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SBI Car Loan Interest Rates, Eligibility in December 2019

SBI Car Loan Interest Rates, Eligibility in December 2019

SBI Car Loan Interest Rates in December 2019. Review SBI Car Loan Eligibility, EMI Scheme, Processing Fees with Part Payment, Foreclosure with Documents for Online Finance Application

 

SBI Cut Car Loan Interest Rates in December 2019 

State Bank Car Loans comes with Trust and low Interest Rate Factor. Unlike Private Sector Banks which offer loans with High Foreclosure Charges and differential rates basis Vehicle Models

SBI Cut Interest Rates on Auto Loan effective 9th December 2019 by 10 bps and is very competitive with Extended Tenor and On Road Finance.

SBI Car Loan Offer Scheme on New Cars - December 2019

  • SBI Car Loan Interest Rates: SBI Car Loan Interest Rates @ 8.5% - 9.1% (if applying through SBI Yono or website) else 8.75% - 9.35% (varies based on CIBIL) for Self Employed and Salaried Customers
  • Loan Tenure: Finance available for maximum 90% On Road Finance for upto 7 Year Loan Tenure 
  • Loan Tyre: Fixed Interest Rate
  • Loan Processing Fees: 100% Waiver on Processing Fees till 31st December 2019 for all New Car Loan Disbursement
  • Lowest Car Loan EMI : Rs 2052 per Lakh EMI (for 5 year through SBI Yono app) or Rs 1589 per Lakh EMI for 7 Years. Sample EMI: Rs 6 Lakh Rs loan for 7 Years - your EMI will be just Rs 9532 pm (having CIBIL above 750 if applied through Yono)
SBI Car Loan  SBI Car Loan Interest Rate in December 2019 through Yono app SBI Car Loan Interest Rate in December 2019 through Other Channels
Interest Rate (where CIBIL Score > 750 8.5% (3 to 5 year) / 8.6% (6 year & 7 year) 8.75%  (3 to 5 year) / 8.85% (6 year & 7 year)
Interest Rate (where CIBIL Score is 700 - 749) 8.75% (3 to 5 year) / 8.85% (6 year & 7 year) 9% (3 to 5 year) / 9.1% (6 year & 7 year)
 Interest Rate (where CIBIL Score is 650 - 699) 9% (3 to 5 Year) / 9.1% (6 year & 7 year) 9.25%  (3 to 5 Year) / 9.35% (76 year & 7 year)
Processing Fees  NIL (till 31st December 2019) NIL (till 31st December 2019)

Note - Anything Less than 650 CIBIL Score is a low CIBIL Score. Although Financing Possible, but may need specific clarification from Bank 


SBI Car Loan Foreclosure, Part Payment and Other Terms

  • Zero Foreclosure charges after 2 Years. Yes if you decided to foreclose loan after 2 Years then no Prepayment charges will be deducted.
  • Interest Rates Remains same Across all Loan Tenure i.e Even for Short Tenure Loans for 1 year or 2 year - Loan Rate remains same 
  • No Part Pre Payment Charges for loan seasoning beyond 2 Years. No Foreclosure Charges in event of Loan Termination after 2 Years
  • In case of Part Payment - Interest Calculated on Daily Reducing Balance. Thus - even Mid Month Part Payment will help you lowering Tenure or Interest Rate
  • Interest Rates remains same from Maruti Alto to Audi A8 or even higher to Aston Martin. No Differential on Interest rate basis car model, profile or occupation 

SBI Car Loan Rates are considered the benchmark for Finance sector and comes with Zero Prepayment and Flexible On Road Funding and extended tenor of 8 yrs increases affordability too.

