If you really think about it, it's easier getting a loan for a car than a loan for bus fare!

SBI Car Loan

SBI Car Loan
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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.


You’re probably eligible for an SBI Car Loan if you are

01
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SBI Car Loan Minimum Age

At least 21 years old

SBI Car Loan Maximum Age

Less than 65 years old

SBI Car Loan Eligible Employment Type

Salaried or self-employed
with regular income

SBI Car Loan Minimum Income

Earn more than the minimum
income required


Your SBI Car Loan amount eligibility is based on these factors

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SBI Car Loan Minimum Salary

Minimum income required
Rs.3,00,000 per annum

SBI Car Loan Maximum Loan to Value

Loan capped @
85% of the ex-showroom price

SBI Car Loan EMI

EMIs of other loans lower
your eligibility


Increase your eligible SBI Car Loan amount by these steps

01
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SBI Car Loan Payoff Outstanding Credit Card Bills

Pay off your credit card bills

SBI Car Loan Maximum Tenure

Choose longer tenure loan up to 7 years


Documentation needed to apply for an SBI Car Loan

  • 1. Residence proof
  • 2. Photo ID and age proof
  • 3. Signed application form with photograph
  • 4. Last 6 months bank statement
  • 5. Documentation for salaried applicants:
    • Last 3 months salary – slips
    • Form 16 or Income Tax Returns
  • 6. Documentation for self-employed applicants:

    • Last 3 years Income Tax Returns with computation of Income
    • Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account

SBI Car Loan Interest RatesUpdated on 25 May 2015

SBI Car Loan Details
Interest Rate (Monthly reducing balance) For Women-10.25%
For Men-10.30%
Processing Fees No processing charges till 30.06.2015.
Pre Closure Charges Nil
Loan Tenure 1 year to 7 years

Overview of SBI Car Loans

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.

Car Loans from SBI

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.

Why Apply for SBI Bank car loan from us?

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.

Features of SBI Car loan

As discussed above, SBI offers a huddle of features and attributes to it’s customers. Have a look below and get yourself acquainted:


  • SBI car loan provides a facility of ‘no advance EMI’ that would be helpful to the customers in those days when they would be little stuck into their finances.
  • It offers the customers a good repayment tenure of 7 years.
  • The rate of interests are very competitive and customer friendly.
  • SBI gives the package with an extremely pocket friendly EMI of Rs.1710 per lac per month for 7 years.
  • The processing fess is very less i.e. 0.51% of the loan subject to the minimum of Rs.1020 and maximum of Rs.10200.
  • It aims at providing you a car loan with minimal and easy documentation.
  • You will get a hassle free processing that is quick and transparent in nature.
  • You will get a loan amount of 85% of ‘On road price’, which will give you a relaxation on extra funding like tax and registration as ‘On road price’ includes all your registration charges, legal charges, stamp duty and taxes.
  • You will get the flexible payment options that will help you in managing your finances at the time of need.
  • You can prepay your debt at any point of time without paying any bucks as penal charges.
  • You will get the facility of overdraft that will keep you revived at the time of unfavourable situations.
  • SBI gives you an option of having an SBI life cover along with your car loan.
  • So, keep enjoying your bit and bites! Grab a fuller dose of debt that gives you much more than you are paying.

SBI Car loan Eligibility

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:

  • To avail an SBI car loan, you must be in the age bracket of 21-65 years.
  • A salaried and regular employee of a state or a central government, public sector undertakings and a private company are eligible to opt for an SBI car loan (up to 48 times of net monthly income) , provided he/she has a regular and stable income of at least Rs.3,00,000 per annum (total along with co-applicant’s salary).
  • A self-employed, professional or a partnership firm is eligible for availing a car loan from SBI (up to 4 times of Gross taxable income) , provided they have a gross taxable income of Rs.4,00,000 per annum(total along with co-applicant’s salary).
  • An agriculturist having a net annual income of Rs.4, 00,000 per annum (total along with co-applicant’s salary) is eligible to get an SBI car loan for up to 3 times of net annual income.

So, calculate your fit and press an accelerator from your feet!


News About SBI Car Loan

  • Lower Interest Rates Offered by SBI Loans

    Posted on 12th May 2015


    P.Rajendra Prasad, State Bank of India’s Regional Manager, inaugurated the bank stall at the Chekuri Gardens Home Expo. While addressing the people there, he said that SBI was at the top with respect to providing car loans and housing loans, at easy instalments and lower rates of interest. He added that women availing these loans will be entitled to 0.5 percent added discount. Indeed, this move from SBI, in light of interest rate cuts affected by RBI earlier, will sufficiently attract the undivided interest of the common Indian man, especially when it comes to popular banking products such as car loans.

