SBBJ CAR LOAN SCHEME

Move ahead in life with SBBJ Car Loans!

If you have been putting off purchasing that car, we invite you to go through SBBJ Car Loans scheme. Just step in to any of our 832 branches that offer Car Loans which will give wheels to your desire!
Low interest rates, easy repayment options, total transparency, low processing charges, and finance to include vehicle registration charges, insurance and one time road tax i.e. on road cost of vehicle.

You can apply for an SBBJ Car Loan to purchase :
A new car, jeep, Multi Utility Vehicle (MUV) or SUV (any make or model)
An old car / jeep / MUV /SUV (not more than 5 years old). (any make or model)
We even reimburse the cost of new vehicle purchased by you in past 2 years from your own sources.

Enjoy the SBBJ CAR LOAN Advantage :
Excellent service and lower costs. A quick survey of similar schemes available elsewhere and you will find that SBBJ Car Loans for new and old vehicles offer you
Lowest interest rates
Longer repayment period of upto 84 months.

Low processing charges.
No hidden costs or administrative charges.
Finance for one-time road tax, registration fee and insurance premium
No advance EMIs.(Some Banks/companies ask you to pay one or more EMIs at the time of disbursement of loan, thereby effectively reducing your loan amount.)
Complete transparency : We levy interest on daily reducing balance method. When you pay one instalment, the interest is automatically calculated on the reduced balance thereafter. When you pay interest on an annual reducing balance (as charged by many other companies/banks) the interest amount for the coming year is determined on the amount outstanding at the beginning of the year. You continue to pay interest even on the amounts you repay during the year.
Always compare the Equated Monthly Instalments (EMIs) and the total payments you would be required to make and not the rates of interest.

The Scheme

Purpose
You can take finance for
A new car, jeep or Multi Utility Vehicles (MUVs)

An old car / jeep (not more than 5 years old).

(Any make or model)

Eligibility
To avail an SBBJ Car Loan, you should be an
Individual between the age of 21-65 years of age.
A Permanent employee of State/Central Government, Public Sector Undertaking, Private company or a reputed establishment or
A Professionals or self-employed individual who is an income tax assessee or
A Person engaged in agriculture and allied activities.
With Net Annual Income Rs. 75,000/- and above.

Salient Features

Loan Amount

A maximum loan amount of 2.5 times the net annual income can be sanctioned. If married, your spouse's income could also be considered provided the spouse guarantees the loan The loan amount includes finance for one-time road tax, registration and insurance! There is no upper limit for the amount of a car loan for new car. It is decided by your repaying capacity.

Documents Required

You would need to submit only the following documents along with the completed application form if you are an existing SBBJ account holder:
Bank statement for the last 6 months
Two passport size photographs
Latest salary slip and Form 16, in the case of salaried persons
IT returns for the last two financial years, in the case of self employed individuals and professionals 3 years' IT returns.
If you are not an account holder with SBBJ you would also need to furnish documents that establish your identity and give proof of residence.

Margin

New/used vehicles	15% when loan is upto Rs.6 lacs
	30% when loan exceeds Rs.6 lacs

Repayment
You enjoy the longest repayment period with us.
Repayment period for new vehicles : Maximum of 84 months
Repayment period for old vehicles : Up to 84 months from the date of original purchase of the vehicle.

Interest
Click here to view the interest rates.

Processing Fee

0.60% of Loan amount , to be paid upfront

Security
Only check off facility from employer or post dated cheques.
If income of spouse has been clubbed to arrive at eligible loan amount, then personal guarantee of spouse.

Purpose	Purchase of new/old car, (old upto 4 years) Purchase of new Two Wheeler
Eligibility	Regular employees of State Govt. having minimum service of 2 years and upto the age of 55 years.  (At a time only one account can be outstanding)
Loan Amount	12 times of Monthly Income or Max Rs.12 lac for new car Max. Rs. 5 lacs for old car Max. Rs 0.75 lacs for two wheeler whichever is less Spouse income not to be included.
Margin	New Vehicle:  Upto Rs. 6 lacs 15%, Above Rs. 6 lacs 30% Old vehicle: Upto 2 years: 30% Above 2 years: 40% for two wheeler new 10%
Rate of Interest	9.00% p.a.
Repayment	For new car                      84 EMI For old car (upto 2 years) 60 EMI For old car (above 2 years) 36 EMI
Security	Hypothecation of vehicle purchased Third party guarantee Hyp. Charge noting with RTO
Processing Fee	NIL

A term loan granted to Indian Nationals for pursuing higher education in India or abroad where admission has been secured.

Eligible Courses
All courses having employment prospects are eligible.
Graduation courses/ Post graduation courses/ Professional courses
Other courses approved by UGC/Government/AICTE etc.

Expenses considered for loan
• Fees payable to college/school/hostel
• Examination/Library/Laboratory fees
• Purchase of Books/Equipment/Instruments/Uniforms
• Caution Deposit/Building Fund/Refundable Deposit
• Travel Expenses/Passage money for studies abroad
• Purchase of computers considered necessary for completion of course
• Cost of a Two-wheeler upto Rs. 50,000/-
• Any other expenses required to complete the course like study tours, project work etc.

