SBI Car Loan Interest Rate: Features, Eligibility
SBI Car Loans: Drive Home Your Dream Car with Affordable Financing
State Bank of India (SBI) stands as the largest lender in India, providing customers with competitive car loans featuring low-interest rates and flexible repayment plans. SBI's extensive branch and ATM network enhances accessibility, ensuring a seamless car loan experience for customers.
SBI Car Loan Interest Rates:
Benefit from SBI's attractive interest rates on car loans. For new cars, the interest rate commences at 8.55% per annum, while for used cars, it starts at 11.15% per annum, marking some of the lowest rates in India.
Features of SBI Car Loan Schemes:
Explore the key features that make SBI car loans a preferred choice:
Lowest interest rates and Equated Monthly Installments (EMIs) in the market
Maximum repayment period of up to 7 years
Financing available up to 90% of the On-road Price, covering various costs
Interest calculated on the decreasing daily balance
Loans for new and used passenger cars, electric vehicles, MUVs, and SUVs
Certified Pre-Owned Car Loan Program for used vehicle purchases
No upfront EMI required
Optional SBI Life Insurance coverage
SBI Car Loan Interest Rates for 2023:
Stay informed about the SBI car loan interest rates for 2023:
SBI Car Loan, NRI Car Loan, Assured Car Loan Scheme: 8.65% to 9.45%
Certified Pre-owned Car Loan Scheme: 11.25% to 14.75%
SBI Green Car Loan: 8.60% to 9.30%
SBI Car Loan Interest Rates based on CIC Score:
CIBIL score influences SBI car loan interest rates:
CIC Score -1: 8.75% to 9.10%
CIC Score 650-699: 9.35% to 9.45%
CIC Score 700-720: 9.25% to 9.35%
CIC Score 721-756: 9.00% to 9.10%
CIC Score 775 and more: 8.65% to 8.75%
Eligibility Criteria for SBI Car Loan:
To qualify for an SBI car loan, meet these criteria:
Regular employees of Central Public Sector Enterprises with a minimum income of Rs. 3,00,000
Defense and Para Military salary individuals
Customers and Short Commissioned Officers of various Defense establishments
Self-employed professionals with an income exceeding Rs. 3,00,000
Agriculturists with an income surpassing Rs. 4,00,000
Documents Required for SBI Car Loan:
Ensure a smooth application process by providing these documents:
The last six months' bank account statement
Two passport-sized photos
Copy of passport, voter ID card, or PAN
Address verification
Salary slip with all deductions
Form 16 (Income Tax Return) for the previous two years (salaried employees) or three years (self-employed individuals)
Factors that Affect SBI Car Loan Interest Rates:
Understand the determinants of SBI car loan interest rates:
Tenure: Longer tenure results in lower interest rates
CIBIL Score: Higher scores lead to lower interest rates
Salary: A higher income can result in lower interest rates
Type of Car: The interest rate may vary based on the type of car
How to Apply for SBI Car Loan:
Apply conveniently through the official SBI website or by visiting a nearby branch.
Processing Fee for SBI Car Loan:
SBI charges a processing fee of 0.40% for new cars and 1.25% for used cars.
Conclusion:
Choose SBI for your car financing needs, benefitting from competitive interest rates and appealing features. SBI's extensive network ensures accessibility and its flexible repayment options make it a standout choice. Apply for an SBI car loan today, and turn your dream of owning a car into reality!