SBI provides you with the best deal for financing your new vehicle, with the lowest interest rates, smallest EMIs, least paperwork, and quickest disbursement. As a result, you won't have to wait as long for your loan to be approved. There are some considerations to make, such as whether to purchase a new or used vehicle, as interest rates differ between the two.
TYPES OF CAR LOAN SCHEMES OF SBI
|
SBI New Car Loan Scheme
|
For new vehicles, financing up to 90% of the on-road price is available. New passenger cars, multi-utility vehicles (MUVs), and SUVs have a repayment period of up to 7 years.
|
|
Certified Pre Owned Car Loan
|
At a 20% margin, you can get a loan sum ranging from Rs.3 lakh to Rs.10 lakh.
|
|
SBI Loyalty Car Loan Scheme
|
Get up to 100% on-road price, with the maximum loan amount calculated on 75% of the current market value of the home property minus the current outstanding balance. Existing home loan borrowers are not eligible for the programme.
|
|
SBI Assured Car Loan Scheme
|
This scheme is available to existing term deposit customers and includes a 100 percent fixed deposit for the on-road price, with a maximum loan amount of Rs.2 lakh and a repayment period of 3-7 years.
|
|
SBI Car Loan Lite Scheme
|
This programme is designed for professionals and self-employed/business owners who do not have evidence of income. The loan's LTV is 25% of the on-road price with a maximum of 75% of the on-road price. The loan has a cumulative loan amount of Rs.4 lakh and a repayment period of up to 5 years.
|
|
Green Car Loan: For Electric Cars
|
This scheme has a repayment period of 3 to 8 years. A 20 basis point discount on interest rates is available to all consumers. Up to 90% of the on-road price may be financed.
|
INTEREST RATES OF SBI CAR LOANS
The rates listed below are effective as of June 10, 2020, with a 1-year MCLR of 7%.
|
Car Loan Scheme
|
Interest Rate (p.a.)
|
|
i) SBI Car Loan
ii) NRI Car Loan
iii) Assured Car Loan Scheme
|
From 7.75% to 8.45%
|
|
Loyalty Car Loan Scheme
|
SBI Car Loan, NRI Car Loan
|
From 7.70% to 8.40 % (CIC Based rates are applicable)
|
|
Certified Pre-owned Car Loan Scheme
|
Men: 2.25% above 1 year MCLR i.e. 9.25% p.a.
For Women: 2.20% above 1 year MCLR i.e. 9.20% p.a.
|
|
Certified Pre-owned Car Loan Scheme
|
From 9.50% to 10.50% (CIC-based rates are applicable)
|
|
SBI Car Loan Lite
|
|
CIBIL Score
|
Rate of Interest
|
|
>=757
|
3.00% above 2 Yr MCLR i.e. 10.20% p.a.
|
|
From 689 to 756
|
4.00% above 2 Yr MCLR i.e. 11.20% p.a.
|
|
SBI CAR LOAN ELIGIBILITY
The table below shows the different eligibility requirements for obtaining a vehicle loan.
|
ELIGIBILITY CRITERIA
|
ELIGIBILITY DETAILS
|
|
Age
|
21 years - 65 years
|
|
Minimum Annual Income
|
Salaried: ₹ 0.01 Lakh Lakhs.
Self Employed Professionals: ₹ 4 Lakhs.
Self Employed Businessmen: ₹ 4 Lakhs
|
|
Minimum Credit Score
|
700 and above.
|
|
Loan Tenure
|
7 years.
|
|
Loan to Value Ratio
|
85% of on-road price.
|
SBI AUTO LOAN FEE AND CHARGES
- Foreclosure Charges: If you want to pay off your whole loan before the end of the term, you'll have to pay these fees. After paying one EMI, SBI makes prepayment of a vehicle loan with no penalty.
- Processing Fee: A processing fee of 0.20 percent of the loan amount is requested by SBI. With applicable service tax, the minimum is ₹500 and the maximum is ₹ 3,750.