  • SBI Plans to Focus More on Auto Loans

    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.

  • Car Financing Made Easy for Ola Cab Drivers

    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.

  • SBI Eases Lending Norms for Car Loans

    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.


  • SBI Car Loan Daily Installments

    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 organizes Traders Meet

    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

  • SBI Q3 Result Results Ascends to Rs.2,910 crores

    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

  • SBI Car Loan Offer:Processing Fee Waiver on Loans for New Cars

    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

  • Avail a Nissan Car with SBI Car Loan at just 10.40 percent

    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

  • SBI Brings Down The Mallet On Car Loan Defaulters

    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

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SBI Car Loan Reviews

93 % of our customers would recommend this bank. (253 out of 273) Write Review
Customer Reviews
Page 1 of 14 1 2 3 4 5
  • Validated User
    (0)

    Car loan interest rate is very good in SBI and they are very aggressive but customer support is not fair. I am getting false text regarding the payment date. My actual payment date is 28th of every month but text is showing as 20th. I escalated this to manager but he informed me to ignore the message. Also there was some confusion in fixing EMI date initially. For one and half years I am getting such text on monthly basis and this should not happen.

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    swapnil took a Car Loan from STATE BANK OF INDIA Reviewed on
  • Validated User
    (0)

    I have taken a car loan with SBI Bank. There was no special efforts which I have taken for this car loan .everything was done by the dealer he arranged everything for me. I just visited the branch and I have signed the documents. Interest rate offered by them is the best in market. Processing fee charged by them was rs 1500.

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    yatin took a Car Loan from STATE BANK OF INDIA Reviewed on
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    (0)

    I got a car loan SBI bank and the loan got disbursed within 1 week after the documentation part. It was easy to process the loan with SBI bank. They charged the interest rate as 10.4% only which is comparatively low and no processing fees was charged for the loan amount.

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    yogesh took a Car Loan from STATE BANK OF INDIA on BankBazaar.com Reviewed on
  • Validated User
    (0)

    SBI processed my car loan application without any processing fees for the loan. Within 2 days i got my vehicle after submission of the required documents. They did my emi option as per my convenient. In case if i missed my emi date they will call and inform promptly. Very good service provided by the SBI bank.

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    mukesh took a Car Loan from STATE BANK OF INDIA on BankBazaar.com Reviewed on
  • (0)

    I applied for SBI Car loan after looking into the review in bankbazaar.com. And yes needless to say, the quick process and very less paper work made the things simple. The manager was very supportive and infact helped me to know the things well and signature works. All the documents while getting signed were explained well and left the bank with satisfaction. and Yes, No Processing fee is the added advantage which saved few money. Thanks SBI

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    pawan took a Car Loan from STATE BANK OF INDIA Reviewed on
  • Validated User
    (0)

    I got a car loan from SBI long back. I used to deal with vendor. sometimes the response is not that good so that has to be improved. The interest rate is normal and processing fee is also normal. I feel that the representative should be little more polite and take suggestions from the private banks.

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    rajnish took a Car Loan from STATE BANK OF INDIA Reviewed on
  • Validated User
    (0)

    I took the car loan form SBI bank as one of my friend suggested me to go that bank. They approved my loan within 2-3 days with the 10% of the interest rate and no processing fees was been charged. There are more terms and conditions with the SBI bank to process the loan which can be reduced.

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    vinay took a Car Loan from STATE BANK OF INDIA on BankBazaar.com Reviewed on
  • Validated User
    (0)

    SBI bank offered the car loan with the very low interest rates without any processing fees. Which made me more happy. They processed the loan on the same day when they collected the documents from me. SBI bank is the best in the market to offer the loan.

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    gurmeet took a Car Loan from STATE BANK OF INDIA on BankBazaar.com Reviewed on
  • Validated User
    (0)

    I have taken a car loan with SBI. The rate of interest offered by them was 10.8% which is the best. The processing charged by them was lower in SBI. Service offered by them was very prompt. Response provided by them was really good. Within a span of 2 days of time I got the loan. They have to improvise a lot on documentation as they asked me to sign a number of documents and good if they reduce it as well.

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    ravindra took a Car Loan from STATE BANK OF INDIA on BankBazaar.com Reviewed on
  • Validated User
    (1)

    I have taken a car loan with SBI. The most exciting part about this loan is they have not charged me for the first month and its free of cost. I paid my EMI after a month only .They took about 2 days of time to provide the LOAN which is appealing. It is a fresh loan.

