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State Bank of India offers car loans to its customers with interest rates ranging between 7.70% and 10.50% and tenure of up to 7 years.
Charges | SBI Car Loan Scheme |
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Processing fee |
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Financing |
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To be eligible for an SBI New or Used Car Loan, applicants must adhere to the below-mentioned car loan eligibility criteria:
SBI offers high-value car loans to its customers with the interest rates offered for new and used SBI car loans ranging between 7.70% and 10.50%. The SBI Car Loan interest rate that you are eligible for will be dependent on various factors, some of which have been mentioned below:
Some of the ways through which you can increase your eligibility for SBI Car Loan are given below:
The list of car loan schemes provided by SBI is given below:
Before you avail a car loan from SBI, you may want to know how much amount you will be paying towards the loan each month. This is simply known as EMIs or equated monthly instalments and it offers an easy way to repay your car loan. By calculating the EMI, you will be able to budget your monthly expenses better.
You can calculate the EMI for your car loan by using the below-given formula:
E = P*r*[(1+r) ^n/((1+r) ^n-1)]
In the above formula, E denotes the EMI, P the principal amount, r the interest rate and n the number of years or tenure of the loan.
You can also calculate the SBI Car Loan EMI by using the EMI Calculator tool wherein you just need to enter the loan amount, interest rate, repayment tenure, processing fee, etc. The tool will calculate the EMI and display it to you.
Name of the Bank | Interest Rate (p.a.) |
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State Bank of India | 7.70% and 10.50% |
HDFC Bank | 7.95% onwards (Rack Interest) |
Axis Bank | 8.70% p.a. onwards |
ICICI Bank | 7.90% p.a. onwards |
Canara Bank | 7.30% p.a. onwards |
Federal Bank of India | 8.50% p.a. onwards |
Union Bank of India | 7.40% p.a. onwards |
Applying by visiting the official website of the bank: You can visit the official website of SBI and apply for a car loan of your choice. You will have to upload the necessary documents and once the bank verifies it and is satisfied that all the documents submitted by you is correct, the loan amount will be disbursed to your bank account instantly.
The applicant must submit the below-mentioned documents alongside the completed application form:
Salaried Individuals:
Non-Salaried/Businessmen/Professionals:
Individuals Engaged in Agricultural and Allied Activities:
SBI finances all makes of new and used cars. The used car being financed, however, must not exceed 5 years in age. The applicant can choose any make or model for financing.
The car loan EMI is computed considering factors such as loan tenure chosen by the applicant. The EMI will be higher if a shorter tenure is chosen as compared to a long tenure.
A certain charge on the financed vehicle is submitted to the Local Transport Authorities. Your spouse will have to be the guarantor in case his/her income has also been considered for determining the loan amount. Other securities may be mandated, varying from one applicant to another.
The following elements are included in the ‘On-Road Price’ of the financed vehicle:
Yes. Your spouse can join in on the car loan as a co-borrower. In that case, his/her income will be included.
Exclusive offers have been unveiled by State Bank of India (SBI) on vehicles that have been newly launched. The Hyundai Grand i10 Nios, which was launched earlier last week, comes with several benefits that have been offered by SBI.
According to SBI, the first 100 customers who book the car via the SBI Yono application will be eligible for an extended warranty of 4 years. Apart from the extended warranty, customers who have booked the car on the YONO app will also be eligible for 100% financing, in-principle loan sanction, and a zero-processing fee. Individuals can download the app, login and book the car under the Shop section. The petrol and diesel variants of the car start from Rs.4,99,990 and go up to Rs.7,99,450, respectively. The car comes with 8 different colour variants, variable basic warranty, and automatic diesel and petrol variants.
29 August 2019
South Korean automaker Hyundai is all set to launch the facelifted Elantra in India. The car was first unveiled back in August 2018. The car has also been spotted testing in India. The expected date of launch of the car is mid-September this year.
Reports suggest that the facelifted model will offer both the engine options which are offered in the current outgoing car. The 2.0-litre 4-cylinder petrol engine can churn out 152 hp of max power and 192 Nm of peak torque. However, it will be updated to meet the BS-VI emission norms. The 1.6-litre diesel engine on the other hand which can churn out about 128 hp of max power is expected to continue in its present form till the BS-VI norms kick in. Both the manual and automatic, 6-speed gearbox options will be offered for the car. The facelifted version gets a major cosmetic update. The changes include the signature cascading grill, a toned and muscular bonnet, new headlamp cluster with LED DRLs, and redesigned wheels. The rear end of the car also receives an update wherein the bumpers are reprofiled with dedicated mounts for the reverse gear lights and rear fog lamps. The tapering tail-lamp is also being further extended to the boot of the car. The interior also gets fresh updates including an 8.0-inch touchscreen infotainment system, multi-zoned climate control, tyre pressure monitoring system, and so on.
27 August 2019
Amid a downturn in the auto market, State Bank of India (SBI) announced on Tuesday, 20th August that it was waiving processing fees on car loans during the festival season. Additionally, the bank is offering loans starting at 8.70% with no escalations in interest.
This announcement follows the bank’s extension of the loan repayment period for stressed automobile dealers to help them due to inventory build-ups. Thanks to the extension, dealers can pay off their dues in 75 days instead of the earlier 60 days.
