If you are looking to take a car loan then State Bank of India (SBI) could be an option worth considering as the bank is offering cheaper rates, the lender claimed in a statement.
The bank’s offerings include regular car loan, certified pre-owned car loan, SBI loyalty car loan for existing home loan borrowers, assured car loan scheme for existing term-deposit customers, and green car loan for electric cars.
Besides lower interest rates, the bank claims to offer zero processing fees, and financing on ‘on-road price', on-road price includes registration and insurance.
SBI offers car loan at an effective rate of 7.75 percent per annum and a customer can get a special interest concession of 25 basis points on applying through YONO.
Here's how to apply for the SBI car loans:
To apply for a car loan, the customers can visit the lender's website-- sbi.co.in
Step 2: The loan seeker has to click on 'personal banking' tab
Step 3: Then from the drop-down in ‘loan’ option, he/she has to click on ‘auto loan'
The loan tenure varies between three years and seven years. According to a statement issued by SBI on Thursday, the bank’s auto loan market share is at 31.11 percent.
To be eligible for the loans, the person should be between 21 and 67 years of age. Regular employees of central public sector enterprises, defense, paramilitary and short service commissioned officers, self-employed, companies and professionals can apply for the loans. Net profit/gross taxable income of self or co-applicant should be at least Rs 3, 00,000 per year, the bank said.
According to the bank, the maximum loan amount can be 48 times the net monthly income. The maximum loan amount can be four times net profit or gross taxable income as per ITR after adding back depreciation and repayment of all existing loans.
The loan seeker should keep relevant documents ready for availing of the loans.
(Edited by : Anshul)
First Published: IST