SBI New Car Loan Interest Rate starts at 8.00 percent and SBI Used Car Loan Interest Rate starts at 9.75 percent. These are floating rate loans and are one of India’s best car lending rates. The interest rate varies depending on the occupation of the borrower, the amount of the loan, and loan tenure.
|Features||New Car Loan||Used Car Loan|
|Processing Fee||0.51% Min Rs. 1,020 Max Rs. 10,200||0.51%|
|Loan Tenure||Upto 7 years||Upto 5 years|
|Lowest EMI||₹ 1,559 per lakh||₹ 2,028 per lakh|
|Loan Amount||Upto 85% of on-road price||Upto 85% of on-road price|
SBI CAR LOAN FEATURES
These are the main features of the car loan issued by SBI Bank:
- Multiple Options to choose from: State Bank of India offers several car loan options to choose from to fund the purchase of both new and used vehicles.
- Lowest interest rates: Car loan interest rates by SBI Bank are very lucrative and are paid at the lowest possible cost. State Bank of India Car Loan interest rates are offered at both fixed and adjustable rates. The prevailing SBI Car Loan interest rates range from 10.40 per cent to 10.45 per cent.
- No advance EMI (advance monthly car loan payments): The State Bank of India has flexible options for car borrowers to pay EMIs. Car loans issued by SBI come with trouble free options for which the consumer does not have to pay advanced EMI at the time of the takeover of the SBI car loan. Furthermore, they also have the right to pay off their EMIs at any time of the month.
- Repayment tenure: The State Bank of India has developed a car loan product that keeps the borrowers’ comfort in mind. For the same cause, SBI Bank provides the longest car loan repayment duration of 7 years or 84 months.
- Financing the Car’s ‘On-Road’ Price: State Bank of India funds the borrower’s car loan at 85 per cent of the On-Road amount, which includes registration / annual maintenance contract / total service package / cost of accessories / insurance charges and extended warranty.
- Interest is calculated on daily reducing balance: The additional benefit of SBI car loans is that customers are paid interest on a daily balance reduction basis.
- No-foreclosure Charges: Some SBI car loan schemes do not provide foreclosure charges; this ensures that car loan borrowers do not have to pay extra for the prepayment of the borrowed car loan sum.
- Optional SBI life cover: Along with SBI Car Loan, State Bank of India also offers the option of choosing SBI lifespan by paying a little extra fee.
- Overdraft Facility: With SBI Car loans , borrowers may also make use of overdraft facilities at the State Bank of India.
SBI CAR LOAN DOCUMENTS REQUIRED
These are the required documents to submit to avail the car loan from SBI Bank:
|Car loan application form||Car loan application form||Car loan application form|
|Bank statement for last 6 months||Bank statement for last 6 months||Bank statement for last 6 months|
|ID and Address Proof||ID and Address Proof||ID and Address Proof|
|2 passport sized photographs||2 passport sized photographs||2 passport sized photographs|
|Income proof: Salary Slip, Form 16, and ITR for 2 years||Income proof: Form 16 and ITR for 2 years||Bank accepted cropping pattern and land holding documents and documentary proff of cultivation|
SBI NEW CAR LOAN SCHEME:
SBI New Car Loan Scheme is designed to buy new cars-from small compact cars to larger ones, such as MUVs (Multi Utility Vehicles) and SUVs. Customers can obtain a new car loan from SBI Bank on attractive terms and conditions set by the State Bank of India.
Highlights of Scheme:
- The certified SBI New Car Loan Program shall be issued to applicants between 21 and 65 years of age.
- In the case of SBI Combination New Loan Scheme, State Bank of India sanctions 85 per cent on-road car and 2-wheeler rates.
- Self-employed, salaried and farm workers are entitled to apply for the SBI New Car Loan Program.
- 4) Under the SBI New Car Loan Scheme, bank charges 0.60 per cent above 1 year of MCLR, i.e. 9.80 per cent p.a. of men; and 0.55 percent above 1 year of MCLR, i.e. 9.75 percent above p.a. for women.
- The minimum required income of the primary applicant by himself or along with the co-applicant shall be Rs. 2 lakhs.
- The loan shall be granted for a maximum term of 7 years or 84 months.2. SBI COMBO LOAN SCHEME:
The SBI Combo Loan Scheme is specifically designed for individuals who need to buy two-wheeler and four-wheeler. This loan scheme shortens the lengthy period of securing approval for both individual loans and lucrative offers.
Highlights of Scheme:
- The certified SBI Combo Car Loan Scheme shall be issued to applicants between 21 and 65 years of age.
- In the case of SBI Combo Car Loan Scheme, State Bank of India sanctions 85 per cent on-road car & 2-wheeler rates.
- Self-employed, salaried and farm workers are entitled to apply for the SBI Combo Car Loan Program.
