The digital banking has been given a new string with the advent of INTOUCH, a digital technology initiative launched by State Bank of India (SBI) in 2014. The new initiative is expected to boost the government’s Digital India Mission. The country’s largest lender SBI has collaborated with Accenture, a leading provider of technology, outsourcing and management consulting services, to offer this unique service. The bank has installed 6-7 sbiINTOUCH branches in the country in various cities such as New Delhi, Mumbai, Bangalore, Chennai and Hyderabad.
These branches, equipped with the state-of-art infrastructure, are called as Digital Stores. While employees are referred as Go Digital Lead, Go Digital Assistants and Go Digital Manager. The branches have five operational parts- Smart Table, Dream Zone, Online Booth, Expert Pod and Express Banking. Let us discuss in brief about their functionalities.
Smart Table – It has tablet services such as all the information you need regarding the products.
Dream Zone – This is where you can check out the information about any product or scheme on touch-screen LED devices.
Online Booth – Internet banking services can be availed here.
Expert Pod – This devices enables customers to connect with experts.
Express Banking – This include an account opening kiosk, smart ATM, Money Depositing Machine, and personalized ATM printing device, among others.
The account opening kiosk will let you open an account in 10 minutes. The smart interactive machines are equipped with an ability to take the photograph and scan the documents.
Usually, car loan approval takes 5 days to a week. But with sbiINTOUCH, it can be done instantly. All you need is to choose a car of your choice before applying for a car loan at these branches.
Car Loan Interest Rates
SBI provides a car loan to both salaried and self-employed to buy both new and used vehicles. The maximum loan tenure for a new car loan is 7 years and while that for a used car loan is 5 years. The interest rates on a new car loan range from 9.20%-9.25% per annum. While used car loans are offered at 12.75% per annum.
Car Loan Eligibility
So, you are ready to apply for SBI car loan. But have you checked out the eligibility parameters? No, then read out the points below.
All the permanent employees of central or state government, public sector undertaking, and private units are eligible for SBI car loan. Even the self-employed businessmen, proprietary units, partnership firms and people involved in agriculture & allied activities are also eligible for a loan.
You should be a minimum of 21 years at the time of applying for a car loan at SBI. The maximum age permitted by the lender at loan maturity is not more than 65 years.
The combined net annual income of applicant and co-applicant, if any, must be less than ₹ 2.5 lakh, in the case of salaried. The gross taxable income for self-employed businessmen, proprietary and partnership firms should be a minimum of ₹ 4 lakhs in a year.
Car Loan Documentation
You need to submit a set of following documents to the bank to approve your car loan application.
|Age Proof||Passport /PAN Card/ Voter ID Card/Aadhaar Card/ Driving License with birth date /Photo ration card with DOB/Employer Certificate/ID/School/College Leaving Certificate||Passport /PAN Card/ Voter ID Card/Aadhaar Card/ Driving License with birth date /Photo ration card with DOB/Employer Certificate/ID/School/College Leaving Certificate|
|Identity Proof||PAN Card/Voter ID/Aadhaar Card/Passport/Driving License||PAN Card/Voter ID/Aadhaar Card/Passport/Driving License|
|Income Proof||Form 16 for last 2 years, Latest Salary Slip, 6-month bank statement|
|Address Proof||Passport/Voter ID/Aadhaar Card/Utility Bill||Passport/Voter ID/Aadhaar Card/Utility Bill|
|Business Establishment Proof||Sales Tax/Service Tax/VAT Registration, Electricity & Telephone Bill of Shop & Establishment|
|Signature Verification Proof||Driving License/Passport copy/PAN Card||Driving License/Passport copy/PAN Card|