All you need to know about SBI Car Loans
State Bank of India or SBI is offering car loans under certain terms and conditions that are very customer friendly as well as easy. SBI Bank will ask for some simple documents from you for a car loan such as your identity proof, source of income and your credit history qualifications. If the documents provided by you match the SBI eligibility criteria then you can easily get a car loan with no hassle. SBI Bank will help you to buy your dream car by providing car loan.
SBI Car loan Overview:
Almost all SBI branches in India are offering car loans that can help you to buy your dream car. All of us want to but our own car that can drive us to any place we want. The magical journey on your own car can make your journey more interesting. However, buying a car in India is a costly proposition. Sometimes we don’t get enough money to buy our dream cars. But, SBI can help us to do that by providing car loans. SBI bank has dedicated car loan products that come with a low interest rate that we can afford easily.
SBI car loan details are mentioned below:
|Interest Rate||Men : 9.30% Women : 9.25%|
|Processing Fees||No processing fees|
|Pre Closure Charges||No Pre Closure Charges|
|Loan Tenure||1 year to 7 years|
Why Choose a SBI Car Loan?
Buying your dream car might become a great problem if you don’t have sufficient money. Choosing a SBI car loan is a great option to buy your dream car without any hassle. There are several reasons to go for a SBI car loan and it has many advantages too. First of all, cars are expensive and it is a big investment of money. Sometimes the middle class families of India cannot afford the whole amount to buy their dream cars. They have to spend all their savings at one go to buy a car but that can create many problems for them. SBI car loan can help them to buy a car by providing very less interest rate that they can afford easily. They don’t need to spend all their savings for a car purchase. Moreover, with minimal instalments they can pay back the amount to SBI bank as well. You can apply for SBI Car loan online
Secondly, if you buy a car with liquid cash then that can effect on your credit history. Credit history is very important to get a loan from banks or from any financial institutions. Buying a car is a massive purchase and that can get you on the income tax department’s radar. This purchase can effect on your CIBIL score negatively. A bad credit score will not allow you to get a loan approved in future. Hence, you can choose a SBI car loan to buy a car without affecting your credit score. SBI Car loan is the safest way to purchase a car. You can check your monthly EMIs using SBI car loan calculator.
How to apply for SBI Car loan online:
How to get a SBI car loan? Well, the process is very easy through the online portals. You can apply for a SBI car loan directly from the bank’s official website. However, there are several online portals where you can make your car loan application online without any hassle and less documentation. You will get all kind of details about your car loan on the online portals and you can also compare them online. You can choose the best car loan that suits all your requirements. These online portals are customer friendly and you will get many advantages such as:
- Comprehensive List of Car Loans
Now you can browse all the SBI car loans and get the relevant information regarding your SBI car loan at one place. You don’t need to go to the entire SBI bank’s official website. You will get the details about your SBI car loan from any online portal. The available options for SBI car loans will allow you to choose the best car loan that suits all your requirements. You will also find the relevant features and benefits of your SBI car loan from these online portals.
- Compare and Select
You will find all the SBI car loan options available for you at one place. You will be able to select the best SBI car loan for you that satisfy all your requirements as well as respect your limitations. The online portals are extremely informative and interactive. You can compare and choose the SBI best car loan from your home without any hassle.
- Check your Eligibility
An interactive and simple user interface will help you to ascertain your qualifications for a SBI car loan and gives you the best options that suit all your requirements. This can cut out the middleman that can save some money and your valuable time.
- Robust Customer Support
Do you have any query regarding your SBI car loan? Don’t worry. The online portals are offering expert and prompt customer support team to help you with your doubts and queries. If you find any kind of difficulty then you can simply contact the customer support team. They will help you to find the best SBI car loan option for you.
- 100% Free
Now you can browse and compare all the SBI car loans available at one place that is totally free of cost. Online portals are user friendly tools. They are also offering SBI Car loan EMI calculators that can help you to calculate the monthly EMIs to repay the car loan. This process is easy convenient. And the best thing about the online portal is that the process is totally free.
- Easy Application Process
Nowadays you can apply for a SBI car loan very easily through online portals. You just need to go to the online portal and find the best SBI car loan option available for you. After selecting your SBI car loan, you have to upload some essential documents to the official website. The online documentation process is taken over by the SBI bank. You can avail your SBI car loan with less paperwork and the online process is extremely easy and hassle free.