- Under the SBI Combo Car Loan Scheme, bank charges 0.60 percent over 1 year of MCLR, i.e. 9.80 percent above 1 year of MCLR. For men; and 0.55 percent above 1 year of MCLR, i.e. 9.75 percent above p.a.
- The minimum necessary income of the claimant and/or co-applicant shall be Rs. 200000/-.
- The loan shall be granted for a maximum term of 7 years or 84 months.3. SBI NRI CAR LOAN SCHEME:
State Bank of India is providing Car Loan to non-resident Indians where NRI is the primary borrower, while a resident Indian is acting as the guarantor.
Highlights of Scheme:
- Both the primary claimant and the guarantor should be more than 21 years old and not more than 65 years old.
- The SBI NRI car loan must be paid out in full before the primary borrower hits the age of 65.
- In order to be eligible for a car loan from State Bank of India, the NRI applicant (borrower) should comply with the following conditions:
- A steady income source is to be maintained.
- Possess a valid Indian passport.
- Have a valid foreign work permit or job contract.
- Employed oversees for at least two years.
- The bank has held an NRI / NRE account with the bank for no less than 12 months with an average balance of at least Rs. 50,000 or opts for a separate foreign currency account with a sum of US$ 5,000 or equivalent in another foreign currency as the initial deposit.
- Needs to have a minimum net monthly income equal to or greater than US$ 1,000 or a net annual income not less than US$ 12,000 or equal in any other foreign currency.
The list of general documents required for the SBI NRI Car Loan Scheme are as follows:
- Form of application for a car loan completed.
- Hypothecation and Guarantee Agreements.
- The Letter of arrangement.
- Power of Attorney (if necessary by the applicant).
- Declaration Form.
SBI CERTIFIED PRE-OWNED CAR LOAN
State Bank of India provides long-term loans for the purchase of Registered Pre Owned Cars from certified used car dealers not older than five years. The SBI Bank Approved Pre-Owned Car Loan should be repaid within 8 years from the date of the initial purchase of the vehicle.
Highlights of Certified Pre-Owned Car Loan:
- Certified Pre-Owned Car Loan is issued to applicants between 21 and 65 years of age.
- In the case of Certified Pre-Owned Car Loan, the State Bank of India penalises 100% of the On-Road amount.
- Self-disabled, employed and farm workers are entitled to apply for a Qualified Pre-Owned Car Loan.
- Under the Certified Pre-Owned Car Loan, bank charges 4.00 per cent above 1 year of MCLR i.e. 13.20 per cent p.a.
- The minimum necessary income of the claimant and/or co-applicant shall be Rs. 2.00000/-.
- The loan shall be granted for a maximum term of 7 years or 84 months.
SBI LOYALTY CAR LOAN SCHEME
This car loan is specially given to SBI home borrowers’ customers.
Highlights of Scheme:
- Loan given to applicants between 21 and 65 years of age.
- Self-employed, salaried, and agriculturist individuals are eligible to apply for SBI Loyalty Car Loan Scheme.
- The minimum required income of the claimant and/or co-applicant shall be Rs. 2, 00,000/-.
- No pre-payment tax shall be charged for the SBI Loyalty Car Loan Program.
- In the case of car loans not exceeding Rs. 500,000, a copy of the letter of authorization signed by the borrower authorizing the preservation of the deed must be given to the bank before the full payment of the car loan is made.
- Under the SBI Loyalty Car Loan Scheme, bank charges 0.50% above 1 year MCLR i.e. 9.70% p.a. from men; and 0.45% above 1 year MCLR i.e. 9.65% p.a. from women.
SBI NANO YOUTH CAR LOAN SCHEME
SBI Nano Youth Car Loan Scheme is designed to encourage the purchase of Tata Nano small car produced by Tata Motors Ltd. among young Indians. The loan is therefore only available for young Indians aged 18 to 28 years.
Highlights of Scheme:
- Under this loan scheme by SBI, the car must be registered on behalf of the first applicant, i.e. Student/ Youngster.
- SBI provides the Nano Youth Car Loan Scheme to college students or youngsters (18 to 25 years of age) with a parent or co-borrower of no more than 55 years of age.
- SBI provides a minimum amount of Rs.1.00 Lac to Nano Youth Car Loan Scheme.
- SBI is providing Nano Youth Car Loan Scheme up to a maximum amount of Rs.2.75 Lac.
- No prepayment penalty is imposed for SBINano Youth Car Loan.
- Documents required by students for SBI Nano Youth Car Loan:
- College ID Card/ latest passing certificate for students.
- Proof of employment for working professionals
- Documents required by students with parents as co-borrower:
- Last six months bank account statement.
- Two passport size photographs of borrower/guarantor (s).
- Identity Proof.
- Proof of residence.
- Proof of official address for non-salaried individuals.
- Latest salary-slip OR I.T. Returns/Form 16 for the last two years
With such a wide variety of options, the car loans offered by SBI Bank become a natural choice for an applicant wanting to buy a car of his/her choice.