SBI Car Loan – Interest Rates Nov 2018, Eligibility Documents

SBI Car Loan: 9.40% Interest Rates November ✓ Eligibility ✓ Low EMI Rs.1629 ✓ Processing fee ✓ Documents ✓ Loan for women, NRI, Pensioners, Used / Second hand cars, Loyalty schemes of एसबीआई कार लोन at deal4loans. 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.

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Professional Details
Loan Amount

Occupation

Annual Income

City

SBI Car Loan (एसबीआई कार लोन) Details

Interest Rates 9.40% – 9.90%
Loyalty Car Loan Scheme 9.75% – 9.80%
Lowest EMI Rs 1629/lakh
Processing fees For Loan Amount Upto Rs.6 lacs
Rs.1000/- + GST

For Loan Amount above Rs.6 lacs
Rs.1500/- + GST

Prepayment charges Nil
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 2.50 Lakh annual

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 Car loan scheme.

SBI Car Loan Interest Rates November 2018

Scheme Interest Rate w.e.f. 01.09.2018 (1 year MCLR: 8.45%)
  1. SBI Car Loan
  2. NRI Car Loan
  3. Combo Loan Scheme
  4. Assured Car Loan Scheme
  5. SME Retail Car Loan Scheme (excluding Taxi, Transport Operators and fleet segments in SME)
9.40% to 9.90%
Loyalty Car Loan Scheme SBI Car Loan, NRI Car Loan and Combo Loan Scheme For Men: 1.15% above 1 year MCLR i.e. 9.80% p.a.
For Women: 1.10% above 1 year MCLR i.e. 9.75% p.a.
Certified Pre-owned Car Loan Scheme 4.65% above 1 year MCLR i.e. 13.10% p.a.
SBI Car Loan Lite
CIBIL Score Rate of Interest
>=750 3% above 2 Yr MCLR i.e. 11.55% p.a.
From 650 to 749 4% above 2 Yr MCLR i.e. 12.55% p.a.

SBI Car Loan Processing Fees

SBI CAR LOAN / SBI Combo Loan / SBI NRI Car Loan / SBI Loyalty Car Loan

  • For Loan Amount Upto Rs.6 lacs Rs.1000/- + GST
  • For Loan Amount above Rs.6 lacs Rs.1500/- + GST

SBI ASSURED CAR LOAN = Nil

Certified Pre-owned car loan

  • 0.50% of loan amount + GST
  • Min: Rs. 450.00 + GST
  • Max: Rs. 9100.00 + GST

Some Important features:

  1. Financing on ‘On-Road price’. (Including registration, insurance and extended warranty/total service package/Annual maintenance contract/cost of accessories.)
  2. No Pre-Payment Penalty or Foreclosure Charges
  3. No Advance EMI
  4. Optional SBI Life Insurance cover available
  5. Overdraft facility available
  6. No processing fee for new cars
  7. 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.

Income Criteria:

Category

Income Criteria

Max. Loan Amount

Regular employee of State / Central Government, Public Sector Undertaking, Private Company or a reputed establishment. Net Annual Income of applicant and/or co-applicant if any, together should be a minimum of Rs. 2,50,000/- 48 times of the Net Monthly Income
Professionals, self-employed, businessmen, proprietary/partnership firms who are income tax assesses. Net Profit or Gross Taxable income of Rs. 4,00,000/- p.a.
(income of co-applicant can be clubbed together)
4 times Net Profit or Gross Taxable income as per ITR after adding back depreciation and repayment of all existing loans
Person engaged in agricultural and allied activities. Net Annual income of applicant and/or co applicant together should be a minimum of Rs. 4,00,000/- 3 times of Net Annual Income

Document list for SBI car loan

To apply for SBI car loan, you must submit the following documents:

  1. Bank account statement of last six months.
  2. Two passport size photographs
  3. Copy of passport, voter ID card or PAN.
  4. Address proof
  5. Salary slip mentioning all deductions
  6. 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.
  7. 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).

Repayment
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:

SBI Home Loan
SBI Personal Loan
SBI Credit Card
SBI Business Loan
SBI Property Loan
SBI Two Wheeler Loan
SBI Education Loan
SBI Gold Loan

Source: State Bank of India Website.