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SBI Bank is actively involved since 1973 in non-profit activity called Community Services Banking. All their branches and administrative offices throughout the country sponsor and participate in large number of welfare activities and social causes. Their business is more than banking because they touch the lives of people anywhere in many ways. Their commitment to nation-building is complete & comprehensive. SBI provide the best car loan scheme for you. Read on to learn about the eligibility and documentation requirements for the SBI Car Loan.
At least 21 years old
Less than 65 years old
Salaried or self-employed
with regular income
Earn more than the minimum
Minimum income required
Rs.3,00,000 per annum
Loan capped @
85% of the ex-showroom price
EMIs of other loans lower
Pay off your credit card bills
Choose longer tenure loan up to 7 years
|Interest Rate (Monthly reducing balance)|| For Women-10.25%
|Processing Fees||No processing charges till 30.06.2015.|
|Pre Closure Charges||Nil|
|Loan Tenure||1 year to 7 years|
SBI as one of the leading banks in India, offers a bag full of banking products. One of it’s products known as ‘Car Loans’ is offering huge bunch of offers and features to it’s customers. These features are good enough to capture huge number of faces in SBI’s car loan family. To sum up few, lower EMI’s, easy processing, long repayment tenure and an overdraft facility has made this family grown and will keep it growing.
SBI is a pioneer in providing a corsage of attributes and features with it’s banking products. For car loans, it has exceled the expectations and has provided a new car loan scheme with an offer of an EMI just @1710 INR per lac per month for 7 years of loan tenure. This sounds to be a very lucrative offer for the customers to ride their own set of wheels with their full pocket.
There are many schemes for an SBI car loan like SBI new car loan scheme, SBI combo car loan scheme, certified pre owned car loan scheme and car loan scheme for used car. So, people have a wide range of choices to choose between any of the schemes based upon their preferences and a type of car. Along with the variety of schemes, people gets a huddle of merits like Low EMI, long tenure, overdraft facility, 85% of car finance on ‘On road price’, payment flexibility and many more. Let’s discuss all these features and merits in detail in a further section.
BankBazaar provides you a platform where you can drag down your finger to have a look into the features, eligibility criteria, documentation part and the current interest rates for the banking product with regard to it’s respective bank. For SBI car loans, you can get yourself acquainted with all the information as mentioned in the former part. Not only this, you can compare the features and the interest rates along with an EMI calculation and other sort of calculations by judicially using all the financial tools that suits to your requirement. So, this was the research and an information part of a BankBazaar’s usage guide.
For the later part i.e. ‘Application part’, BankBazaar provides you a facility of applying your car loan by just filling an application form. Once your application got submitted, our customer care executive will get in touch with you to streamline the further process. You’ll get assisted till you get your bit of loan.
Don’t worry! You are going to enter a family that will take care of you and your funds as long as you wanted to be associated with it.
As discussed above, SBI offers a huddle of features and attributes to it’s customers. Have a look below and get yourself acquainted:
Eligibility is the most important factor that is to be known as it decides on your side of a coin i.e. tails or heads. To know your side of a coin, peep below:
So, calculate your fit and press an accelerator from your feet!
Posted on 1st April 2015
In tandem with rapid growth in the auto sector, State Bank of India has decided to focus more on auto loans. The bank has also tied up with Ola cabs, and launched a special finance scheme for the latter’s cab drivers. Under this scheme the Ola cab drivers/operators (who buy new cars and operate through Ola) can pay back their car loan by making payments on the Ola platform. These drivers-cum-entrepreneurs will get to enjoy lower down payments, easier documentation and faster loan approval.
Since the last two months, SBI has approximately been funding 2000 cars a day. The bank’s auto portfolio also witnessed an 18% growth in the last three months, compared to the corresponding period in the previous year. With cars becoming a basic necessity for the common man these days, car loans, as a product, have experienced rapid growth. All the leading banks offer lucrative car loan schemes. Before applying for a car loan consider referring to a robust third party website, like bankbazaar.com to get the best deal.
Posted on 27th March 2015
State Bank of India and rapidly expanding cab company Ola have tied up to launch a car financing scheme called ‘Ola Pragati’. This scheme enables the Ola cab drivers/operators (who buy new cars and operate through Ola) to pay back their car loan by making payments on the Ola platform. The payments will be made on a daily basis. As these drivers find it difficult to make monthly repayments of their loan, the Ola Pragati scheme has been tailor-made to simplify car financing for them. The payments made by these drivers will be remitted to SBI by Ola. The daily payment system is also expected to lighten the interest burden on the borrower.
Apart from SBI, there are various other banks which offer car loans for new and pre-owned cars to salaried and self–employed individuals. The interest rates are mostly affordable. You can refer to a third party website like bankbazaar.com for a comparative study of the car loans offered by different banks.
Posted on 20th March 2015
State Bank of India, the biggest consumer lending institution in the country has relaxed eligibility norms for car loans applicants. The bank is cashing on the optimistic market sentiments buoyed by increase in car sales figures during February 2015. Car sales in India grew by 6.85% in February.
