SBI Car Loan Income Eligibility Raised to Rs 6 Lakh

State Bank of India (SBI) has tightened eligibility criteria of car loan borrowers citing reasons of inflation. Now salaried employees applying for car loan should have minimum annual income of Rs 6 lakhs as against the earlier 2.5 lakhs.

Taking into account the rising cost of petrol, insurance and maintenance, they figured that a family would need minimum monthly income of Rs 50,000 to own a car.

The present economic slowdown has pronounced its effect on domestic passenger car sales. SBI is India's largest lender and its interest rates are among the least too.

The increased minimum annual income requirement for SBI car loans is applicable for new and used four-wheelers.

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