Hello friends, in today’s article we will provide complete information about SBI car loan. It is everyone’s dream to buy their own car, but in today’s world of inflation, this dream remains elusive, especially for the middle class. So in such a situation we are left with the only option to take a car loan, in today’s time, many banks and financial institutions offer car loans and many banks finance 100% of the cost of the car. Today we will know information about the SBI car loan
How to take car loan from SBI, SBI car loan features, and benefits, application process (SBI car loan interest rates and SBI car loan/SBI car loan EMI/features and benefits apply
SBI Car Loan Persentege
We all know that SBI Bank is the largest government bank of the country. SBI Bank provides various banking and financial-related services to its customers, one of which is car loans. SBI Bank offers you a car loan scheme with an interest rate starting from 7.70% per annum. You can take a loan from the bank to buy a new or old car. The bank offers you a repayment term of up to 7 years so that you can repay the loan to the bank in small installments.
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SBI Car Loan HIGHLIGHT -JULY 2023
| Rate of interest | Starting at 7.70% p.a. |
| loan amount | Up to 90% of ‘On-Road Price‘ |
| loan tenure | up to 7 years |
| processing fee | 0.40% of the loan amount |
Documents Required for SBI Car Loan
- 6 months’ bank statement
- 2 years IT return details.\Identity Proof (Any): Passport, PAN Card, Identity Card,
- 2 passport-size photographs.
- Proof of Income: Salary slip, Form 16.
- Address Proof (Any): Ration Card, Driving License Card,
- Passport, Telephone Bill, Electricity Bill, etc.
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SBI Car Loan Scheme – Features and Benefits
- Interest rates are lowest for SBI New Car Loan Scheme.
- Optional SBI Life Insurance cover is available with SBI New Car Loan Scheme.
- Interest is calculated on the daily reducing balance.
- SBI finances car loans up to 85% of the on-road price.
- The on-road price includes registration, insurance, cost of accessories, full warranty, total service package and AMC (Annual Maintenance Agreement).
- SBI offers the longest car loan repayment tenure of 7 years.
- SBI does not offer any foreclosure charges or any pre-payment penalty.
- No Advance EMI.
- State Bank of India offers the lowest EMI repayments.
- SBI also reimburses you for a car purchased from your own funds at the rate of interest applicable to a new car loan. Such a car should not be more than three months old.
- Overdraft facilities are available to borrowers from SBI.
How to Apply for SBI Car Loan?
- To apply for an SBI car loan, you can visit the official website of SBI can apply for a car loan as per your requirement. For this, you have to upload some necessary documents.
- All the documents submitted by you will be verified and when all the documents are correct according to the bank, the loan amount will be credited to your bank account.