Other Public Sector Banks (PSBs) are likely to follow suit in an effort to make credit more accessible to customers. Officials from 3 other PSBs stated they would respond to the SBI move to benefit auto buyers during the upcoming festival season.
The auto sector has seen an unprecedented downturn, with auto sales falling to a 20-year low.
22 August 2019
French automaker Citroen is setting up to get a completely updated line up of vehicles with all electric vehicles or hybrid vehicles. The French auto giant is expected to set its feet on the Indian shores by next year.
After the number of all electric vehicles and plug-in hybrid vehicles across the world crossed the mark of 3 million towards the end of 2017, more and more automakers are getting themselves into the EV market. By the end of 2018, the count went up to 5 million and is expected to hit as high as 13 million by the end of 2020. Most automakers who have stepped into the electric vehicle market with a pre-defined electric path. However, Citroen is yet to roll out its strategy in terms of the electrification.
24 July 2019
19 July 2019
Following the success of the Tata Nexon and the Tata Tiago, Tata Motors is now planning on attaining even greater volumes by entering the entry hatchback market. The entry hatchback segment sits just below the Tiago, and though many argue that the Nano and the Indica have cemented Tata’s presence in the segment, that is not actually true. The CEO of Tata Motors, Guenter Butschek, says that there is a lot of potential for the entry hatchback market space. He said that there remains some market volume in the segment below the Tigor and the Tiago where the company has no dominant play yet, but insists that the company does plan on entering the market. Tata has already made a declaration to move to just 2 platforms for all of its products – Omega and Alfa.
28 March 2019
Following the success of the Tata Nexon and the Tata Tiago, Tata Motors is now planning on attaining even greater volumes by entering the entry hatchback market. The entry hatchback segment sits just below the Tiago, and though many argue that the Nano and the Indica have cemented Tata’s presence in the segment, that is not actually true. The CEO of Tata Motors, Guenter Butschek, says that there is a lot of potential for the entry hatchback market space. He said that there remains some market volume in the segment below the Tigor and the Tiago where the company has no dominant play yet, but insists that the company does plan on entering the market. Tata has already made a declaration to move to just 2 platforms for all of its products – Omega and Alfa.
21 March 2019
Mahindra recently announced that its latest subcompact SUV, the XUV300, has surpassed the 13,000 bookings benchmark within a month in India. The bookings for XUV300 opened in mid-January and crossing the milestone of 13,000 bookings is definitely a piece of positive news for the company. The model has been facing tough competition with Maruti Suzuki Vitara Brezza, Ford Ecosport, and Tata Nexon.
Responding to the new milestone, Veejay Ram Chakra, chief of sales and marketing at Mahindra, stated that the company was elated with the overwhelming response. Despite being in the competitive category of compact SUV, Mahindra XUV300's exceptional performance has led it to the top 3. He further added that most of the bookings were for the top end variant of the XUV300.
In India, the XUV300 is priced from Rs.7.9 lakh and goes up to Rs.11.99 lakh. It comes in three variants W4, W6, and W8 with an option of W8 (O). One of the most feature-rich models in the segment, the XUV300 is equipped with projector headlamps with LED DRLs, LED taillamps and disc brakes for all 4 wheels. The car also boasts of climate control, 7-inch touchscreen infotainment system, cruise control, steering mounted audio control, and more.
15 March 2019
Ahead of its launch on 15 March 2019, the 2019 version of the Ford Figo was unveiled. Compared to the car that was initially launched in 2015, the facelift version of the car gets various upgrades. A host of new features, new engine options, and cosmetic changes are some of the upgrades that are available in the new model. The new Ford Figo will be launched on Tinder, a mobile dating app, to target young customers.
The Ford Figo will come with a sporty new grille and bumper with C-shaped bezels on the fog lamps. The rear portion of the car will get tweaked taillights as well as a new bumper. However, the alloy wheels remain the same. The car will get a new touchscreen infotainment system which provides support for Android Auto, Apple CarPlay, and SYNC3. The facelift version of the Ford Figo is expected to have the same engines as the new Ford Freestyle. It is expected to come with 1.2-litre Dragon petrol engine and 1.5-litre TDCi diesel engine. The car will come with a 5-speed manual transmission. The automatic version of the car is expected to be powered by a 1.5-litre Ti-VCT petrol engine. Over 320,000 units of the car have been sold in India since its launch in 2010. The complete details of the car will be available on 15 March 2019.
13 March 2019
Hyundai Motor India and Revv, the self-drive car rental service provider, have joined hands to provide Hyundai cars on a subscription basis. Customers who opt for this facility will be able to choose a flexible ownership term which includes both short term and long term tenures. The customers will also be allowed to swap the cars from the range of Hyundai cars line-up as per their preference. The feature can be availed without making any down payments. Customers who choose a short term subscription will also not be required to pay any amount towards the maintenance of the car or the insurance.
The company has claimed that the customers who will opt for a subscription of one year or more, will be provided with new cars. After the announcement was made, the Senior Director of the Sales and Marketing department of Hyundai Motors India Ltd., SJ Ha has commented that they are very excited about the present scenario of Indian mobility. The car leasing service which is based on subscription has been kick started as a pilot project in 6 cities – Mumbai, Bengaluru, Delhi-NCR, Pune, Kolkata, and Hyderabad. There have been no announcements on the part of the company about the expansion of the project. The project is set to start in the first quarter of 2019.
12 March 2019
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