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

    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    9.65% Fixed
    0
    Response Time Within 30 minutes
    9.6% Fixed
    0
    Response Time Within 30 minutes

    SBI Car Loan is Rated as "Excellent!" by 819 Users

    Fees & Charges

    Promised Interest Rate

    Customer Service

    Responsiveness

    Car Loan BYTES FROM OUR KITCHEN

    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

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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

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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 10 Dec 2016

    SBI Car Loan Details
    Interest Rate For Women - 9.60%
    For Men - 9.65%
    Processing Fees Nil
    Pre Closure Charges Nil
    Loan Tenure 1 year to 7 years

    Overview About SBI Car Loans

    State Bank of India, a Fortune 500 company is one of the oldest financial establishments in India with services ranging from personal banking, NRI services, corporate banking to agricultural banking. SBI’s commitment to the society and its contributions towards nation building have earned recognition and rewards from across the globe. SBI has also evolved and adapted itself with the changing dynamics of technology and has become a leader in providing innovative banking solutions to its clientele. State Bank of India offers exciting car loan schemes with competitive interest rates, flexible repayment options and the longest loan tenure in the industry.

    Why choose a SBI Car Loan?

    State Bank of India provides car loans to every segment of the population namely salaried professionals, self-employed professionals, partnership firms and agriculturists. SBI Car Loans are provided for multi utility vehicles, new passenger cars and SUVs. With such a wide variety of options, the SBI car loan scheme becomes a natural choice for an applicant wanting to buy a car of his/her choice.

    Features of SBI Car Loan

    State Bank of India provides one of the best car loans in India with a wide range of benefits. Customers opting for a SBI car loan can expect great value and return on their investment.

    Key features of a State Bank of India car loan are given below.

    • The State Bank of India car loan comes with no hassles regarding EMIs and gives a customer the lowest EMI payment option possible. The added advantage is that a customer does not have to pay any advanced EMI while availing a SBI car loan. Customers also have the flexibility of opting to pay their EMIs at any time during the month.
    • The interest rates offered are also the lowest ranging from 9.60% - 9.65% . The interest rate is calculated for a borrower based on the daily reducing balance.
    • SBI offers the longest repayment tenure with customers selecting periods of up to seven years (84 months) for repayment of their car loans.
    • State Bank of India does not charge any penalty for pre closure of a car loan.
    • The bank charges a processing fee of 0.51% of the loan amount, with a minimum requirement of Rs 1020/- up to a maximum of Rs 10200/-.
    • Customers availing a SBI car loan can also enjoy the benefit of an additional SBI life insurance cover.
    • The loan margin allowed by SBI for borrowers with a net annual income of up to Rs 10 lakhs is 15% of the on-road price of the car. For customers with a net annual income of more than Rs 10 lakhs, the loan margin is around 15% on the ex-showroom price or 20% on the on-road price of the car.
    • An overdraft facility is also available with SBI for borrowers.

    Apply for a SBI Car Loan on BankBazaar.com

    Customers can apply for a SBI car loan on Bankbazaar.com without any hassles in a simple process. Anyone looking to apply should follow the below given steps to finish their application process.

    • On the Bankbazaar home page, access the navigational menu located at the top of the page. A separate section for loans is available here. A customer should open up the loans drop down menu and select car loans as his/her desired option. Under the car loan feature, the entire list of banks offering car loans have been listed. Here, choose the link which reads as SBI car loan. This link will lead you to the SBI car loan webpage which will feature the next steps to be taken.
    • On the SBI car loan page, customers can find details on State Bank of India, check their eligibility criteria for loans, search for the different types of car loans that SBI offers, get the SBI car loan amount eligibility, tips to improve their eligibility and also the required documentation to be submitted while applying for a SBI car loan.
    • Customers can easily apply for a SBI car loan on this page using the ‘Apply now’ feature after checking all the eligibility criteria.
    • After submitting an application online, customers will receive an instant e-approval from Bankbazaar. Then the application will be transferred to the State Bank of India for further processing and a bank executive will get in touch with the customer within a short period of time. Customers can also track their applications through SMS alerts and mail.

