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SBI offers car loans at one of the lowest interest rates on the market starting from 10.45%. SBI also offers a long repayment tenure of 7 years. Get financing up to 90% of the on-road price of the vehicle. Check your eligibility and apply now.
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If you have had a wish to buy a car and you’ve always put in on the backburner – well now it’s time to take the plunge. Owning a car is about convenience and comfort to move around to different places. There are several car loans available in the market with competitive interest rates, EMIs and tenures. So how do you decide which one to choose? Well, it’s simple. The State Bank of India (SBI) offers you the best deal for financing your new car – the lowest interest rates, lowest EMI and an easy application process. It is considered to be one of the best car loans in India.
Lowest Interest Rates and EMI: SBI car loans have both fixed as well as flexible rates. The rates in the year 2018 range between 10.40% and 10.45%.
Longest Repayment Tenure: SBI bank offers the longest car loan repayment period of 7 years or 84 months. This means that there are smaller EMIs that need to be paid every month.
Financing on ‘On-Road price': The loan for on-road prices which include registration, insurance and extended warranty, total service package and annual maintenance contract and cost of accessories.
No Pre-Payment Penalty or Foreclosure Charges
No Advance EMI: Car loans provided by SBI come with hassle free options. The applicant does not have to pay an advanced EMI at the time of taking SBI car loan. Further, they even get the option to pay off their EMIs at any time during the month.
Reimburse Finance for the Cars: SBI car loans reimburse finance for the cars purchased out of the customer’s own funds at rate of interest applicable to new car financing. Also, please note that the car should not be more than 3 month old.
Eligibility for SBI Car Loans
Age: The individual’s age should be between 21 to 65 years old.
Applicants who are Agriculturalists:
Person Engaged in Agricultural Activities
SBI provides the best car loan scheme to take a loan purchase of certified pre-owned cars which are not more than 5 years old.
Benefits of SBI Car Loans for Pre-Owned Cars
1. What types of four wheelers can be purchased using State Bank of India’s car loan?
The types of four wheelers that can be purchased using SBI car loans are new passenger cars, Multi Utility Vehicles (MUVs) and SUVs.
2. What is the tenure for a car loan of SBI Car Loan?
State Bank of India offers car loans 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 for loan borrowers.
3. What is the Car Loan Disbursement conditions set by the State Bank of India?
State Bank of India disburses car loans only on the following conditions:
4. What are the processing fees or other charges deducted by State Bank of India on car loan?
The processing fee for State Bank of India car loans is charged as specified below:
State Bank of India does not charge a car loan pre-payment penalty.
5. Does State Bank of India offer the option of life insurance along with the car loan?
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.
6. Who can be a guarantor under SBI NRI Car Loan Scheme?
To stand guarantee for the loan, a guarantor has to be Indian Resident, and should be a relative to the NRI, such as:
A guarantor can be any individual such as:
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