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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  • Car Loan Reviews

    • State Bank of Mysore Car Loan
      "Secured Bank"
      0.5 4.0/5 "Great!"
      State bank of Mysore takes much time in documentation and verification process. They approved my car loan and disbursed with in one week of time. I can say it is an average service when compared with sundaram finance. The rate of interest and fee and charges are nominal when compared with Sundaram finance.
      Was this review helpful? 0
      , bellary
      Reviewed on Mar 29, 2017
    • State Bank of Mysore Car Loan
      "Very good car loan process"
      0.5 5.0/5 "Blown Away!"
      I love the process followed by SBM for my car loan. They were able to offer 80% of the road value. The rate of interest offered 17.01% diminishing interest rate. I am holding this SBM car loan for about 5 years. No issues nor any challenges till date. No additional nor any extra charge levied on my car loan.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Dec 29, 2016
    • State Bank of Mysore Car Loan
      "Faster process"
      0.5 5.0/5 "Blown Away!"
      I do have a car loan with State bank of Mysore and the interest rate was around 10%. Customer service is an excellent one with them like, everything happens immediately. Manager of State Bank of Mysore have helped me a lot to in order for me to get the funds.
      Was this review helpful? 1
      , bangalore
      Reviewed on Jun 29, 2016
    • State Bank of Mysore Car Loan
      "Happy with them..."
      0.5 5.0/5 "Blown Away!"
      I am the existing customer of SBM in terms of car loan. So, I got my car loan within a day. They do not taken much time since they are government bank but they are provided good service. Charges and interest part an all good in SBM Bank. I would recommend them.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 06, 2016
    • State Bank of Mysore Car Loan
      "Great Experience"
      0.5 5.0/5 "Blown Away!"
      I submitted the documents directly by visiting the branch of state bank of Mysore and the car loan was approved in 45 minutes which was very fast. They offered the best rate of 10.25% and the processing fee was very minimal. 100% loan amount was disburses.
      Was this review helpful? 0
      , bangalore
      Reviewed on Dec 22, 2015
    • State Bank of Mysore Car Loan
      "Best "
      0.5 5.0/5 "Blown Away!"
      I got the car loan with the State Bank of Mysore. The rate of interest is around 10.75% and am happy with them. The loan got disbursed within 48 hours of time because I am the priority customer with them. The process got very smoothly done with them. Customer service is not good with them like they are not sending the loan statement of mine.
      Was this review helpful? 0
      , bangalore
      Reviewed on Oct 21, 2015
    • State Bank of Mysore Car Loan
      "Good one"
      0.5 5.0/5 "Blown Away!"
      SBM car loan process was very good. I have paid only 2.5 lakhs . Its still ongoing now .Interest rate offered by them was a fixed one, I am getting payment alerts from them on time. I normally make the cash payment and there is no charges or challenges as such.
      Was this review helpful? 0
      , bangalore
      Reviewed on Oct 12, 2015
    • State Bank of Mysore Car Loan
      "Loans Offered In Short Period...."
      0.5 4.0/5 "Great!"
      State bank of Mysore offered me a car loan. The loan was processed and cleared in just 7 working days. They collected less documents. The rate of interest was little bit high but its okay. I got a preference since I had my salary account with them.
      Was this review helpful? 0
      , bangalore
      Reviewed on Sep 22, 2015
    • State Bank of Mysore Car Loan
      "Attractive rate..."
      0.5 4.5/5 "Excellent!"
      On car loan the State Bank of Mysore offered me 8.5% of interest rate. I have an account of the same bank so they processed the car loan easily. The lockin period to pre close the loan is 18months and service charge is of 3%. The sanctioned amount was 1.5lakhs and the bank fulfilled all the commitments.
      Was this review helpful? 0
      , mysore
      Reviewed on Sep 18, 2015
    • State Bank of Mysore Car Loan
      "Great Support"
      0.5 5.0/5 "Blown Away!"
      I knew the manager at State of Mysore personally and his support during my Car Loan application was beyond expectation. It took hardly 24 hours to have the loan processed. Documentation was also very simple and hassle free I had taken the loan around 2-3 years back. Bank offered me the loan at floating interest rate.
      Was this review helpful? 0
      , bangalore
      Reviewed on Sep 14, 2015
    • State Bank of Mysore Car Loan
      "Improvement Needed"
      0.5 4.0/5 "Great!"
      I have taken a car loan from state bank of Mysore. The process was quite faster. The communication on EMI part was missing. Still they did not inform the same. The loan amount was disbursed in just 2 days. They should improve the technology part in communication. I may think before recommending this bank.
      Was this review helpful? 0
      , bangalore
      Reviewed on Aug 26, 2015
    • State Bank of Mysore Car Loan
      "Excellent customer service!!!!!!!!"
      0.5 5.0/5 "Blown Away!"
      I got my car loan from state bank of mysore with better interest rate as 12% which was very low when compared to other banks.I liked the customer service and documentation part which has been done for me within 2 days . The best part was they do each and every process in my convenient time
      Was this review helpful? 3
      , hosur
      Reviewed on Oct 27, 2014
    • State Bank of Mysore Car Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      It was through the car dealer I have availed the car loan from State bank of Mysore. Everything went smooth and my loan was disbursed within 3 days of time once the documentation process complete. They offered me a good rate of interest around 10.5%.
      Was this review helpful? 0
      , bangalore
      Reviewed on Sep 01, 2014
    • State Bank of Mysore Car Loan
      "Good Service Overall"
      0.5 5.0/5 "Blown Away!"
      SBM Car Loan Prompt response and very fast service it was very good experience, follow up from staffs was excellent, interest rate was 10.25% it could be have been less, i got everything done in 10 days. If documentation charges could have been less it might be great.
      Was this review helpful? 0
      , bangalore
      Reviewed on Aug 23, 2014
    • State Bank of Mysore Car Loan
      "Way To Go "
      0.5 4.0/5 "Great!"
      Customer service provided my State of Mysore is good.I am very satisfied. They did not ask for too many documents for my car loan, as they are following the RBI bank norms.however to set up my ECS, there was a delay .but I do understand that they have to follow a procedure.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 03, 2014
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    State Bank of Mysore (SBM) Car Loan Interest Rates is Rated as "Blown Away!" by 15 Users

