SBI Car Loan: Interest Rates August 2016 ✓ Eligibility Low EMI Rs.1645 ✓ Processing fee ✓ Documents ✓ Loan for women, NRI, Pensioners, Used / Second hand cars, Loyalty schemes of सबीआई कार लोन at deal4loans.com
If you are planning to buy a car and dreaming this for long, now you need not to wait for few more years as SBI offers you the best deal. With the help of SBI’s car loan you can realise the dream of owing your dream machine. The bank not only offers you the best deal in car loan segment, but at the same time it charges lowest interest rates, lowest EMIs. The bank require minimal paper work and quick disbursement of the loan.
SBI car loan (सबीआई कार लोन) details:
|Interest rates for women||9.65%|
|Interest rate – Others||9.70%|
|Lowest EMI||Rs 1642/lakh|
|Processing fees||0.50% of loan amount +ST|
|Repayment options||Up to 7 years|
|Maximum loan amount||Up to 4 times of net annual income|
|Loan approval time||30 Minutes|
|Maximum Finance||Upto 100% of on Road Price|
|Min. Income||3 Lakh per annum|
SBI is a leading bank which offers car loan in different segments to meet customer’s requirement. It offers car loan in different categories such as New car loan, Combo loan, Pre-owned car loans, Loyalty car loan, Nano youth car loan, Used car loan and NRI loan scheme.
Current SBI Car Loan Interest Rates August 2016
Auto Loans Interest Rates w.e.f. 01.08.2016 (1 year MCLR 9.10 % p.a.)
|Scheme Name||Tenure||Interest rate|
|For Men||For Women|
|SBI Car Loan Scheme||For All Tenure||9.70% p.a.||9.65% p.a.|
|SBI Combo Loan Scheme||For All Tenure||9.70% p.a.||9.65% p.a.|
|NRI Car Loan||For All Tenure||9.70% p.a.||9.65% p.a.|
|Certified Pre-owned car loan||For All Tenure||13.10% p.a.|
|SBI Loyalty Car Loan Scheme||Car Loan, Combo Loan, NRI Car Loan||9.60% p.a.||9.55% p.a.|
|Certified Pre-owned Car Loan Scheme , Used Car Loan Scheme||10.90% p.a.||10.85% p.a.|
SBI 4 Wheeler Loan Processing Fees
SBI CAR LOAN SCHEME, Combo Loan, NRI, Used Car Loan – Min: ₹ 500 +ST
Certified Pre-owned car loan & Loyalty Car Loan Scheme – 0.50% of loan amount +ST / Min: ₹ 450 +ST / Max: ₹ 9100 +ST
Some Important features:
- Financing on ‘On-Road price’. (Including registration, insurance and extended warranty/total service package/Annual maintenance contract/cost of accessories.)
- No Pre-Payment Penalty or Foreclosure Charges
- No Advance EMI
- Optional SBI Life Insurance cover available
- Overdraft facility available
- No processing fee for new cars
- 0.51% processing fee for used cars
Eligibility for SBI Car Loan
Applicant should be between 21 and 65 years of age to avail a car loan.
✓ Salaried individuals: Minimum net income of applicant/co-borrower should be at least Rs. 3 lakh per annum.
✓ Self-employed, professionals and proprietary/partnership firms: Your net profit/gross taxable income should be Rs. 4 lakh per annum. In case of not meeting the criteria you can also include the income of co-borrower.
✓ Agriculturist: Minimum income of applicant/co-borrowers should be Rs. 4 lakh per annum.
✓ The loan is available for purchase of a car, jeep, Sports Utility Vehicle (SUV) or Multi-Utility Vehicle.
✓ Financing is made available on the vehicle’s on-road price which includes registration charges, insurance, road tax and accessories.
Before finalizing your lender, you should calculate the total amount payable and not only compare the rate of interest or EMI. SBI charges 0.51% of loan amount as processing fee on Certified Pre-owned car loan. The minimum processing fee is Rs 510 while the maximum payable amount is Rs 10,350.
Document checklist for SBI car loan
To apply for SBI car loan, you must submit the following documents:
- Bank account statement of last six months.
- Two passport size photographs
- Copy of passport, voter ID card or PAN.
- Address proof
- Salary slip mentioning all deductions
- Form 16 (income tax return) of the last two years if you belong to salaried class and three years if you are a professional, self-employed person or a businessmen. The form should be duly accepted by the ITO.
- If you are a non-salaried individual, you will also have to submit proof of official address.
Margin: New / Used vehicles : 15% of the on road price (which includes vehicle registration charges, insurance, one-time road tax and accessories).
SBI offers the longest repayment period in the industry, that is, of seven years (84 months).
Reimbursement of costs of car purchased by own sources
If you have purchased a car from your own resources and it is not more than three months old, SBI offers finance reimbursement at the interest rate applicable on a new car.
Security: As per bank’s extant instructions.
Terms & Conditions on SBI Car Loan
The duly filled application forms submitted with required documents are disposed of within two days in urban areas and four days in rural centres.
Other Products of State Bank of India:
Updated as on 01 Aug 2016
Source: State Bank of India Website.