    SBI Car Loan Interest Rates

    SBI follows the system of MCLR (Marginal Cost Based Lending Rate) to determine the applicable interest rate for car loans as per the mandate by RBI. The bank maintains a single slab of interest rate applicable for all term options.

    SBI Marginal Cost Based Lending Rate (MCLR) for New Borrowers
    Benchmark MCLR rate 9.15%
    SBI Car Loan Scheme 9.75% (MCLR + 0.60%)
    SBI Combo Loan Scheme 9.75% (MCLR + 0.60%)
    NRI Loan Scheme 9.75% (MCLR + 0.60%)
    Pre-owned Car Loan 13.15% (MCLR + 4.00%)

    Women borrowers get a concession of 0.05% on the existing rate for all car loans schemes from SBI.

    Note:The MCLR is subject to periodic revision as per bank’s credit policy and RBI’s quarterly reviews. Make sure to confirm with the bank on prevailing rates at the time of applying and choose the terms accordingly.

    SBI Car Loan Eligibility

    • SBI car loans can be easily availed by individuals above the legal age of 21 up to an age of 65 years.
    • Salaried professionals can apply as a single applicant or as co-applicants with a combined net annual income of Rs 3, 00,000/-. State and Central Government employees, Public Sector and Private sector employees qualify as salaried professionals for SBI car loans. The loan amount that will be sanctioned for a salaried employee will be 48 times more than the net monthly income.
    • Self-employed businessmen, proprietary or partnership firms with a net profit or gross taxable income of Rs. 4, 00,000/- per annum are also eligible to apply for a SBI car loan. If there are co-applicants in this case, then the income of the co-applicant can be clubbed with the applicant’s income details. For self-employed professionals, the bank generally sanctions a loan amount up to four times more than the net profit or gross taxable income as per Income Tax Returns (ITR) after the addition of depreciation. The payment pattern of a customer with regards to other loans would also be considered while approving a SBI car loan.
    • SBI also provides car loans for persons involved in agriculture and other allied activities. The net annual income of an applicant and a co-applicant in this case should come up to Rs. 4, 00,000/- for obtaining an approval from the bank. State Bank of India sanctions car loans up to three times more than the net annual income for agricultural applicants.

    While applying for a SBI car loan, customers need to submit the completed application form along with a list of required documents namely – borrower’s bank account statement for the last six months, two passport size photographs, copies of passport or voter’s id or pan card, a proof of residence, latest salary slip for employed professionals and proof of office address for self-employed individuals. IT Returns form and Form 16 for the previous two years are also required for both salaried and self-employed individuals.

    SBI Car Loan EMI Calculator

    The main menu on the Bankbazaar home page contains finance tools which can help a customer calculate the EMI that he/she will be paying while availing a SBI car loan. Our Car Loan EMI calculator is designed to efficiently calculate the SBI EMI payment details in a matter of seconds. Customers have to follow a simple process to instantly calculate their SBI car loan EMIs.

    1. On the main menu, a customer is required to select the ‘Finance Tools’ drop down menu, which opens up to the EMI calculator option. Selecting this link will take you to the Car loan EMI calculator option specifically leading you to the calculator page.
    2. There are separate ruler scales available on the calculator page donating the ranges of the ‘loan amount’ and ‘tenure’ that can be selected by customers.
    3. Customers need to enter a few details to calculate the EMI to be paid for a SBI car loan. The first detail that has to be entered is the required loan amount and the tenure of the SBI car loan taken. The pre-populated values can be changed to suit the customer’s details.
    4. Then the interest rate charged by State Bank of India for car loans has to be entered along with the processing fee charged for SBI car loans. The default value is already populated in the field and can be changed accordingly.
    5. Clicking on ‘calculate’ will give a customer details of his SBI car loan EMI payments along with the breakup of the total interest that will be due.

    On a rare instance, if customers face any issues or problems while navigating through this page, please feel free to get in touch with our customer care team.

    1. How can a customer track his SBI Car Loan application status online?

      Applicants can track their SBI car loan applications made through Bankbazaar by receiving update via SMS to the registered number and mails to the registered email ID. You can also check the SBI car loan application status online through the official website of State Bank of India.

