Information About State Bank Of India

Hii sir, I Wants to get the Information About the Car Loan of the State Bank of India Will you Please Provide It ?

[pawan]

State Bank of India provides car loans to every segment of the population namely salaried professionals, self-employed professionals, partnership firms and agriculturists. SBI Car Loans are provided for multi utility vehicles, new passenger cars and SUVs. With such a wide variety of options, the SBI car loan scheme becomes a natural choice for an applicant wanting to buy a car of his/her choice.

Feature :

The State Bank of India car loan comes with no hassles regarding EMIs and gives a customer the lowest EMI payment option possible.

The added advantage is that a customer does not have to pay any advanced EMI while availing a SBI car loan. Customers also have the flexibility of opting to pay their EMIs at any time during the month.

The interest rate is calculated for a borrower based on the daily reducing balance.
SBI offers the longest repayment tenure with customers selecting periods of up to seven years (84 months) for repayment of their car loans.

State Bank of India does not charge any penalty for pre closure of a car loan.
The bank charges a processing fee of 0.51% of the loan amount, with a minimum requirement of Rs 1020/- up to a maximum of Rs 10200/-.

Customers availing a SBI car loan can also enjoy the benefit of an additional SBI life insurance cover.

The loan margin allowed by SBI for borrowers with a net annual income of up to Rs 10 lakhs is 15% of the on-road price of the car. For customers with a net annual income of more than Rs 10 lakhs, the loan margin is around 15% on the ex-showroom price or 20% on the on-road price of the car.

Interest Rates

SBI Car Loan Details
Interest Rate Men : 9.25% Women : 9.20%

Loan Tenure 1 year to 7 years

Eligibility Criteria

SBI car loans can be easily availed by individuals above the legal age of 21 up to an age of 65 years.

Salaried professionals can apply as a single applicant or as co-applicants with a combined net annual income of Rs 3, 00,000/-. State and Central Government employees, Public Sector and Private sector employees qualify as salaried professionals for SBI car loans

. The loan amount that will be sanctioned for a salaried employee will be 48 times more than the net monthly income.

Self-employed businessmen, proprietary or partnership firms with a net profit or gross taxable income of Rs. 4, 00,000/- per annum are also eligible to apply for a SBI car loan

For more information you may Contact to the Nearesr branch of the State Bank of India