India Property Guide

SBI Bank Car Loans

Getting your dream car really makes you feel happy but at times you encounter financial crunches and need to postpone your plans of buying your favorite car; but now you do not need to feel depressed anymore as with SBI car loans you can always choose to buy your preferred automobile. Being a preferred banker by every Indian SBI has lucrative loan offers which make it easier for every individual to own a car. The various loan schemes and the attractive interest rates never make you feel burdened but enjoy driving your vehicle with pride. Irrespective of the model, make or size of the car you can easily apply for the loan. There is no advancement EMI and the repayment tenure is also large thereby enabling you to repay the amount without any hassles. Low interest rates and EMIs have made it convenient for the individuals to apply for the loan. The interest is also calculated on the daily reducing balance with no pre-payment penalty. Free accidental insurance, life cover and overdraft facility are some of the exciting features provided by the bank on the car loan.


SBI Car Loan Schemes


However there are several schemes available with the bank for you to choose from in accordance with your requirement and financial standing. SBI new car loan scheme, SBI combo loan scheme, Certified pre owned car loan scheme and car loan scheme for used cars are some of the schemes which can assist you in driving home in your vehicle. You can also apply for the loan online keeping in mind the eligibility process.


Eligibility Criteria


The bank offers the loan to any individual who is between 21-65 years of age and is a regular employee of public sector undertaking, central or state government, and any private reputed firm or is a self employed professional. Person engaged in agricultural activity can also apply for this vehicle loan. The net annual income to qualify for the loan facility should be INR 2, 50,000 and above. Based on the above mentioned criterion the SBI car loans are sanctioned to an individual.


Interest Rates


The maximum limit of the loan varies depending upon the net earnings of the individual applying for the loan. The loan amount also includes the registration, insurance and one time road tax as well thereby saving you a lot of money. The SBI bank car loan rates are not only cheap but even the best in the industry. For short term loans the rate of interest is 10.25% while the floating and the fixed rates are 11% and 11.5% simultaneously. These loans are provided after you fill in the application form and submit the requisite documents to the bank for processing.


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