State Bank of Patiala Car Loan

State Bank of Patiala Car Loan Key Features – Dec 23 2024

About State Bank of Patiala Car Loan

State Bank of Patiala is an associate bank of the State Bank of India. State Bank of Patiala was founded on 17 November 1917. This bank was founded by Maharaja Bhupinder Singh, Maharaja of the princely state of Patiala of Undivided India.

State Bank of Patiala offers Car Loans at reasonable rates of interest to the customers for purchasing their dream car; it can be new or second hand. It is a readily available loan that can be availed by those who have a good credit/CIBIL score.

Advantages of State Bank of Patiala Car Loan

⍟ Loan Approval in 30 Minutes
⍟ Lowest Rate of Interest
⍟ Up to 100% on Road Loan
⍟ Minimum Documentation
⍟ Paperless Process
⍟ Flexible Repayment
⍟ Zero Foreclosure
⍟ 24 x 7 Online Payment Facility
⍟ No Hidden Charges

State Bank of Patiala Car Loan Eligibility

To obtain the loan amount, a person must meet the Eligibility criteria for a car loan.

State Bank of Patiala Car Loan Interest Rate, Fees and Charges

State Bank of Patiala Car Loan Documents Required

Salaried Individual:

Self-Employed Individuals:

Self-Employed Non-Individuals:

1. Partnership Firms/Societies:

2. Private Limited/Limited Companies:

How to Increase Your Eligibility for State Bank of Patiala Car Loan

• Opt for a shorter tenure – When you opt for a shorter tenure to repay the money, the EMI that you will be paying each month will be higher. This will be an indication of your higher repayment capacity which will build a sense of confidence in you. So, if you wish to boost your eligibility for a car loan, you can opt for a shorter repayment tenure.
• Keep your credit score in check – If you wish to increase your eligibility for a State Bank of Patiala car loan, ensure that you have a credit score of over 750. You can use the Free Credit Score tool to check and maintain such a healthy credit score. Checking your credit score regularly will allow you to take corrective measures to improve it if your score is low or if it gives you the confidence to approach the bank if it is high.
• Maintain a low debt-to-income ratio – A low debt-to-income ratio means that you have a good balance between your earnings and your spendings. Before banks decide to lend to you, they will check the percentage of your earnings that goes into paying your debts and a low debt-to-income ratio will indicate your high repayment capacity. To enhance your eligibility for a car loan, you should ensure that you maintain a low debt-to-income ratio.
• Apply for a loan for a lower amount – By applying for a loan for a lower amount, you can increase your eligibility for a State Bank of Patiala car loan. A lower loan amount means that the loan will be repaid faster. Therefore, the chances of you being eligible for a loan are higher.

Factors Affecting State Bank of Patiala Car Loan Eligibility

The eligibility criteria for a car loan will depend on the below-given factors:

• Income – If your income is on the higher side, there is a good chance that your eligibility for a State Bank of Patiala car loan will be higher. This is because a higher income indicates a higher repayment capacity. To be eligible for a State Bank of Patiala car loan, your yearly income should be at least Rs.3 lakh.
• Loan amount – Your eligibility for a car loan from the State Bank of Patiala will be higher if you apply for a lower loan amount as if the loan amount is lower, the bank knows that the loan will be paid off quicker. Hence, they will be more confident to give you the loan.
• Repayment tenure – Choosing a longer repayment tenure can decrease your eligibility for a car loan. It might give an impression to the bank that you do not possess the ability to pay the loan. This is because longer repayment tenure results in lower EMIs and the lender will think that you cannot afford to pay higher EMIs. Therefore, the bank may be reluctant to lend to you.
• Credit score – This is an important factor that every bank, including the State Bank of Patiala, considers when finding out your eligibility for a car loan. A credit score of 750 and above is considered to be a healthy credit score by most lenders. If you have a healthy credit score, banks will be happy to offer you a car loan and your eligibility will be much higher.
• Relationship with the bank – As stated earlier, the State Bank of Patiala offers instant car loans to their existing customers which allow State Bank of Patiala customers to can avail themselves of loans instantly, at their convenience, with very few documents required for a car loan. This indicates that your relationship with the bank is an important factor while determining your eligibility.

State Bank of Patiala Car Loan Customer Care – Toll-Free Number

State Bank of Patiala 24*7 customer care toll-free number all your general enquiries is For Ahmedabad / Bangalore / Chennai / Delhi & NCR / Hyderabad / Kolkata / Mumbai / Pune dial 1800 180 2010. For Chandigarh / Cochin / Indore / Jaipur / Lucknow dial 1800 180 2010.

