclusive deals on SBH car loans by different financial institutions at PaisaBazaar.com. For the ease of the car loan borrowers, PaisaBazaar.com has made it simpler to apply for a car loan merely with just few clicks. Within seconds, a borrower can check out best car loan deals, check the eligibility for the same and easily apply for SBH Car Loan online. At PaisaBazaar.com, if borrowers apply for a car loan online, they can even enjoy instant car loan approvals as well. For pre-approved car loans borrowers just need to ensure that they have all the required documents.
- At PaisaBazaar.com, car loan borrowers can even make the best use of tools such as SBH car loan eligibility calculator as well as car loan EMI Calculator. Using these tools, borrowers cannot just easily calculate equated monthly car loan payments but also find out best suitable deal by trying different permutations & combinations of SBH car loan interest rates and loan tenure.
Q: How can I Apply for a SBH Car Loan?
Ans: To apply for a SBH car loan you can either get a car loan application form online via State Bank of Hyderabad (SBH) website or can compare & apply at Paisa Bazaar. Once you check your SBH car loan eligibility criteria with State Bank of Hyderabad (SBH) at Paisa Bazaar, the bank representative would themselves approach to you.
Q: What is EMI? How is it calculated?
Ans. EMI refers to the Equated Monthly Installments which is paid to the lender when a loan amount is borrowed. The monthly installments comprises of principal amount as well as interest amount to be paid back. To calculate EMI for SBH car loans, one can easily use free SBH Car Loan EMI Calculator online at Paisa Bazaar.
Q: Does State Bank of Hyderabad (SBH) charges any penalty of pre closure of loan?
Ans: No, State Bank of Hyderabad (SBH) does not levy any additional charges or penalty cost for pre-payment of loan.
Q: What are the documents required while applying for the SBH car loan?
Ans: The list of necessary documents for SBH Car Loan to ensure a smooth application process includes:
- Correctly filled application form
- Identity & Residence Proof
- Bank account statement for the last 6 months
- Original copy of the vehicle quotation
- Original copy of the vehicle booking receipt
- Copy of latest salary slip, Form 16 or IT returns for the last 2 years (For Salaried employees)
- Copy of balance sheet for last 3 years, business registration proof, business address proof, and TDS certificate. (For self-employed)
Q: How can I repay pre-used Car loan taken from State Bank of Hyderabad (SBH)?
Ans: The loan should be repaid in suitable monthly installments acceptable to the customer in such a manner that the loan is liquidated within a period of 7 years from the date of original sale.
Q: What are the conditions for takeover of car loans?
Ans: Takeover of Car loans by State Bank of Hyderabad (SBH) is considered when:
- The vehicle is not more than 2 years old
- No insurance claim has been availed and
- It is a single ownership vehicle
- The account of the borrower with the other bank is a Standard Asset i.e. all repayments have been made as per terms of sanction of the original financier.
Q: What is the repayment tenure of Car loan by State Bank of Hyderabad (SBH)?
Ans: Repayment tenure for a car loan is 28 EMIS.
Q: What are the eligibility criteria for UTSAV Car Loan by State Bank of Hyderabad for Salaried Professionals?
Ans: State Bank of Hyderabad (SBH) offers UTSAV car loan to salaried professionals on the following conditions:
- For employees of Central Government, Defence / Paramilitary Forces, Central Public Sector Undertakings, Railway, State Government and Public Sector Insurance companies who have salary package accounts with State Bank of Hyderabad and minimum 3 months’ salary have regularly come in these accounts, and for Employees of Public Sector Banks.
- Minimum Net Annual Income of salaried employees wishing to apply for SBH Car Loan - UTSAV should be of Rs. 3 lacs for all, whether or not maintaining Salary Package Account with us.
- Minimum Net Annual Income for pensioners should be Rs. 3 lacs, whether or not maintaining Salary Package Account with State Bank of Hyderabad.
Q: What are the car loan amount eligibility criteria for UTSAV Car Loan by State Bank of Hyderabad for Self-employed, Professionals, and Businessmen?
Ans: Self-employed, Professionals, and Businessmen should have a minimum net profit or gross taxable income of Rs 4 Lacs to be eligible to apply for SBH Car loans - UTSAV.
Q: What are the eligibility criteria for SBH Car Loan UTSAV by State Bank of Hyderabad for Agriculturists?
Ans: Agriculturists must have a minimum net annual income of Rs 4 Lacs to avail this car loan.
Q: Does State Bank of Hyderabad charge Penal interest?
Ans: Yes, State Bank of Hyderabad charges penal interest at 2% p.a. on the overdue amount.
Q: How do State Bank of Hyderabad disburse car loans if a borrower does not have State Bank of Hyderabad Account?
Ans: Car loan disbursals are made by crediting the amount to the accounts of the supplier/ dealer by way of RTGS or NEFT.
Q: What are the insurance conditions to avail Car Loan by State bank of Hyderabad?
Ans: The car against which a borrower needs loan should be insured in the name of the borrower for the market value or at least 10% above the loan amount outstanding, whichever is higher for the market value.
Q: What are the loan margins for UTSAV Car loan as specified by the State Bank of Hyderabad?
Ans: State bank of Hyderabad keep margin as specified below:
- For loan upto Rs 10 lacs: 15% on road Price of the Car
- For loan above Rs. 10 Lacs: 15% Margin on Ex-showroom Price of the car (OR) Margin of 20% on Road Price of the car at the option of the customer
Q: What is the process to apply for an SBH car loan?
Ans: To apply for the car loan at the State Bank of Hyderabad, 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 – State Bank of Hyderabad 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).
Q: To apply for SBH Car loan, is it important to have a State Bank of Hyderabad account?
Ans. To apply for car loan from SBH or State Bank of Hyderabad, it is not crucial to have a State Bank of Hyderabad account.
Q: Can I apply for the SBH Car Loan online?
Ans. Yes, State Bank of Hyderabad offers the ease of applying for Car Loan online. You can apply for SBH Car loan online at Paisa Bazaar as well as official website of State Bank of Hyderabad.
Q: From where can I get Car Loan Application Form for State Bank of Hyderabad?
Ans. You can download SBH Car Loan application form from the official website of State Bank of Hyderabad. Alternatively, interested car loan borrowers can also visit their nearest SBH branch to initiate the process of getting this car loan.
Q: How will my CIBIL score impact the car loan approval by the State Bank of Hyderabad?
Ans. State Bank of Hyderabad considers CIBIL Score of the borrower and it impacts the car loan approval process to a great extent. The State Bank of Hyderabad takes record of the CIBIL Score to know about the loan repayment capacity of the borrower. In case the CIBIL score of the borrower is below the line, then State Bank of Hyderabad disapproves the loan application or approves loan for too low amount.