Apply SBI sbi car loan at low interest rate then 2020, 2021. State Bank of India SBI offers car loans to its customers with interest rates ranging between 7.70% and 13.25% and tenure of up to 7 years.
Features of SBI Car Loan:
- Lowest EMI and car loan interest rates.
- Repayment tenure up to 7 years.
- Provides financing at the on-Road price.
- Interest is computed based on Daily Reducing Balance.
- No Advance EMI
- Optional Life Insurance Cover from SBI
SBI Car Loan Fees and Charges:
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SBI Car Loan Eligibility:
To be eligible for SBI New or Used Car Loan, applicants must adhere to the below-mentioned car loan eligibility criteria
- Applicant/individual must be aged between 21 years to 67 years.
- The applicant must be either a Central/State Government employee, a professional or self-employed individual, or an individual who is engaged in agricultural and allied activities.
5 Car Loan Schemes Provided by SBI:
The list of 5 cheap car loan schemes provided by SBI is given below:
- SBI New Car Loan Scheme: This scheme is suitable for those who wish to purchase a new car. The repayment tenure is up to 84 months and the applicant is also offered an optional SBI Life Insurance Cover.
- Certified Pre-owed Car Loan Scheme: This scheme is for those who wish to purchase a pre-owned car for themselves. The minimum loan that one can avail is Rs.3 lakh and the maximum loan amount being Rs.10 lakh. The repayment tenure can be either 5 years, or 8 years minus the age of the vehicle.
- SBI Loyalty Car Loan Scheme: Under this scheme, 100% of the on-road price of the car may be provided as a loan. The repayment tenure under this scheme is 7 years, and the minimum income criteria the applicant will have to fulfil is Rs.2 lakh.
- SBI Assured Car Loan Scheme: If a customer has opened a fixed deposit account in a branch of SBI, then he/she can avail this car loan scheme. The repayment tenure ranged between 3 years and 7 years depending on the loan amount. The margin under this scheme is 100% of the fixed deposit for the on-road price of the vehicle. The minimum loan amount one can avail is Rs.2 lakh.
- SBI Car Loan Lite Scheme: Businessmen, agriculturists, and self-employed people under ‘Tatkal Tractor Scheme’ who are engaged in business which provides them income but have no proof to show for the same can apply for this scheme. The maximum loan amount that one can avail under this scheme is Rs.4 lakh, and the maximum repayment tenure is 5 years. Up to 75% of the on-road price of the car may be provided as a loan.
FAQs on SBI Car Loan:
1- What are the different makes of vehicles financed by SBI?
SBI finances all makes of new and used cars. The used car being financed, however, must not exceed 5 years in age. The applicant can choose any make or model for financing.
2- What are the factors based on which the EMI is calculated?
The car loan EMI is computed considering factors such as loan tenure chosen by the applicant. The EMI will be higher if a shorter tenure is chosen as compared to a long tenure.
3- What is the security that needs to be furnished with respect to SBI Car Loan?
A certain charge on the financed vehicle is submitted to the Local Transport Authorities. Your spouse will have to be the guarantor in case his/her income has also been considered for determining the loan amount. Other securities may be mandated, varying from one applicant to another.
4- What are the elements included in the ‘On-Road Price’ of the vehicle?
The following elements are included in the ‘On-Road Price’ of the financed vehicle:
- Registration charges
- Insurance and extended warranty
- Annual maintenance contract
- Cost of accessories
- Total service package
- All Accessories
5- Can my spouse can be a co-borrower?
Yes, your spouse can join in on the car loan as a co-borrower. In that case, his/her income will be included.