If you really think about it, it's easier getting a loan for a car than a loan for bus fare!
Owning a car of one’s choice is a dream come true for most consumers. Nowadays, there is easy access to funding as banks offer loans to purchase new and used cars. With over 200 years of experience in the banking and financial services, State Bank of India (SBI) is the largest public sector commercial bank in India.
SBI is one of the leading banks in India, offering various products ranging from insurance to loans at competitive interest rates and flexible loan tenure. When it comes to auto loans, State Bank of India offers different types of car loans - New Car Loan, Pre-owned Car Loan, Combo Loan, NRI Car Loan, Loyalty Car Loan, etc. to meet the varying needs of its customers.
State Bank of India offers car loans to applicants with a good credit score, steady income, and a stable occupation. Anyone from the age of 21 to 65 years old can apply for a car loan at State Bank of India - salaried employees, self-employed persons, partnership firms, agriculturists, etc. SBI Car loans can be used to purchase most makes and models of vehicles available on the Indian market. Those who prefer to take long drives on the weekend on rugged terrains or go on a cross-country road trip can opt for SUVs. Those who have children can purchase passenger cars and MUVs for a safe drive to the school and back every day.
At State Bank of India, customers can get a maximum car loan of up to 85% of the on-road price of a new car. Interest rate for SBI New Car Loan starts from 8.70% to 9.20% p.a. In the case of an Used Car Loan, the interest rate is much higher in comparison to New Car Loan. For Loyalty Car Loan Schemes, the interest rate for men is 9.10% p.a. whereas for women, it is 9.05% p.a. The interest rate for Certified Pre-Owned Car Loan is 12.60% p.a. The loan tenure of a SBI car loan is up to 84 months i.e. 7 years, which is the longest tenure for car loans in the industry. Car loan interest rates are calculated based on whether the car is new or used, loan tenure, the type of car loan scheme, and the eligibility criteria of the applicant.
A potential customer can check his or her loan eligibility using the car loan eligibility calculator on a third-party website or the bank website. It is wise to know one's car loan eligibility before applying for the loan in order to avoid rejection. Whether it is personal loan or car loan, any type of loan rejection will negatively affect an individual’s credit score. The different types of car loans offered by State Bank of India are:
Banks charge a small processing fee which is a fixed percentage of the principal loan amount to process the car loan. Fortunately, State Bank of India doesn't charge a processing fee for New Car Loan, Combo Loan, NRI Car Loan, and Loyalty Car Loan as of now. For certified pre-owned car loan, there is a 0.50% of the loan amount + GST charged as processing fee, subject to minimum Rs.450 + GST to maximum Rs.17,800 + GST. Apply for SBI car loans online to get better deals. However, before applying for a car loan, it is important to compare various deals on offer in order to choose the one that best serves your financial needs. Third-party comparison websites make car loan comparison easy and simple to perform with just a few clicks of the mouse. You can also get an instant quote on your chosen car loan offer.
Struggling to find the best Car Loan? We Can Help: Check SBI Car Loan
Use SBI car loan EMI calculator to find out the monthly cost of your loan. Just enter the loan amount, loan tenure, interest rate, and processing fee in the tool. You will get an amortisation table with details such as equated monthly installments, interest payable, and outstanding principal amount after each EMI payment for the loan period. Car loan EMI shouldn’t exceed 50% of the individual’s salary. It is advisable to maintain a low debt-to-income ratio so as not to default on the loan payment.
To avoid rejection, ensure to submit valid supporting documents such as ID proof (Voter's ID, PAN card or Passport), address proof (Driving License or utility bills), age proof (birth certificate), income proof (the latest salary slip, last 6 months bank statement, and IT returns) and recently taken passport-size photographs along with the duly-filled and signed application form. The supporting documents should match the information provided on the loan application form. SBI car loan application form can be downloaded from the bank website or obtained in person from the nearest bank (SBI) branch. SBI branches in different cities or states can be located using the online branch locator tool.
In addition to applying for a car loan online, you can also check the status of your loan application on the website. Nowadays, with the advent of technology, everything is available at the tip of your fingers. It’s no wonder that the banking sector has taken advantage of the latest technologies to provide better access to financial services and products to its customers.
As one of the top most lenders in the country, State Bank of India provides its customers the facility to keep track of their car loan status online. This online facility makes it easier for applicants to check their car loan application status in the comfort of their home or office. It is beneficial in terms of the optimum use of one’s time, energy, and resources. It is necessary to check your car loan application status in order to find out if and when you will get your funds to purchase your dream car.
To avoid rejection, ensure to submit valid supporting documents such as ID proof (Voter's ID, PAN card or Passport), address proof (Driving License or utility bills), age proof (birth certificate), income proof (the latest salary slip, last 6 months bank statement, and IT returns) and recently taken passport-size photographs along with the duly-filled and signed application form. The supporting documents should match the information provided on the loan application form. SBI car loan application form can be downloaded from the bank website or obtained in person from the nearest bank (SBI) branch. SBI branches in different cities or states can be located using the online branch locator tool.
In addition to applying for a car loan online, you can also check the status of your loan application on the website. Nowadays, with the advent of technology, everything is available at the tip of your fingers. It’s no wonder that the banking sector has taken advantage of the latest technologies to provide better access to financial services and products to its customers.
As one of the top most lenders in the country, State Bank of India provides its customers the facility to keep track of their car loan status online. This online facility makes it easier for applicants to check their car loan application status in the comfort of their home or office. It is beneficial in terms of the optimum use of one’s time, energy, and resources. It is necessary to check your car loan application status in order to find out if and when you will get your funds to purchase your dream car.
There is no paperwork involved in checking your car loan application status online. That is a good thing as you aren’t liable to face any hassle when there is no paperwork involved. Tracking one’s car loan application status online is not only a simple task but also quick. The applicant has to just enter certain details such as the type of loan, application ID, and his or her Date of Birth (DOB) into the tool. Click on 'Submit' and get instant results of his or her car loan application status.
Did you know that online car insurance renewal only takes a few minutes and you can get the best deals out there?
Here is a step-by-step guide on how to track SBI Car Loan Status using the loan Application ID:
You will be directed to a web page containing your SBI car loan application status immediately with no time to waste and free of charge. You can use the car loan application tracker any number of times and at any time you deem convenient.
State Bank of India offers timely and effective customer care services through its customer care centre. Customers can contact SBI customer care executives through the bank's 24/7 helpline number. The customer care executive will take your call and ask for personal details to verify your identity. You will need to state personal details such as your name, father's name, PAN, etc. in order to confirm your identity. He or she will resolve any loan-related queries that you may have like how to track your car loan status. The toll-free number of State Bank of India is 1800 11 2211 and 1800 425 3800. Here is an alternate SBI Customer Care number - 080-26599990. You can also find a list of SBI customer care numbers online for different cities and states.
Planning To Buy your Dream Car? Speak to our Execitive Now: SBI Customer Care
GST of 18% is applicable on all banking products and services from the 1st of July, 2017.
Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar’s partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.
Car Loan
Car Loan
Car Loan
Car Loan
Car Loan
Car Loan
Car Loan
Car Loan
Car Loan
Car Loan
Car Loan
Car Loan
Car Loan
Car Loan
Car Loan
Car Loan
Car Loan
Car Loan
Car Loan
Car Loan
Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.