    2. From where can I get the SBI car loan application form?

      Eligible applicants can apply for the SBI car loan online by visiting the official website of State Bank of India or by visiting the Bankbazaar website and filling the SBI car loan online application form.

    3. Can I view my SBI car loan statement online?

      Yes, SBI car loan statements can be viewed online by visiting the SBI online banking portal and logging in to your Net Banking account.

    4. What all costs are covered by the loan margin amount?

      The costs covered using the loan margin amount is the “On-Road” price includes Insurance charges, Registration fees, and Total Service Package, Extended Warranty, Cost of Accessories and/or Annual Maintenance Contract.

    5. What are the foreclosure charges levied on the SBI car loan?

      State Bank of India levies zero penalty fee on the preclosure of car loans.

    6. Is it possible to get a reimbursement from SBI, on the cost of a car purchased using own finance?

      Yes, borrowers are eligible to get a reimbursement of the amount spent by them to finance the purchase of the car, as long as it is a new car or a car which is less than three months old.

    7. How can I get more information related to SBI Car Loans?

      In order to get more information related to SBI car loans, customers can reach out to any branch of State Bank of India or call the dedicated SBI customer care service through the toll-free number which will be available at the Bank’s website or on BankBazaar.

    8. While providing finance based on “on-road” price, what all costs are considered?

      Costs that come under “On-Road” price includes Insurance charges, Registration fees, and Total Service Package/ Extended Warranty/ Cost of Accessories and or Annual Maintenance Contract.

    9. What is the income eligibility criteria for farmers or those involved in agricultural activities to avail the SBI New Car Loan?

      Only farmers or those involved in agricultural activities who have an annual income of at least Rs. 4,00,000. The applicant can also have a co-obligor to the car loan application in order to reach the minimum income criteria.

    10. What is the income eligibility criteria for professionals to avail the SBI New Car Loan?

      Professionals and Businessmen have to earn an annual income of at least Rs. 4,00,000. The applicant can also have a co-obligor to the car loan application in order to reach the minimum income criteria.

    11. What are the income proofs that have to be submitted by salaried applicants?

      Salaried applicants must submit their Form 16 or latest salary slip and latest 2 years’ IT Returns, as income proof.

    12. What are the identity proof documents that have to be submitted by the applicant?

      Identity proof documents that have to be submitted by the applicant are: PAN Card, Passport, Driver’s License, Voter's ID card, etc.

    13. What are the address proof documents that have to be submitted by the applicant?

      Any one of the following documents can be submitted by the applicants, as address proof: Driving License, Passport, Voters ID card, Ration card, Life Insurance policy, Electricity bill or Telephone Bill.

    14. How much finance can you avail on the SBI New Car Loan?

      SBI New Car Loan applicants are eligible to receive 85% of the On-Road price of the vehicle as auto loan.

    15. Are there any special benefits for women availing the car loan schemes from SBI?

      Yes, women can get lower interest rate on the SBI car loan schemes than regular customers. Generally, the rate is .05% lesser than the regular interest rate.

      SBI Car Loan Scheme

      Interest Rate for Female Borrowers

      Interest Rate for Male Borrowers

      SBI Car Loan Scheme

      9.80%

      9.85%

      SBI Combo Loan Scheme

      9.80%

      9.85%

      NRI Car Loan Scheme

      9.80%

      9.85%

      SBI Loyalty Car Loan Scheme

      9.55%

      9.60%

      SBI Nano Youth Car Loan Scheme

      10.05%

      10.10%

    16. What does the SBI Combo Loan Scheme offer?

      With the SBI Combo Loan Scheme, an eligible applicant can avail loans to procure both a car and a two-wheeler for a loan quantum up to 85% of the on-road price of the same.

    17. What is the income eligibility criteria for salaried individuals to avail the SBI Combo Loan Scheme?

      Salaried individuals have to earn an annual income of at least Rs. 3,00,000 to avail the SBI Combo Loan Scheme. The applicant can also have a co-obligor to the car loan application in order to reach the minimum income criteria.

    18. What is the income eligibility criteria for self-employed individuals to avail the SBI Combo Loan Scheme?

      Salaried individuals have to earn an annual income of at least Rs. 4,00,000 to avail the SBI Combo Loan Scheme. The applicant can also have a co-obligor to the car loan application in order to reach the minimum income criteria.

