The Indian car industry has seen a rush in loads of cars that are launched in India every quarter. With the easy in availability of car loans, people are able to afford a four-wheeler without much hassle and even upgrade to a new one after a few years. This has resulted to a wide market for used car loans. And now banks and financial institutions are offering used car loans to ensure they reach to a wider consumer base.
Overview of SBI Used Car Loan
As India’s largest government bank, State bank of India offers some of the lowest interest rates to customers. It has a 20% share of the overall industry in deposits and loan among Indian business banks. Amongst the many loans offered by State Bank of India, used car loans is highly sought after, thanks to their easy repayment options and lower interest rates.
Why Pick SBI Used Car Loan?
- Flexible EMI repayment– Pay your EMI anytime during the month.
- Higher Funding– Get upto 85% funding of the total car valuation amount.
- Pre-approved loans for existing customers– Existing SBI bank customers enjoy pre-approvals and faster loan processing.
- Extended Loan Tenure– Get used car loan for upto 7 years.
- Low Interest Rates– SBI bank offers a competitive interest rate that starts at 13.10% per annum.
Benefits of Applying SBI Used Car Loan at Letzbank
- Broad Loan Range– Letzbank is a one stop shop for all financial needs. You can choose from a variety of loan offerings at one place without having to visit different bank websites.
- Compare Loans– Easily compare loans offered by different banks with the simple filter tool according to your choices and requirements.
- Service Charge Waiver– Get the service charge waived off that is applicable on all loan applications when you apply for a loan directly at Letzbank website.
- EMI calculator– Calculate your loan EMI with ease with the help of Letzbank’s EMI calculator tool that only needs the loan amount, interest rate and loan tenure to calculate the EMI for you.
- Quick Apply feature– If you are in a hurry or unsure which is the best loan choice for you, rely on Letzbank to help you choose. Simply click on the Quick Apply button and enter a few basic details and a Letzbank representative will contact you.
- E-file IT Returns– Amongst the various services offered by Letzbank, you can file your income tax returns online with a click of a button. As some loans require filing of income tax returns as a mandate, this feature comes in handy.
- Check your Credit Score online– Check your credit score before applying for a loan to know your eligibility and your credit health at Letzbank website.
- Document Locker– Document Locker is a great tool offered by Letzbank that allows you to store your important documents online with utmost security and protection. This is useful when you need to apply for different loans and services on Letzbank and you can easily submit the documents online without much hassle.
SBI Used Car Loan Eligibility
SBI bank used car loan is offered to salaried, self-employed individuals and self employed non-individuals.
SBI Bank Car Loan Interest Rates
Get loan upto Rs. 1 crore with an interest rate of 13.10% per annum only at Letzbank with a loan tenure of upto seven years.