    Fees & Charges

    Promised Interest Rate

    Customer Service

    Responsiveness

    Car Loan BYTES FROM OUR KITCHEN

    Overview About State Bank of Mysore Car Loan

    The State Bank of Mysore offers car loan schemes for customers to buy new or pre-owned cars easily and conveniently. With a loan from SBM, you can make the dream of owning your own personal vehicle come true without much financial burden. Pay the loan back in easy instalments over long tenures. Get free accident insurance cover in case of death with the SBM car loan for new vehicles. Whether you’re eyeing a car, jeep, MUV or SUV, an SBM car loan will help you make that vehicle your own.


    Apply for Car Loan Online

    State Bank of Mysore Car Loan Interest Rates 2017

    The tables below are a comprehensive depiction of the rates of interest offered by State Bank of Mysore for car loans sanctioned under different schemes from October 2012 upto October 2016.

    SBM Interest rates on New cars

    Loan sanction period Base rate Existing interest rate Revised interest rate
    Prior to 03.10.2012 2.50% 12.40% 12.15%
    04.10.2012 - 30.04.2015 0.75% 10.65% 10.40%
    01.05.2015 - 20.09.2015 0.50% 10.40% 10.15%
    21.09.2015 - 06.10.2015 0.45% 10.35% 10.10%
    07.10.2015 - 30.11.15 (Campaign period) 0.30% - 9.95%
    SBM Advantage Car Loan scheme 2.50% 12.40% 12.15%
    Car Flex Scheme (withdrawn from 21.09.15) 3.00% 12.90% 12.65%

    SBM Interest rates on pre-owned cars

    Loan tenure Base rate Existing interest rate Revised interest rate
    Up to 3 years 6.50% 16.40% 16.15%
    3 to 5 years 7.25% 17.15% 16.90%

    SBM interest rates on the Combo Car Loan Scheme

    Loan sanction period Base rate Existing interest rate Revised interest rate
    Up to 20.09.2015 0.25% - 10.25%
    21.09.15 - 06.10.2015 0.20% - 9.85%
    07.10.2015 - 30.11.2015 (Campaign period) 0.20%   - 9.85%
    From 07.10.2015 0.35% 10.10% 10.00%