    19. What is the loan quantum that can be availed by a salaried borrower under the SBI Combo Loan Scheme?

      Under the SBI Combo Loan Scheme, a salaried borrower can avail up to 48 times his/her net monthly income as loan amount.

    20. How does CIBIL score affect your SBI car loan application?

      Like all other lenders, SBI also checks the CIBIL score of the applicant while processing his/her car loan application. Only if the CIBIL score is high, the loan application will be approved by the Bank.

    21. What is the maximum tenure for repayment that you can avail on the SBI car loan application?

      The maximum repayment tenure on an SBI car loan is 84 months.

    22. What is the loan margin available on the SBI Combo loan scheme?

      Applicants who earn a Net Annual Income not more than Rs. 10 lakh are eligible for a loan margin of 15% of 'On Road Price' of car. Applicants who earn a Net Annual Income of over Rs. 10 lakh are eligible for a loan margin of 15% of ex-showroom price of car or 20% of "On-road price", whichever is chosen by the borrower.

    23. What is the loan margin available on the SBI Loyalty Car Loan Scheme?

      There is no loan margin applicable on the SBI Loyalty Car Loan Scheme.

    24. I am 20 years old. Can I apply for a car loan under the SBI Loyalty Car Loan Scheme?

      No, you have to be at least 21 years old in order to be eligible for the SBI Loyalty Car Loan Scheme.

    25. What is the minimum income eligibility criteria for the SBI Loyalty Car Loan Scheme?

      The applicant must earn a the minimum income of at least Rs. 2,00,000 in order to fulfill the eligibility criteria for the SBI Loyalty Car Loan Scheme.

    26. What is the maximum repayment period under the SBI Loyalty Car Loan Scheme?

      The maximum repayment period is 7 years under the SBI Loyalty Car Loan Scheme.

    27. Is prepayment penalty levied on foreclosure of the loan under the SBI Loyalty Car Loan Scheme?

      No, there is no penalty on foreclosure of the loan under the SBI Loyalty Car Loan Scheme.

    28. Who can avail a car loan under the SBI Loyalty Car Loan Scheme?

      This scheme is available only to existing SBI home loan borrowers who are self-employed, businessmen, professionals, individuals employed under the central government, state government, corporations, public sector/ private sector, individuals involved in farming and allied activities, etc.

    29. Does SBI offer the provision for life insurance along with the car loan?

      Yes, while applying for an SBI car loan, the applicant can choose to opt for the life insurance plan offered by SBI Life Insurance Company Ltd.

    30. For the takeover of a car loan from another bank (balance transfer), what are the documents to be submitted to SBI?

      For the takeover of a car loan from another bank (balance transfer), the documents to be submitted to SBI are:

      • Original Sanction letter of the lender.
      • Account statement by the lender.
      • RC Book
      • Copy of Insurance.
      • Foreclosure letter.
      • List of documents held by the lender
      • Letter undertaking the issue of NOC by the present lender (financial institution or bank).

    News About SBI Car Loan

    • ‘Hope Loans’ from SBI at lower interest rates

      State Bank of India launched a special financing scheme for customers who want to avail loans at lower interest rates. Hope Loans from SBI will be offered at reduced rates owing to the drop in the MCLR (Marginal Cost of Lending Rate). This drop in MCLR will bring down the effective interest rate for home loans for women to 9.25%, and 9.30% for men. While the interest rate for auto loans would drop to 9.65%. Apart from the reduction in interest rates of SBI car loan, the processing fee has also been waived.

      SBI has announced that for all auto, home, and personal loans granted till 31st December, 2016, the bank will make a generous monetary contribution to recognised NGOs, associated with education, health, shelter, and environment of the country. Through Hope Loans, SBI intends to boost the confidence of the customers in associating with SBI to bring hope for the underprivileged.

