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SBBJ Bank New Car Loans

State Bank of Bikaner and Jaipur, a professionally managed Public Sector Bank with a track record of uninterrupted profitability and dividend payment (except one year) since its inception in 1963, came into existence after amalgamation of the erstwhile State Bank of Jaipur with State Bank of Bikaner,as a subsidiary of State Bank of India.

PurposePurchase of a) new car / jeep b) old cars / jeeps  not more than 3 years  old.
EligibilityState/Central/Govt. Employees, employees of public sector undertakings/reputed profit making public limited companies, MNCs. Professional / self-employed persons ( they should be income tax assesses) and  persons engaged in agriculture and allied activities.
Proof of Income
  • Employees : Salary certificate issued by the employer.
  • Self-employed / Professionals :  Income tax assessmennt orders, not more than 2  years old.
  • Persons engaged in agriculture / allied activities :  Income will be arrived at by the Bank based on land holding, cropping pattern, yield etc.
MarginFor new Cars / Jeeps : 20%
For old Cars / Jeeps : 30%
(Certificate of fitness / valuation from a reputed garage would be required to be furnished)
Loan Amount15 times of  Net monthly income subject to a ceiling of Rs. 5 lacs.
Repayment Period
  • Maximum 84 monthly installments for new vehicle
  • Maximum 60 monthly installments for old  vehicle
SecurityIn case tie-up arrangement with employer to credit installment directly from salary is available

  1. Hypothecation of the Vehicle and noting of Bank’s hypothecation charge in the books of RTO.
  2. Guarantee of the spouse, if married or a third party guarantee good for the amount.

Where tie-up arrangement is not available

  • Hypothecation of the Vehicle and noting of Bank’s hypothecation charge in the books of RTO.
  • Guarantee of the spouse, if married
  • Third party guarantee good for the loan amount  (OR) Security in the form of surrender value of LIC policy, NSCs., Units of UTI, Bank deposits, SBI Magnums or any other security normally acceptable to the Bank for grant of advances.
  • We may accept post dated cheques for EMI.
InsuranceComprehensive insurance policy in the name of the borrower for the market value, or atleast 10% above the loan amount outstanding, whichever is the higher. The Bank’s interest as a hypothecatee should be noted in the certificate of insurance and insurance policy.
Service ChargesOne time Service charge of 1% of the loan amount.
Rate of Interest1.00% above PTLR i.e. 12.50% .
Mode of DisbursementDirect to suppliers by “Crossed account payee” demand draft / banker’s cheque

Contact Information(Head Office)

Tilak Marg, C-Scheme,
Telephone Number : 0141-2227423 to 27
TELEX : 2202-2394Â
E-Mail: [email protected]

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