Amount of Loan
For studies in India, maximum Rs. 7.50 lacs
Studies abroad, maximum Rs. 15 lacs

Interest Rate
For loans upto Rs. 4 lakh 11.25% p.a.
For loans above Rs. 4 lakh 12.25% p.a.

Processing Fees
No processing fee/ upfront charges
Deposit of Rs. 5000/- for education loan for studies abroad which will be adjusted in the margin money

Repayment Tenure
Repayment will commence one year after completion of course or 6 months after securing a job, whichever is earlier. The loan is to be repaid in 5-7 years after commencement of repayment.

Security

Amount	Studies In India
Upto Rs. 4 lacs	No Security
Above Rs. 4 lacs to Rs. 7.50 lacs	Third Party Guarantee
Above Rs. 7.50 lacs to Rs. 15 lacs	Tangible Collateral security of suitable value of loan or third party guarantee.

Margin
For loans up to Rs.4.0 lacs : No Margin
For loans above Rs.4.0 lacs upto Rs.7.50 lacs.
Studies in India: 5%
Studies Abroad: 15%

Documentation Required

• Completed Education Loan Application Form.

• Mark sheets of last qualifying examination

• Proof of admission scholarship, studentship etc

• Schedule of expenses for the specified course

• 2 passport size photographs

• Borrower's Bank account statement for the last six months

• Income tax assessment order, of last 2 years

• Brief statement of assets and liabilities, of the Co-borrower

• Proof of Income (i.e. Salary slips/ Form 16 etc)

Purpose	General Purpose Loan/Line of Credit
Eligibility	Individuals with Net monthly income of Rs.5, 000/-, Professionals, self employed, agriculturists, businessmen & others who are income tax assesses, with net annual income of Rs.60, 000/- Regular income from all sources can be considered The income of spouse may be added if he/she is a co-borrower In case of partly rented out premises the rent may be added in income.
Age	Maximum 60 years. Can be relaxed by G. M. (Operations) upto 65 years
Loan amount Calculation of eligible loan amount	Minimum - Rs.25, 000/- Maximum - Rs.100.00 lacs.
	NMI Rs.5000/- to Rs.8000/-(Annual Income Rs. 60000/- to Rs. 1.00 lac)		Loan equal to maximum 24-month’s NMI (2 year’s annual income).
	NMI above Rs.8000/-- (Annual Income above Rs. 1.00 lac)		Loan equal to maximum 48-month’s NMI (4 year’s annual income).
Security	Equitable mortgage of non-encumbered residential house/flat, non-agricultural urban landed property, commercial or industrial property in the name and possession of the borrower i.e. either self-occupied or vacant. Bank’s permission would be required if the property is desired to be rented out after availment of the loan. In cases where only a part of property is rented out and the applicant(s) are residing in the same property it may be considered for financing under the scheme. The loan can be granted against the security of property of a third party subject to certain conditions.
Margin	50% of the realizable value of the property.
Type of loan	Term loan or Overdraft on reducing DP basis and Running Current Account Overdraft.
Interest	Term Loan	0.25% below Bank’s BPLR i.e. 11.00% p.a. on monthly compounding basis
	Current Account Overdraft	At par with Bank’s BPLR i.e. 11.25% p.a. on monthly compounding basis.
Repayment	Term loan	Maximum 120 months
	Overdrafts (repayable)	Maximum 60-84 months,
	Running overdraft facility	Interest on overdraft should be serviced regularly and promptly. In case the running OD account is not satisfactory, it should be converted in OD a/c on reducing DP basis under intimation to the borrower.
Loan against properties already mortgaged	May be granted as a special case. The sum total of both the loans should be within 50% of the value of the property. However, housing loans, mortgage loan can be additionally granted upto 50% of the residual value of the property
Processing Fees	1.15% of loan amount inclusive of service charges (upfront). In case of overdraft accounts, fresh processing charges, at the applicable rate, will be levied after every three years.
Insurance	The property being mortgaged should be insured in the joint names of the borrower and the Bank for the full market value of the property, etc.
Documents	Duly completed application form with passport size photograph  Statement of Bank Account / Pass Book for the last six months.  Information about the borrower- Proof of identity: voter ID card, Passport, driving licence, PAN card  Proof of residence: recent telephone/electricity bill, property tax receipt/ Passport/Voters ID card. Proof of business address for non-salaried individuals etc Proof of income: From Employees -Salary certificate from employer and TDS certificate - Form 16 or Copy of IT Return for last two financial years, duly acknowledged by ITO. From Self Employed/Other l.T.assessees: acknowledged copies of three years’ IT Returns / Assessment Orders · Photocopies of challans of Advance I.T. paid. Papers relating to the property: Sale Deed (original with complete chain)  Valuation Report from approved valuers in respect of the property to be mortgaged † Search Report/Non-encumbrance certificate for 13 years from Bank’s Advocate. Documents relating to repayment where Check-off is available: Irrevocable Letter of Authority from employee (on standard format).  Letter of undertaking from employer (on Bank’s standard format).  Irrevocable Letter of Authority where applicant himself is Drawing and Disbursing Officer (on Bank’s standard format). In other cases PDCs