You just need to follow the below mentioned steps to apply for a SBI car loan:
- Log on to https://www.bankbazaar.com/sbi-car-loan.html
- Go to the navigational menu that is located at the top of the page
- You will find a separate loan section
- Select ‘SBI car loan’ from the drop down list
- The SBI official webpage will occur on the screen
- Select ‘SBI car loan’ option
- You will find the details and eligibility criteria for the SBI car loan
- Search and compare the different car loans and offers
- Choose the best SBI car loan option and click next
- Click on apply now to proceed with your SBI car loan application
- Now you need to submit the necessary documents online
- After submitting the documents the customer will get an E-approval
- Customer can track the status of their SBI car loan application through mail and SMS.
SBI car loan interest rates:
Before applying for a SBI car loan, you should always compare the SBI Car loan interest rates that you have to pay every month. Every SBI car loan has different features and benefits. So, you always should compare all the SBI car loans available for you and choose the best one that suits all your requirements. Here we have listed some of the SBI car loan features and SBI car loan interest rates.
|Loan Scheme Name||Time period||Interest Rates for Men (p.a.)||Interest Rates for Women (p.a.)|
|Car loan||For the full time period||9.25%||9.20%|
|Combo loan scheme||For the full time period||9.25%||9.20%|
|Certified pre-owned car loan||For the full time period||12.65%||12.65%|
|NRI Car Loan||For the full time period||9.25%||9.20%|
|SBI Assured Car||For the full time period||9.25%||9.20%|
|SBI Loyalty||NRI car loan, car loan, combo loan||9.15%||9.10%|
|Two-wheeler||For the full time period||17.25%||17.25%|
|Super Bike||For the full time period||11.65%||11.65%|
SBI Car loan eligibility:
|Minimum age||21 years|
|Maximum age||65 years|
|Employment status||Salaried or self-employed|
|Minimum income||Rs.4,00,000 per annum|
|Type of car||Old car or new car.|
|Number of years of work experience for loan applicant||Total of 3 years of experience in company or business
At least 2 years in present profession or business or position
|Value of car||This has an impact on the loan amount that will be approved and the loan interest rate.|
|Area of residence||Urban or semi-urban or rural. Your car loan interest rate will be fixed accordingly.|
|Car model||Only approved car models|
|Income eligibility proof||Form 16 or Latest salary slips|
|Insurance proof||SBI may ask you to show your car insurance policy before approving your car loan.|
|Credit report and credit score||SBI will review your credit report thoroughly to understand your previous credit behaviour. If you have a good credit score, you will be eligible for your car loan.|
|Co-applicant||If your credit score is very low, SBI may require you to have a reliable co-applicant to approve your car loan application.|
|Identity proof||To prevent any kind of fraud or theft, you will need to furnish all the necessary identity proof while applying for a SBI car loan.|
SBI Car loan EMI calculator:
There are several car loan EMI calculators available online. A SBI Car loan EMI calculator can help you to calculate the monthly EMI that you need to pay to repay the SBI loan amount. The online SBI car loan EMI calculators are very easy to use and they are easily understandable. SBI car loan EMI calculator can give you a detailed backup of your loan. It is a very useful online tool where you just need to input some details related to your SBI car loan and you will get the accurate SBI car loan EMI amount that you need to pay every month. The SBI car loan EMI calculator will ask for some details like the loan amount, processing fees and interest rate. After proving all these details you need to hit the “Calculate” Button. Now, you can get the SBI car loan EMI amount for the SBI car loan.
To calculate the SBI car loan EMI online you can follow the below mentioned steps:
- You will find a loan calculator
- Drag the pointer and select the loan amount
- Drag the pointer and select the tenure
- Key in the interest rate in percentage
- Enter the applicable processing free
- Would you like to make pre-payments? Choose ‘yes’ or ‘no’ as per your choice.
- Hit on the ‘Calculate’ button
You will get the applicable SBI car loan EMI amount for your SBI car loan on screen instantly.
Buying a car in India is a costly proposition. Before applying for a SBI car loan, you should always compare the interest rate that you have to pay every month. Every SBI car loan has different features and benefits. So, you always should compare all the SBI car loans available for you using SBI Car loan calculator and choose the best one that suits all your requirements.