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    sanjeev took a Car Loan from STATE BANK OF INDIA on BankBazaar.com Reviewed on
  • Validated User
    (0)

    I have taken a car loan from SBI bank with the help of the car showroom dealer. They approved the loan with 3-4 days. They gave the best rate of interest rate for the car loan but they charged the processing fees of Rs.850 That was also low comparatively with other bank.

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    rajesh took a Car Loan from STATE BANK OF INDIA on BankBazaar.com Reviewed on
  • Validated User
    (0)

    The first best thing about SBI is the rate of interest offered by them is very low. Secondly, the processing fee charged by them is nil. There is no foreclosure charges for this car loan . Any time I can foreclose the loan after paying the 1ST EMI. I am comfortable with the EMI date and it is very much affordable.

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    ashutosh took a Car Loan from STATE BANK OF INDIA on BankBazaar.com Reviewed on
  • (0)

    The services offered by SBI car loan was quite flexible, the representative took pain to get the formalities completed and disburse the amount at the earliest as per my convienience. The online account monitoring facility and interest charged on daily balance was one good feature and no pre payment penalty . I closed my loan account by depositing amount at my own covienience and monitoring

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    abhishek took a Car Loan from STATE BANK OF INDIA Reviewed on
  • Validated User
    (0)

    My experience was good with the HDFC bank while taking the personal loan. They reverted me quickly on time for the loan process.They got my required documents and disbursed my loan within 2 days. The charges are little high but its ok while comparing with their service.

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    amit took a Car Loan from STATE BANK OF INDIA on BankBazaar.com Reviewed on
  • Validated User
    (0)

    SBI Car loan is the best as they provided an interest rate of 10.3%. There is no processing fee charged by them, of course there is no foreclosure charges which is applicable. This was taken for a period of 7 years. The executives were very co operative they came to my place to collect the documents and they also picked up certain documents directly from the showroom as well.

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    venkatesh took a Car Loan from STATE BANK OF INDIA on BankBazaar.com Reviewed on
  • Validated User
    (0)

    I had some sort of discomfort with the customer service of SBI while taking the car loan. In spite of me submitting all relevant documents to the dealer. I have been asked to visit the Branch. Frankly speaking I had submitted 3 photos and all my ID , address proof and salary proof as well to my dealer. However when I visited the Branch they advised me to submit my salary proof again as it was misplaced also they have only 2 photos of mine one was misplaced. So, I had to submit it once again at the branch to get my work done which is too much of hassle. On the other hand, I am really happy as I have got the best deal at zero percent processing fee and nil foreclose charges so I am contented with them.

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    himanshu took a Car Loan from STATE BANK OF INDIA on BankBazaar.com Reviewed on
  • Validated User
    (1)

    I took the car loan from SBI bank. They have offered me the loan amount on the road price of the vehicle.Documentation part was very easy and the half of the work was completed by the bank itself. Interest rate and the processing fees are little high comparatively with few banks. I am very much satisfied by the SBI bank as they handle the customers.

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    amit took a Car Loan from STATE BANK OF INDIA on BankBazaar.com Reviewed on
  • Validated User
    (0)

    I am holding a car loan with SBI. The rate of interest offered by them was 10.4% which is the best one they have given some preferential rate of interest. Adding up to that they have waived off my processing fee. Apart from that there is no forelcousre charges on this loan. On top of all that, they are trying to provide a preferential rate of interest to senior citizen and women. They hardly took 7 to 10 days of time to provide this loan and what more!

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    anupam took a Car Loan from STATE BANK OF INDIA on BankBazaar.com Reviewed on
  • Validated User
    (0)

    SBI Car loan process is the best . As the response provided by them was really quick. The manager their has got an empowerment to provide preferential interest rate based on which I was given the best rate. The most exciting part is they have even waived off the processing fee on that. The foreclosure charges are hardly 1% and I was told that it will be even more flexible.

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    murulidhar took a Car Loan from STATE BANK OF INDIA on BankBazaar.com Reviewed on
  • Validated User
    (0)

    I have taken a car loan with SBI. They were very quick in processing the request they took hardly 2 days of time. All most everything was ready especially my papers works so it was very easy for me to get this loan . Rate of interest offered by them was very attractive. On top of all that there is no foreclosure charges for the loan we can repay it as and when we want.

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    adarsh took a Car Loan from STATE BANK OF INDIA on BankBazaar.com Reviewed on
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