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SBI Car Loan

SBI Car Loan is what you need to fulfill your dream of driving a brand new car without facing financial difficulties. State Bank of India car loans come with low interest rates and easy repayment options. SBI auto loan scheme can be obtained by dealing with one of the personal banking branches of the bank. SBI is the largest bank in India with over 6000 branches operating in various regions of the country. A borrower can apply for a car loan from State Bank to buy a new car, a jeep, Multi Utility Vehicle or an SUV of any model. Borrowers can also purchase a used car, jeep, MUV or SUV (should be below 5 years old) by using the SBI bank car loan.

SBI Bank brings a number of benefits and excellent services with their auto loan programs. Car loans of SBI are available in Bangalore, Chennai, Pune, Hyderabad, Delhi, Mumbai, Kolkata, and various other states and cities of India. A comparison between similar car loan schemes of SBI and other banks shows that SBI Bank offers:
  • Lowest possible car loan rate
  • Extended repayment period of up to 84 months
  • No administrative charges or hidden costs
  • Comprehensive finance for one-time road tax, insurance premium, registration fee and charges for accessories
  • No advance EMI payments
  • Complete Transparency

SBI Car Loan Calculator

It is very important for the borrowers to have some understanding of their EMI or the Equated Monthly Installments that they will have to pay every month with their auto loan. SBI car loan EMI calculator is an effective tool that can help a user to calculate the EMI of a particular car loan amount, repayment term and interest rate. Borrowers can also use the car loan eligibility calculator and the interest rate calculator to get some prior understanding before availing any car loan term. It is advisable for the borrowers to clearly understand the SBI car loan terms and conditions before applying for any loan program.

SBI Car Loan Eligibility

There is several eligibility conditions that borrowers are required to fulfill in order to get approval for an auto loan from State Bank of India. The following are some eligibility criteria;
  • Borrowers should be within the age of 21 to 65 years
  • He or she should be a permanent employee of Central or State Government, Private company, Public Sector Undertaking or a reputed establishment or
  • Professionals or self employed who is an income tax assessee, or
  • Someone engaged in agriculture or allied activities
  • An individual earning a net annual income of Rs. 100,000 and above.
SBI Bank has no upper limit for auto loan amount. Eligible borrowers can sanction a maximum car loan amount of 2.5 times of their net annual income. Borrowers are required to submit some essential documents with their application form such as;
  • Bank account statement for last 12 months
  • Two passport size photographs
  • Copy of passport/PAN card/ voters ID card
  • Residence proof
  • Latest salary slip
  • Official address proof for non-salaried individuals
  • IT Returns/Form
State Bank charges a car loan prepayment fee of 2% of the loan amount depending on certain conditions. A processing fee of 0.5% of the total loan is to be paid upfront. For more details on SBI car loan status, customer care number, auto loan agents, loan application status, loan enquiry, helpline, and payment process, kindly visit the website of the bank.
SBI offers a wide range of personal finance including car loans for eligible borrowers. Check whether you would be eligible for the loan term or not.



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