      24th October 2016

    • SBI Will Soon Launch New Loan Schemes For 7th Pay Commission Beneficiaries

      While the Central Government is planning to implement the 7th pay commission on wage hike, State Bank of India has swiftly moved to grab the opportunity to attract the beneficiaries with their new loan schemes. Many automobile companies like Maruti and Hyundai feel that the wage hike will increase the repaying capacity of the beneficiaries and automobile loans will boost sales. Banks are targeting the funds which will be released by the government towards wage hike which is about Rs. 85,000 Crore. SBI Shaurya scheme which will now allow the beneficiaries to avail home and car loans at low interest rates. Under this scheme, the borrower can pay higher equated monthly instalments while they are in service and reduces the EMI amount post-retirement. SBI Managing Director, Rajnish Kumar stated that they will be launching SBI privilege scheme for non-defence government employees with reduced interest rate. He confirmed that the age limit of the borrowers is increased from 70 to 75 years and the interest rate will be 10 bps lower. The maximum loan tenure remains 30 years. The Chairman of SBI, Arundhati Bhattacharya, stated that the bank will also focus on mobilizing the deposits.

      26th September 2016

    • Lenders geared to introduce policies to tap pay commission jackpot

      Posted on 25th August 2015


      SBI BSE 3.21 percent, India’s biggest public bank as well as its major competitors are all geared to unveil financial initiatives to encourage public and defense staffs for better August remunerations to take loans/advances and use it to purchase vehicles or properties. PNB BSE 0.86 percent is also in the playground to utilize the salary hike season to their benefit. SBI has already slackened the eligibility criteria by making the age bar a bit more flexible by increasing it by 5 years. They have also done away with prepayment penalties and also brought down the rates considerably.

    • SBI Among The First To Slash Retail Loan Rates

      Posted on 11th May 2016


      State Bank of India, the nation’s leading banking institution has taken the lead in the race to slash interest rates. The bank has announced a 0.05% drop in interest rates for all its retail loan products, namely personal loans, education loans, home loans and car loans. The revised rates of interest will be applicable from May 1, 2016. Following this move, SBI currently offers the cheapest retail loans in the country at the moment.

      This cut in loan interest rates has taken place as a result of the drop in the Marginal Cost-based Lending Rate or MCLR for 1 year. All retail loans are associated to the MCLR which also dropped from 9.20% (in April) and is currently set at 9.15%, effective from May 1 onwards.

      Following the rate cut, SBI offers lowered interest rates for its various loan products. Home loans, under the general category, will now be available to women at the rate of 9.35% and at the rate of 9.40% for men. Personal loans will be offered at revised interest rates ranging from 12.55% to 16.65%, while education loans will be offered at an interest of 11.15% (for loans up to Rs 7.5 lakh) and at 10.85% (for loans above Rs 7.5 lakh).

      In the auto loans segment, SBI has shown considerable growth, by 22%, from the last year. Following the rate cut, auto loans will also be cheaper by 0.05% and are now being offered at a revised rate of 9.60% for women and at 9.65% for borrowers in the general category. For super bike enthusiasts, SBI has introduced a special super bike loan scheme with interest rates fixed at 12.15%.

      However, the processing fee for these loans will range between Rs 5,400 to Rs 17,800. For the rest of the car loan segments, processing fee has earlier been waived off but will now be applicable once again, at the rate of 2% of the loan amount of Rs 500. The EMI for a 7 year new car loan has been fixed at Rs 1647 for borrowers in the general category and at Rs 1645 for women borrowers.

    • SBI Revises Interest Rates On Car Loans

      Posted on 10th May 2016


      Following the recent revision in the MCLR (Marginal Cost of Funds based Lending Rate), the State Bank of India has revised its car loan interest rates. The new rates which have come into effect from May 1, 2016 have been revised following the MCLR which is set at 9.20% for one year. Under the revised interest rates, men who wish to avail a car loan from SBI may do so at an interest rate of 9.75% per annum i.e. 0.60% above the MCLR. Women borrowers will be able to avail car loans at a slightly lower interest rate of 9.70% which is 0.55% above the 1 year MCLR. Car loans availed by men and women will carry a processing fee of Rs 500, along with the applicable service tax. Additionally, the EMI for a 7 year new car loan has been fixed at Rs 1647 for men and at Rs 1645 for women borrowers.

    • State Bank of India slashes car loan interest rates.

