state Bank of India has relaxed the income eligibility criterion for customers interested in applying for car loans to buy a Tata Nano.As a result, the potential buyer base has widened considerably for the country’s least expensive car.
The minimum income eligibility would be Rs 75,000 a year for customers drawing regular salaries and Rs 1 lakh a year for the self-employed, said a senior SBI official.At present, the income eligibility criterion to apply for SBI car loan is Rs 1 lakh both for salaried and self-employed people.
The criterion has been relaxed keeping in mind that the Tata Nano is designed to meet the demands of low-income customers, the official said.
Clearly, the Nano is targeted at the two-wheeler customers as well as competitors in the compact car segment.
SBI is offering a Nano booking loan product with a one-time upfront booking fee of Rs 2,999 for the base model (which has an ex-showroom price of Rs 1.2 lakh in Delhi), Rs 3,499 for the intermediate model (Rs 1.40 lakh) and Rs 3,999 (Rs 1.70 lakh) for the high-end model, he added.
In case the customer is allocated a Nano, then the booking loan can be converted to a SBI Nano car loan. The loan would be provided up to a maximum period of seven years at 11.75-12 per cent interest. The margin requirement for the loans would be 15 per cent. That is, for Rs 1 lakh loan, the customer would have to pay Rs 15,000 upfront to get the bank to give a loan for Rs 85,000.
Back-of-the-envelope calculations show that in the case of three and five-year loans at 11-11.75 per cent, the equated monthly instalments work out roughly to Rs 3,300 and Rs 2,200 respectively.
In the case of a seven-year loan, which could be the biggest plus for the Nano vis-À-vis its closest rival, the Maruti 800, the EMIs would be in the region of Rs 1,725-Rs 1,765 for interest rates ranging between 11.25 and 12 per cent.
In the case of Union Bank of India, which has also been roped in for the Nano financing scheme, the maximum loan tenure is five years. However, the minimum could be even six months depending on the customer’s ability to repay, said a senior bank official.
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2 comments:
i really dont know whts going on with the sbi workers.as i got the allotment in the first round for the nano car ,the bank officals told me that i m not able to buy a loan as my annual income is less than 75000 but i want to inform the officers that i m only 25 years old my family is not dependent on me .my father is retired govt.servantand he is getting his pension plus he is working in a hospital as a manager and getting 9000 per month as salary plus 5600 as pension.although i m doing classes at home which comes 15000 a year and where i m working at a college they give me 60000 a year..
so how we r not eligible to get loan?we want to buy a car we r eligible for it.and the tata makers want to reach at the common people but how it possible if the sbi doent allow us?
How a retired person,who draws a pension of more than Rs10,000/- per month from SBI, can get a car loan to buy a Tata Nano? There is no hint in the above paras.
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