Salaried applicants with a minimum annual income of Rs.3 lakhs are now eligible to apply for a car loan with SBI. Earlier, the lower limit was Rs.4 lakhs. For self-employed & agriculturists, this figure has been lowered from Rs.6 lakhs to 4 lakhs.
By simplifying the income eligibility conditions, the bank expects to add further impetus to its loan portfolio which stood at ₹ 32,178 crore as of December 2014. Owing to spiraling defaults, the bank had raised eligibility conditions in August 2013 that included qualification limit on income.
Posted on 6th March 2015
State Bank of India, the largest Indian banking and financial services company is piloting a new model of car loan offering which allows cab drivers to borrow loans at low interest rates and payback on a daily installment basis. The standard repayment model is by means of Equated Monthly Installments(EMIs).
This arrangement is likely to add impetus to penetration of loan products further into the urban entrepreneurship space. SBI has tied up with a cab aggregator startup major in selected cities to offer car loans at nominal interest rates on a daily installment basis to drivers associated with this cab service provider. Not only does this system help the bank to mitigate risk by understanding the nuances of an emerging market, but also helps aspiring car drivers in realising their dream of becoming car owners. A win win situation.
State Bank of India has been a forerunner in providing innovative banking schemes that cater to the needs of the trading community. SBI recently conducted a traders’ meet to explain the services the bank offers to the business fraternity. The main aim of this meeting was to explain about the banking services provided by SBI exclusively for traders. SBI’s different services namely Rent Plus, Asset Backed loan for real Estate and Electronic Dealer Financing greatly benefits the traders. SBI has also been providing loans for different sections of the society at very affordable interest rates and low processing charges.
20th February 2015
State Bank of India, the country’s largest bank in terms of assets and revenues further upped the ante with a 30.24 % increase in net profit at Rs.2,910 crores during Q3(Oct - Dec 2014). Profit in Q3FY14 was Rs. 2,234 crores. The overall income at Rs 43,784 was up by 10.77 % in contrary to Rs 39,068 crore during the same quarter in the previous fiscal year.
The surge in profits was a result of boost in net interest income and fees coupled with reduction in employee costs. Operating profit stood at Rs 9,294 Crores during Q3FY15, up by 22% when compared to Rs.7,618 in the same quarter in FY14. However, this Mumbai headquartered bank failed to meet the analysts’ expectations mainly due to the spike in provision for bad loans which saw a massive increase of 26 %. The overall provision during Q3FY15 was Rs. 5,235 crores.
The Q3 results had a positive impact in the market with values of SBI shares heading northwards immediately after the Q3 results were published by the bank, bringing smiles to thousands of investors.
18th February 2015
To encourage car loans at the start of 2015, SBI has announced waiver of processing fees under its ‘New Car Loan scheme’ and ‘Combo Loan Scheme’. This promotional offer is applicable until 31st March 2015.
Under normal circumstances, a processing fee of 0.51% on the total loan amount is charged, subject to a minimum of Rs.1,020 and a maximum of Rs.10,200. Interest rates offered by SBI on the two abovementioned loans stand at 10.40% for women and 10.45% for men.
This fee waiver does not apply on loans for pre-owned or used cars. Under the schemes ‘Certified Pre-Owned Car Loan’ and ‘Used Vehicles’, a processing fee of 0.51% of the total loan amount is applicable. Interest rates on these schemes vary between 16% and 17.5%.
19th January 2015
Now you can easily avail your favourite Nissan car with State Bank of India car loan. With both of them tied up for the car loan scheme, Nissan will have a wider reach with SBI’s 15,000 plus branches across anywhere in India.
The Managing Director, Nissan Motor, Arun Malhotra, India said that this is keeping in view the long term commitment of Nissan in India and making their products more reachable to the Indians. The new scheme will benefit both the Nissan and Datsun brands thanks to the wide range of car loan options from SBI to suit one and all.
On the other hand, SBI’s Anuradha Rao said that SBI too is happy to be a part of this partnership and attractive car loan scheme. It will be available across all 15,000 plus branches in India. The Nissan SBI car loan scheme will have a repayment tenure of 7 years and they have the one and only unique feature of Term Loan or as Overdraft. You can avail the car loan at 10.40% p.a for women and 10.45% p.a for men and there will be no processing charges.
9th December 2014
In a move to reduce NPAs on its car loan portfolio, SBI recently announced measures to seize and auction defaulters’ cars. This has come off the back of a 1% increase in bad auto loans over the period June FY14 to June FY15.
SBI’s focus on its retail loan portfolio is a bid to ride over the recent slump in corporate credit due to an economic downturn over the past years.
Hoping to profit by bucking the trend of increased car loans over the last year, SBI aims to make most of its recoveries from its ‘self-employed’-borrowers segment whose repayment abilities have also been adversely affected in line with the economic slowdown.
No longer will auto-loan customers be able to win their way back into SBI’s favour by making up for pending installments. Cars will now be seized and auctioned off if the entire loan amount is not repaid within 7 days of receiving the first-default notice.
To drive the point home, so to speak, SBI has already identified 500 cars for seizure in Hyderabad alone. With many more on the anvil, it is time for auto-loan customers to sit up and take notice before they find themselves under SBI’s radar, or worse still, its auction mallet.
23rd September 2014