State Bank of India (SBI) provides the general public with a wide range of car loans that can suit the specific needs of most kinds of borrowers. The leading banking organization provides car loans at interest rates ranging from 7.75% to 11.20% and with tenure of up to 7 years. Another salient feature of SBI car loans is that it charges one of the lowest interest rates. Some other features of an SBI car loan include –
In case you plan to purchase a car or even have been harbouring this wish to buy a car for some time, you may not need to wait for more as you can apply for a car loan at State Bank of India (SBI) as it offers you finance at the lowest interest rates. At SBI, the new car loan interest rates start from as low as 7.75 percent per annum if you apply through YONO otherwise starts from 8.00% per annum. Finally, SBI also requires minimal paperwork and quick disbursement of the loan.
|Features||New Car Loan Scheme||Used Car Loan Scheme|
|Interest Rates||7.70% p.a. onwards||9.50% p.a. onwards|
|Loan Tenure||Up to a period of 7 years||Maximum of 5 years|
|Processing Fee||0.20% of the loan amount plus GST onwards. Maximum of Rs.3,750 and minimum of Rs.5,00||0.20% of the loan amount plus GST. Maximum of Rs.5,000|
|Loan Amount||Up to 90% of the car’s on-road price|
Below, we have provided a list of different types of SBI car loans that are on offer:
In order to offer a car loan that suits the needs of a specific buyer, State Bank of India has on offer a range of options. The different types of car loans on offer by the State Bank of India include – SBI New Car Loan Scheme, SBI Combo Loan Scheme, SBI NRI Car Loan Scheme, certified Pre-Owned Car Loan from SBI Bank, SBI Nano Youth Car Loan Scheme, and SBI Loyalty Car Loan Scheme.
The first car loan option that is available is the SBI New Car Loan Scheme is for those who wish to opt for a new car loan to buy any new cars, from a compact car to larger SUV or MPV. Salient features of SBI New Car Loan Scheme:
SBI Combo Loan Scheme has been tailor-made for anyone who wishes to buy either a two-wheeler or a four-wheeler. Through this loan scheme, the long process of getting one’s loan request approved for individuals is cut short but one also gets attractive interest rates. Below, we have the salient features of SBI Combo Car Loan Scheme:
The State Bank of India offers car loan to Non-Resident Indians (NRIs) in cases wherein NRI is the primary borrower and the Indian resident acts as the guarantor. The salient features of the SBI NRI Car Loan Scheme include:
State Bank of India (SBI) also provides term loans for the purchase of Certified Pre Owned cars from certified used car dealers. However, the car should not be more than five years old. The Certified Pre-Owned Car Loan needs to be fully paid back within 8 years from the date of the original purchase of the vehicle. The salient feature of SBI Certified Pre-Owned Car Loan include –
This SBI car loan scheme is for those customers of the State Bank of India that are also home loan borrowers. Given below are the salient features of the SBI Loyalty Car Loan Scheme –
SBI Nano Youth Car Loan Scheme was tailor-made to provide the youth with an opportunity to purchase the Tata Nano mini car that was being sold by Tata Motors Ltd until recently. Therefore, this loan scheme is available only to borrowers that fall in the age group of 18 to 28 years. The prominent highlights of SBI Nano Youth Car Loan Scheme:
SBI Car Loan EMI is a fixed amount that you need to pay to the bank every month as partial repayment of your car loan. At present, the lowest EMI that is offered by SBI is Rs. 1,559 per lakh at an interest rate of 9.25%. The SBI car Loan EMI is based on the below factors:
|Factors Determining EMI|
|Rate of interest||This has a direct relation with your EMI. Higher the rate of interest, higher will be the EMI.|
|Loan tenure||Higher the loan tenure, lower will be the EMI. The vice versa also holds true.|
|Loan Amount||Of course, another factor that has a direct relation with your EMI is the loan amount. More the amount you borrow, higher will be the EMI.|
A: State Bank of India offers car loan for the purpose of purchasing new cars and used cars
A: You need to meet the basic eligibility criteria of the bank in order to benefit from a car loan given by SBI. Moreover, you need to boast of a decent credit score and no payment default registered in your name. In case you do not have a high credit score, multiple loans and default payments then your loan application might be turned down.
A: Yes, SBI offers loan for both used and new cars.
A: If you do not pay EMI on time, SBI will charge a penalty on the overdue amount for the period of default.
A: State Bank of India disburses car loan only on the following conditions:
Loan Amount will be credited to the account of supplier/dealer through online route
All necessary statutory compliances are in place.
A: State Bank of India offers car loan for 84 months, which is the longest tenure offered by any Indian Bank for Car Loan. It is due to the longest tenure for a car loan that State bank of India is a preferred choice of the loan borrowers.
A: The processing fee for State Bank Of India car loans is charged as specified below:
When loans are sanctioned: 0.51% of the loan amount subject to Minimum of Rs. 1020/- and maximum of Rs. 10200/-.
If loan application is rejected: SBI retains 25% of processing fee, in case application is rejected after completion of pre-sanction survey. Maximum limit is Rs 2550 and the min amount is Rs. 510.
State Bank of India does not charge a car loan pre-payment penalty.
A: Customers can get queries addressed at branch, by email or over the phone.
A: Customers can get queries addressed at branch, by email or over the phone.
A: To stand guarantee for the loan, a guarantor has to be Indian Resident, and should be a relative to the NRI, such as:
– Mother (including step-mother)
– Son (including step-son)
– Son’s Wife
– Daughter (including step-daughter)
– Daughter’s Husband
– Brother’s wife
– Sister (including step-sister)
– Sister’s husband
– Sister (including step-sister) of the spouse
– Brother (including step-brother) of the spouse
– A guarantor can be any individual such as:
– Self-employed person
– Parent of an NRI, who is receiving inward remittance or pension at regular intervals
A: In order to transfer balance while taking-over a car loan from another bank to SBI, you would need to submit the following documents-
– Original Sanction letter of the lender
– Foreclosure letter
– Account statement by the lender
– List of documents held by the lender
– RC Book
– Insurance Copy
– Letter undertaking the issue of NOC by the present lender (financial institution or bank)
A: Yes, if an applicant applied for any SBI car loan scheme, he is offered to take the life insurance plan by SBI Life Insurance Company Ltd. at little to no extra cost.
A: No, State Bank of India does not charge any penalty on foreclosure of the loan under the SBI New Car Loan Scheme.
A: The maximum repayment period is 84 months or 7 years under the SBI Pre Owned Car Loan Scheme.
A: The car loan borrower is eligible to apply for SBI car loan schemes if his minimum income is at least Rs. 2,00,000.
A: Yes, while sanctioning car loan, State Bank of India looks at the CIBIL score of the applicant. The bank approves the application of the car loan only when the CIBIL score of the applicant is high.
A: To keep a check on your SBI Bank car loan details online, borrowers can visit the SBI online banking portal and log on to the Net Banking account for checking the data.
A: To get more information for different types of SBI car loan schemes, individuals can either make a visit to the nearest State Bank of India branch in their city or call the dedicated SBI customer care center through the toll-free number.
A: Eligible applicants can either visit the nearest State Bank of India branch or visit PaisaBazaar website to online apply for SBI Car loan and fill SBI car loan online application form.
A: Once the documents are verified and loan is approved. State Bank of India instantly disburses car loans for the approved amount.
A: To use SBI car loan EMI calculator at Paisabazaar, click on Tools, EMI Calculator and finally Car Loan. Once you reach on the Car Loan EMI Calculator page, use the slider or directly mention the figures in the respective columns for car loan amount, rate of interest, and duration of loan.