SBI Car Loan
Getting a SBI car loan has become a much simpler and quicker process thanks to revolutionary use of technology in banking such as online applications and e-approval process. Amongst the various banks that offer car loan services, the most trusted and relied bank is perhaps the State Bank of India.
State Bank of India (SBI) is a public sector bank that is completely owned by the government of India and is head quartered in Mumbai, Maharashtra. It serves not only Indian cities but now has a global presence worldwide. With over 16,000 branches all over India that covers not only the major cities but rural and semi-urban parts of the country as well, SBI has a wide network presence. In 2014, SBI was ranked as the Top Bank of India by The Banker magazine.
Overview Of SBI Bank Car Loan
One of the oldest banks in India, State Bank of India (SBI), provides financial services not only to Indian residents but also to Non-Resident Indians (NRIs) all around the world. With time, SBI has grown to be a people friendly government bank that helps its consumers with all kinds of financial assistance. SBI Car loan offers attractive schemes and offers and a comparatively low interest rate, which is why it is one of the most preferred financier for the common man.
Why to Pick SBI Bank Car Loan?
SBI is a government bank and there are a number of positive reasons why availing car loan from SBI is a great choice:
- Overdraft Facility – With the SBI car loan overdraft facility, you can avail a car loan with an overdraft facility.
- Wide Variety of Car Options – SBI car loan helps you get your dream car financed, quite literally. The loan sanctioning is available for a huge variety of cars such as multi utility vehicles, SUVs and luxury cars.
- Best Interest Rates – SBI car loan offers the lowest interest rates in the market and the interest rate is calculated on daily reducing balance method.
- No advance EMI required – SBI offers car loans with the lowest EMI and there is also no need to pay any advance EMI as practiced by other banks.
- Pay EMI any time during the month.
Features of SBI Bank Car Loan
SBI Bank Car Loan offers a variety of features and benefits:
- Loan tenure up to 7 years with the chance to avail SBI life insurance.
- No penalties if you prepay your loan or any kind of foreclosure charges.
- Get the lowest EMI possible with SBI car loan and there is also no need to pay any advance EMI. You also get the flexibility to pay your monthly EMI at any time during the month.
- You get an overdraft facility with SBI car loan that allows you to reap maximum benefits out of your loan.
- Your car gets financed on the on-road price that includes important costs such as registration, insurance and extended warranty, accessories cost, etc.
Benefits of Applying SBI Bank Car Loan on Letzbank
Our objective at Letzbank is merely to help consumers find the right loan according to their requirements. We make the process of searching for your loan choice by providing detailed information of all competitive banks offering loans, so that you can compare amongst them and make a wise decision. We take the hassle of contacting each bank for quotes by allowing you to check it all in one place. At our website you can get access to Instant Quotes within a matter of seconds. We also apply the loan application on your behalf, thereby making the process simpler and quicker. And all of this is completely free of charge.
SBI Bank Car Loan Eligibility
The eligibility to avail SBI Bank Car Loan and the documents required is as follows:
For Salaried Individuals
- Minimum age -21 years
- Maximum age -65 years
- Minimum annual income -Rs. 3 lakhs
- Proof of Identity -Pan Card, Passport, Voter ID, Driving License.
- Proof of Income -Latest salary slip or latest Form 16.
- Residence Proof -Driving License, Ration Card, Voter ID, Passport copy, Telephone bill, Electricity bill, Life Insurance policy (copy of any one of these).
- Bank statement of salaried account for the last 6 months.
- Income Tax Returns or Form 16 (for the last two years).
For Self Employed Individuals
- Minimum age -21 years
- Maximum age -65 years
- Minimum annual income -Rs. 4 lakhs
- Proof of Identity -Pan Card, passport copy, Voter ID, Driving License.
- Proof of Income–Income Tax Return of last 2 financial years.
- Income Tax Returns or Form 16 of the last 2 years.
- Address Proof -Driving License, Ration Card, Voter ID, Passport copy, Telephone bill, Electricity bill, Life Insurance policy (copy of any one of these).
- Last 6 months Bank statements.
- Any one of these -Audited balance sheet, Profit & Loss statement for 2 years, certificate of shop & establishment act, sales tax certificate, registered certificate of SSI, partnership copy.
SBI Bank Car Loan Interest Rates
SBI Bank Car Loan interest rates are calculated on a daily reducing balance method. The interest rate for women is 9.75% and for men is 9.80%.
SBI Bank Car Loan EMI Calculator
You can calculate your monthly EMI by using Letzbank EMI calculator. Click on Letzbank for car loan EMI calculator and just provide us your desired loan amount, the loan time period and the rate of interest. Once you input these details, Letzbank EMI calculator takes just a few seconds to calculate the monthly EMI amount.