 

SBI Car Loan Scheme Eligibility Norms

» Salaried - Net Annual Income of Rs 3 Lakh p.a. of Applicant. If not, then a working immediate blood relation (spouse, brother, parents) can be taken as co-applicant then Clubbed Income can be taken as 3 Lakh

» Self Employed - Net Profit or Gross Taxable Income of Rs 4 Lakh as per Latest year ITR

» Last 2 Year Form 16 (Salaried) / Last 3 Year ITR with Computation (Self Employed)

» Minimum 6 Month Bank Account Statement of Salary Account / 6 month of Bank Account Statement for Business Current Account

» For Used Car - SBI offers finance for maximum 5 year Old Cars. Also the loan Offered will be based on formula of (Maximum 8 yrs - Existing Ageing of Old Car). For Instance if looking for finance on 2011 December Honda City - Bank will finance for maximum 36 months. Used Car Loan Interest Rates varies from 11% to 12%

Calculate - SBI Loan Eligibility

Maximum Amount Financed: Upto 85% Finance of On Road Price (Ex-showroom Price + RTO Road Tax + Insurance).

 

Documents Required for SBI Car Loan

Apart from Loan Application Form - Photocopies needs to be submitted of below documents (Originals must be taken along - so that Photocopies can be verified by Bank Official before accepting submission)

KYC & Financial Documents Salaried Self Employed
ID Proof PAN Card + 2 Passport Size Photos PAN Card + 2 Passport Size Photos
Residence Address Proof (Either of documents) Passport, Election Card, Aadhar ID, Nationalized Bank Account Statement, Post Paid Telephone Bill of BSNL/MTNL, Utility Electricity or Water Bill. If rented - additionally - Permanent Address Proof copy required Passport, Election Card, Aadhar ID, Nationalized Bank Account Statement, Post Paid Telephone Bill of BSNL/MTNL, Utility Electricity or Water Bill. If rented - additional Permanent Address Proof copy required
Office Address Proof Office ID Card or Office Address as per Self declaration in Application Form VAT (Sales Tax Certificate) / Shop Establishment / Service Tax
     
Income Proof Latest Salary Slip or Form 16 or Latest 2 yr ITR Latest 2 Year ITR with Computation. Audited P&L, Balance Sheet for 2 years
     
Banking 6 Month Salary A/c Statement 6 Month Business Current A/c Statement (Main A/c which has Inflow and Outflow of Payment)

  

Loan Scheme on Used Cars - 2019

» SBI Car Loan on Certified Used Cars:  11% to 12%

» SBI Car Loan Interest Rates on Used Cars (Direct Sale - Purchase) : Not Available. SBI only Financing Used Cars bought from Certified Used Car Dealers from Manufacturers

» Additional Processing Fees : Rs 1000 (if Loan upto 6 Lakh) / Rs 1500 (if Loan above 6 Lakh). Additional 18% GST

Other Features

» Interest Rates Remains same Across all Loan Tenure i.e Even for Short Tenure Loans for 1 year or 2 year - Loan Rate remains same 

New Cars

Check Prices with Complete Features

Make
Model

» No Part Pre Payment Charges for loan seasoning beyond 6 months. No Foreclosure Charges in event of Loan Termination after 6 months

» In case of Part Payment - Interest Calculated on Daily Reducing Balance. Thus - even Mid Month Part Payment will help you lowering Tenure or Interest Rate

» Based on Floating Interest Rate - where Future Rates will be linked to MCLR Rate. Thus - if Interest rates go down in future - your tenure will be reduced or last EMI will be lower

» Interest Rates remains same from Alto to Audi A8 or even higher to Aston Martin. No Differential on Interest rate basis car model, profile or occupation 

SBI Car Loan Rates are considered the benchmark for Finance sector and comes with Zero Prepayment and Flexible On Road Funding and extended tenor of 7 yrs increases affordability too.

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Important: If you seek advise or recommendation, pls raise query in Car Forum instead of posting in comments

 

Comments 1

Guest - Devender on Saturday, 13 October 2018 18:38

Hi Sir , we have purchased a new Swift car in 2015 from CSD , but accidently is was fully damaged within 6 months , can we now get the new car from CSD .

Hi Sir , we have purchased a new Swift car in 2015 from CSD , but accidently is was fully damaged within 6 months , can we now get the new car from CSD .
Guest
Sunday, 15 December 2019

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