Documents required 

You would need to submit the following other documents along with the completed application form:

Salaried

• Statement of bank account for last 6 months.
• 2 passport size photographs
• Income Proof: Latest Salary Slip, Form 16
• I.T. Returns or Form 16 for the last 2 years.

Form 16/ITR is waived for our Salary Package customers who are maintaining their salary account with the Bank for minimum 12 months.

Statement of Bank Account (For six months) is waived for our Salary Package customers who are maintaining Salary account with us.

Non-Salaried/ Professional/Businessmen

• Statement of bank account for last 6 months.
• 2 passport size photographs
• Income Proof: ITR for last 2 years
• I.T. Returns or Form 16 for the last 2 years.
• Audited Balance sheet, P&L statement for 2 years, Shop & establishment act certificate / sales tax certificate / SSI registered certificate / copy of partnership.

Other Documents Required for Certified Pre-Owned Car Loan

Stage wise Instructions:

At the time of application:

• Valuation Report (Quotation)
• Margin Money Receipt (Original)
• Copy of Seller’s RC Book
• Copy of Seller’s Motor Insurance
• Passport Size Photographs (2 Nos.)
• Statement of Bank Account for last 6 months (Wherever applicable)

Relaxation in bank statement submission for salary package customers maintaining salary account with the Bank.

• Form 16 or IT returns for last 2 years (wherever applicable)

(Waived for Salary Package customers maintaining Salary Account with Bank for minimum 12 months)

• All other Documents as per SBI car loan scheme.

At the time of Disbursement:

• Sale Agreement between Dealer and Seller, may or may not be stamped OR Undertaking from seller that he has sold the vehicle, received sale consideration and had no claim whatsoever.
• Hypothecation clearance letter from Bank along with Copies of HPTER (Form 35), wherever applicable.
• Correspondence with the Insurance Company regarding change in insured’s name and financer.

Term & Condition

• For loans above Rs.5 lacs, scoring from 2 CICs will be required like in car loan schemes
• Margin 20%
• Income Invoice price like Maruti's True Value, Hyundai's H-Promise, Honda's Auto Terrace, Tata's Assured, Mahindra's First Choice and other OEM's cars IDV.
• Penal Interest : 2% p.m. (over and above the applicable interest rate) on the overdue amount for the period of default.