State Bank of Patiala Car Loan EMI Calculator

The candidate has the choice to know the EMI’s before getting a Car Loan. So, you can easily examine through the link below:

Car Loan EMI Calculator

State Bank of Patiala Car Loan Types

State Bank of Patiala proffers three types of car loans to its customers. You have the option of picking the offer which suits you best. State Bank of Patiala offers the following types of Car Loans:

1. New Car Loan –  Those who want to buy a new car, this is the proposal for you. You can avail of a Car Loan from the State Bank of Patiala for a minimum of Rs. 1 lakh and a minimum tenure of 7 years.
2. Used Car Loan – If you want to purchase a used car then you can choose this plan which offers a minimum loan of Rs. 1 lakh and a minimum tenure of 5 years.
3. Loan Against Car – You can select this scheme if you require urgent funds where you can keep your cars as a guarantee with the bank where you can get Rs. 10 lakh or up to 50% of your car’s value.

State Bank of Patiala Car Loan Pre Calculated EMI

How to Apply for State Bank of Patiala Car Loan?

1. Visit Dialabank and fill a form.
2. Our Relationship Manager will assist you throughout the process.
3. You can compare various offers from banks and pick the one which suits you.
4. Thus, you can easily apply for a Car Loan with Dialabank and get the best offers.

Tips to Decide the Right Amount of EMI in Car Loan

• Ascertain the amount you need to borrow: It is important that before approaching a bank for a loan, you inform them about the amount of loan you need to borrow. Limit your loan amount after accounting for your own available funds. Furthermore, based on the EMI you can service, try to opt for the lowest tenure of loans as long tenure loans can result in huge interest outgo.
• Review your current obligations: Before taking a loan, it is advisable to check your expenses, including any EMI obligations that you have on your current loans. This assessment will help you to estimate the amount of EMI which you will be able to pay comfortably after taking into account other obligations. Once you arrive at the EMI, you can also decide on the right loan tenure.
• Calculate your State Bank of Patiala car loan eligibility: Your eligibility is an assessment of your repayment capacity based on your monthly income. State Bank of Patiala provides an LTV up to 100 % of the ex-showroom price and expects the borrower to fund the remaining value of the property with their own money.
• Multiplier-based loan amount eligibility – State Bank of Patiala also calculates your eligibility by applying a multiplier to your net take-home salary. This is the simplest method for calculating a loan eligibility used by banks. Usually, it is 2.5 to 3 times the annual salary for salaried individuals and 6 times the annual income for self-employed professionals. The multiplier depends on the bank’s internal categorization of your company that is based on its reputation, stability, size, and growth in turnover.
• FOIR based loan amount eligibility – State Bank of Patiala will also estimate your Fixed Income to Obligations Ratio (FOIR) to find out the maximum EMI you can service based on your current income and other monthly expenses. The bank applies a certain ratio to your income to estimate your monthly expenses and then adds your other EMI obligations to calculate your fixed obligations. The proportion of fixed income to your calculated fixed obligations gives your FOIR. Generally, banks lend up to a maximum FOIR of 0.50. Based on the FOIR, the bank will also estimate the maximum amount of EMI you can service as a borrower. State Bank of Patiala’s assessment may be different from your own assessment. Any differences in assessment may require you to readjust your loan amount requirement. You may also consider paying back other running short-term loans to improve your eligibility.

Car Loan EMI Changes in Case of Pre-payment

In case you prepay your vehicle loan, a small penalty is issued. Prepayment in State Bank of Patiala is 5% from 13-24 months, 3% after 24 months. When you prepay, the outstanding balance on your vehicle loan reduces. State Bank of Patiala gives you two options:

• Reduce your loan tenure and keep EMI on your car loan unchanged
• Reduce the amount of EMI and keep your loan tenure the same

How to Calculate State Bank of Patiala Car Loan EMI

Before you avail of a car loan from the State Bank of Patiala, you may want to know how much amount you will be paying every month. This is simply known as EMIs or equated monthly instalments and it offers an easy way to repay your car loan. By calculating the EMI, you will be able to budget your monthly expenses better.

You can calculate the EMI for your car loan by using the below-given formula:

E = P*r*[(1+r) ^n/((1+r) ^n-1)]

In the above formula, E is the EMI, P the principal amount, r the interest rate, and n the number of years or tenure of the loan.

You can also calculate the EMI by using the EMI Calculator tool wherein you just need to enter the loan amount, interest rate, repayment tenure, processing fee, etc. The tool will calculate the EMI and display it to you.

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FAQs for State Bank of Patiala Car Loan

✅ What is the State Bank of Patiala Car Loan?