      Posted on 14th April 2016

      With the MCLR lending rate system coming into effect from 1st April, banks will have to lower their interest rates going forward. Since the Reserve Bank of India has mandated that the new interest rate calculation has to be put into action by banks, the interest rates given to borrowers might further reduce. As a start, State Bank of India has lowered its car loan interest rates to 9.80% per annum as per a statement issued by the bank. The new SBI car loan interest rate would be 0.60% above 1 year MCLR and would be applicable on car loans availed from State Bank of India after April 1st.

    • State Bank of India offer car loans to Uber drivers

      Posted on 28th March 2016

      Uber drivers can now apply for a car loan from State Bank of India at an interest rate of 12 percent. Drivers can take this loan under the Pradhan Mantri Mudra Yojana as Uber will be deducting the instalment money from the fare earned by the driver on each ride.

      These car loans will turn more drivers into entrepreneurs and the applications will be processed quickly via an in – built digital software. A major advantage of this loan is that drivers do not have to give a collateral to avail this loan. Arundhati Bhattacharya, Chairman of SBI, said that this sector of transportation is offering entrepreneurship opportunities to a lot of Indians. The Business President of Uber Asia – Pacific said that India is an important country for their business and till now they have partnered with more than two and half lakh drivers here. Uber aims to partner with more drivers in the coming days.

    • SBI is India’s Number One Car Loan Financier

      Posted on 04th March 2016


      State Bank of India is no doubt India’s number one financier when it comes to car loans. It offers vehicle loans to enable just about anyone to own a car. SBI finances 85% of the on-road cost inclusive of ancillary costs. SBI has tie-ups with leading car manufacturers. Buyers are assured security of ownership when they purchase their vehicle through an SBI loan. Borrowers can enjoy long tenures to repay the loan stretching up to 7 years. Apart from its attractive interest rates, the bank also offers concessions to women applicants. This encourages and enables women to be owners of cars that gives a higher level of independence. Car buyers looking at pre-owned vehicles also have an option to finance it with an SBI car loan. SBI aims at making car loans and purchasing a car a pleasant experience.

    • SBI to reintroduce processing fees and hike service charges

      Posted on 06th January 2016


      Bringing in the New Year will also bring back SBI processing charges on Home Loans and Car Loans. Services charges will also rise on a number of services that include deposit lockers, select SBI debit card issuances and transaction declines due to insufficient account balances. Annual rent of SBI safe deposit lockers (not inclusive of service tax) will be increased by 12.35% to 35% in metro and urban areas. Semi-urban and rural areas will see a 5% to 19% hike depending on the size of the locker. ATM transaction declines due to insufficient balance will be charged at Rs. 22.90 instead of Rs. 17. Certain debit cards will carry an issuance fee. Gold cards will cost Rs. 114.5 and Platinum cards will cost Rs. 343.6. Home loan processing fees will be charged at 0.35% of the loan amount + service tax. The processing fees are subject to a minimum of Rs. 2,000 and a maximum of Rs. 10,000 + service taxes. Car loan processing fees will be charged at 0.50% of the loan amount + service tax. The processing fees are subject to a minimum of Rs. 950 and a maximum of Rs. 9,100 + service taxes.

    • The State Bank of India launches “SBI INTOUCH” Branch in Visakhapatnam

      Posted on 30th December 2015


      India’s largest lender, the State Bank of India, recently launched an INTOUCH branch at Visakhapatnam, the first of its kind in Andhra Pradesh. The “INTOUCH” branch will provide self-service banking facilities for customers including instant account opening where a customer can open an account in as less as 15 minutes. SBI is also planning to launch five more INTOUCH branches in Andhra Pradesh at Tirupati, Kakinada, Vijayawada and Rajahmundry apart from the newly inaugurated one in Visakhapatnam.

      The branch will provide an interactive digital portal through which the customer can apply for loan products online including car loan, education loan and personal loan. This new branch also has a self-service kiosk where customers can apply for debit cards instantly and also getwealth management advice and financial advice through remote expert module. This tech zone can also be used to learn more about the internet banking and the branch also includes an ATM, recycler, passbook printer and electronic cheque drop machines.

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