Facts about SBI Car Loan
SBI, being one of the most significant banking institutions in India, has an exclusive administrative structure for overseeing the huge network of branches located in the country. The corporate centre of the bank is located in Mumbai, along with 14 different local head offices that are spread throughout the nation. Just like all the other money making instruments offered by the bank, the SBI car loan, too, has proved to be a huge hit in the country. SBI car loans are convenient, flexible and easy to acquire. To put it simply, the State Bank of India has made everything simple when it comes to buying one’s dream car.
The SBI car loan scheme has been specifically designed to help you in buying a nice vehicle for fulfilling your lifelong dream and transportation requirements. The bank even maintains complete transparency, in addition to offering you a loan advance that covers accessories, one-time road tax, and insurance and registration charges. You could even take up a used car loan through State bank of India if you’re keen to purchase an old car. However, the rates for such a car loan scheme differ and you will have to talk to the bank authorities regarding the same.
The SBI car loan rates
- 10.95% for New cars
- 10.95% per annum NRI Car Loans
- 17.25% to 17.50% for Used cars
Eligibility
- The maximum age – 60 years
- Minimum of 1 year of existence for proprietors
- Minimum income of Rupees 1 lakh for last 2 years
- Minimum amount of turnover of Rupees 5 lakh for proprietorship
Benefits of SBI car loan
- Lower rates of interest
- Longer repayment tenure of up to 84 months
- No administrative or hidden costs
- Finance for registration fee, one-time road tax and accessories
- No advance EMIs and so a lot of money can be saved
- Absolute transparency in the proceedings. The interest is levied on the basis of daily reducing balance method. As soon as you pay your first installment, the interest gets automatically assessed on the reduced amount. The interest is an integral part of a loan; and with SBI car loans, you don’t have to worry about the rising interest rates because the rates remain constant.
- There is no upper limit on the loan amount which you could take here.
The Documents Required
For being able to apply for an SBI car loan, you need to submit certain crucial documents and they are:
- Official address proof
- Statement of Bank account
- 2 passport size photographs
- Signature identification
- Passport/voters ID card/PAN card.
- Latest salary-slip
- I.T. Returns and Form 16
- Overdraft facility available
- No pre-payment penalty
Certain charges and fees are also charged by the bank and you must ensure that you research well about them beforehand so that you’re able to save some money. The processing charges can be pretty high and so you must negotiate the cost with the bank. SBI car loans have been in the industry for quite some time now and doing a little bit of research you can easily secure a decent loan for buying a nice car.
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