State Bank of Patiala Car Loan is a secured type of loan for the applicants willing to buy a new/old car.

✅ How can I get a Car Loan from the State Bank of Patiala?

Use Dialabank to get a car loan from the State Bank of Patiala with great benefits.

✅ How does the State Bank of Patiala Car Loan work?

State Bank of Patiala provides funds to the applicant for buying the vehicle and charge interest against it.

✅ What is the Car Loan Interest Rate in the State Bank of Patiala?

State Bank of Patiala charges a minimum of

7.35% per annum

✅ How to Check Car Loan status in State Bank of Patiala?

Contact to loan branch or check your State Bank of Patiala Car Loan status online through the website Loan portal.

✅ How to Calculate Car Loan Interest in State Bank of Patiala?

Use the Dialabank calculator to calculate your interest and EMI.

✅ What is the maximum loan amount I can avail myself of on a Car Loan from the State Bank of Patiala?

You can get up to 100% of the ex-showroom price. There’s no predefined limit on the loan amount.

✅ What is the loan tenure of the State Bank of Patiala Car Loan?

Loan Tenure of State Bank of Patiala is up to 7 years for the new cars and five years for the used ones.

✅ Can I get a 100% Car Loan from the State Bank of Patiala?

Yes, you can get a 100% Car Loan from the State Bank of Patiala.

✅ How much Processing Fee is applicable on the State Bank of Patiala Car Loan?

State Bank of Patiala charges 0.51% up to Rs.10,500 as a processing fee from the applicant.

✅ What are the EMI options available on the State bank of Patiala car loan?

Balloon EMI and Step-up EMI are the two options available with the State Bank of Patiala Car loan.

✅ What are the charges for Prepayment in State Bank of Patiala Car Loan?

No particular prepayment fee is charged on foreclosure of the loan.

✅ Can I get a top-up loan on my existing State Bank of Patiala car loan?

Top-up on Existing Loan depends on some specific criteria. Contact the nearest State Bank of Patiala Branch to know in detail.

✅ Do I need to provide a guarantor to avail myself of a car loan from the State Bank of Patiala?

State Bank of Patiala doesn’t ask for any type of guarantor as your car is the only security.

✅ How to get the State Bank of Patiala Car Loan Statement?

Get your car Loan statement directly through the ATM or Branch of State Bank of Patiala. You can get it quickly from the bank’s website too.

✅ How to Pay State Bank of Patiala Car Loan Interest Online?

State Bank of Patiala offers an option to pay your interest online using Net banking or credit/Debit Card.

✅ What if I can’t pay the interest on the State Bank of Patiala Car Loan for three months?

State Bank of Patiala has the right to take your vehicle back and impose hefty fines on you if you fail to pay interest for three months without any prior information.

✅ How can I apply for EMI Moratorium on State Bank of Patiala Car Loan?

You can apply for EMI Moratorium on State Bank of Patiala by writing an application to the branch manager directly stating the reason behind the same.

✅ Can I close the State Bank of Patiala Car Loan online?

State Bank of Patiala requires you to reach the nearest branch to completely close the loan, whereas you can surely start the process of closing your loan online.

✅ What is the State bank of Patiala Car Loan Customer Care Number?

9878981166 is the number you need for all your queries related to the State Bank of Patiala Car loan.

✅ How can I get NOC State Bank of Patiala for a car loan?

State Bank of Patiala provides NOC for your Car Loan after you pay all your outstanding dues against your loan.

 What is the State Bank of Patiala Car Loan Car Loan closure procedure?

• Just go to the bank with the documents.
• Write a letter for pre-closure of the State Bank of Patiala Car Loan account.
• Pay the pre-closure charges as per State Bank of Patiala Car Loan.

✅ What is the State Bank of Patiala Car Loan Car Loan preclosure charges?

State Bank of Patiala Car Loan Car Loan preclosure charges is zero.

✅ What is the State Bank of Patiala Car Loan Car Loan overdraft scheme?

For simplifying the process and providing you with a hassle-free service while processing an overdraft scheme at State Bank of Patiala Car Loan bank is provided, it gives you an online way to get your own overdraft, also known as Smartdraft – Overdraft Against Salary. You do not need to visit bank branches and go through a boring process. Just log in to the State Bank of Patiala Car Loan online banking portal and from there you can fill out a simple form and get an overdraft under your name.

✅ What is the State Bank of Patiala Car Loan Car Loan maximum tenure?

The State Bank of Patiala Car Loan Car Loan maximum tenure is 7 years.

✅ What is the State Bank of Patiala Car Loan Car Loan minimum tenure?

The State Bank of Patiala Car Loan Car Loan minimum tenure is 1 year.