News About SBI Car Loan

• 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.

  

• On account of Chennai Floods, SBI Waives penalty on EMI Defaults for Chennai Residents

  Posted on 29th December 2015

  
  

  After the unprecedented deluge in Chennai and the damage that it has caused to property and assets, India’s largest lender, State Bank of India has come to a decision to waive off the penalty on non-payment and late payment of Equated Monthly Instalments for the month of November and December for car loans. The same has been extended to other loan products including personal loans and home loans. State Bank of India has also decided to waive off the processing fee for loans that Chennai residents might seek to repair and recoup from the losses and damage due to heavy rains. Loan products including Xpress credit loan, pension loan, home loan top up and gold loan will be offered by SBI at no extra cost.

  The bank will also offer special soft loans to existing car loan borrowers for car repairs. This special loan will have a quantum of up to 10% of original loan and for customers holding SBI account, salary advance of three months net salary will be offered. Customers can choose from flexible repayment terms to pay back the loan.

  To make things more easy for all SBI customers. SBI General and SBI Life are also setting up help-desks to make sure that all SBI customers are offered proper guidance to file their claims easily.