    Related charges on SBM car loans

    Type of Charge Fee
    Service charge on new car loans 0.20% of the loan amount subject to a minimum of Rs. 500 and a maximum of Rs. 10,000.
    Processing charges on used cars 0.20% of the loan amount
    Prepayment charges Nil
    Vehicle insurance Comprehensive cover for the full value of the vehicle is required.
    Accident insurance Free (for death risk only)
    Failed EMI Rs. 25

    How to Calculate Interest Rate on my SBM Car Loan

    EMI calculators are handy tools that one can use when applying for a loan. To determine your EMIs and interest payable on your SBM car loan, you can use the EMI calculators available online. Before you apply for a State Bank of Mysore car loan, you can check your eligibility and if the loan is affordable on BankBazaar.com. The following steps will help guide you through the EMI calculator.

    • Visit BankBazaar.com. You don’t need an account to use the calculator.
    • Click on the menu tab on the top righthand corner of the homepage.
    • Select “Finance tools” and click on the EMI Calculator.
    • Input your details of the loan such as principal, tenure, interest rate and processing charges.
    • When you hit “Calculate”, your results will be generated immediately.
    • You can view the details of your loan as well as a comprehensive amortization schedule which provides you with the monthly balance and breakdown of each EMI.

    Alternatively, if you wish to calculate your SBM EMI manually, you can use the formula below:

    (Principal) X (Interest rate per month) X (1+Interest rate per month) to the power of loan tenure

    [(1+Interest rate per month) to the power of loan tenure – 1]

    In short, the formula used is E = P*r*[(1+r)^n/(1+r)^n-1)]

    E = EMI

    P = Principal amount

    R = Rate of interest per month

    N = Number of years

    For example, if you take a car loan from State Bank of Mysore and it is sanctioned in October 2015, the following will be your loan details, assuming a loan quantum of Rs. 5 lakhs for a period of 5 years at the campaign interest rate of 9.95% p.a:

    EMI = Rs. 10,611

    Interest payable = Rs. 1,36,674

    Processing charges = Rs. 1,000

    Total amount payable = Rs. 6,37,674

    Amortization schedule

    The amortization schedule below only depicts the yearly breakdown of the loan. A detailed schedule per month is available when you calculate your EMI on BankBazaar.com.

    Year Principal Paid Interest Paid Total Payment Outstanding loan balance
    2015 Rs. 19,557 Rs. 12,276 Rs.31,833 Rs. 4,80,443
    2016 Rs. 83,261 Rs. 44,073 Rs. 1,27,334 Rs. 3,97,183
    2017 Rs. 91,933 Rs. 35,403 Rs. 1,27,336 Rs. 3,05,250
    2018 Rs.1,01,510 Rs. 25,825 Rs. 1,27,335 Rs. 2,03,742
    2019 Rs. 1,12,082 Rs. 15,251 Rs. 1,27,333 Rs. 91,659
    2020 Rs. 91,658 Rs. 3,842 Rs. 95,500 Rs. 0

    Factors affecting State Bank of Mysore Car Loan Interest Rates

    Loan tenure - The tenure of your loan will greatly determine your interest rate. The bank may deem a higher rate of interest to be fit for a short loan tenure as the total interest you pay maybe lesser. Whereas, with a longer tenure, the total interest payable at the end will be much higher. So banks would offer a lower interest rate that will be charged for a longer period of time.

    Customer relationship - Banks are happier to loan money to those who hold a salary account with the bank. If your salary is being credited to State Bank of Mysore, they may have special offers and interest rates on car loans for you. If you maintain a high-value savings or current account as well, the average quarterly balance you maintain with the bank will also be high. This will be more favourable towards interest rates on your SBM car loan. Also if you have taken loans from State Bank of Mysore before and maintained good repayment behaviour, the bank will keep a record of that and know that you are a credible customer.

    Credit score - CIBIL keeps a record of all credit history in India. Banks report customer behaviour and patterns regularly to CIBIL. The Bureau keeps a track of it and determines your credit score based on your repayment history, defaults, on-time payments, credit card spending patterns and so on. A good score will directly translate to you being a creditworthy customer. Banks would be happy to approve your loan and you, in turn, can request for better terms and interest rates. A lower score, however, would make your loan process tougher, require more documentation and may result in higher interest rates.

    Car model - In the event that you are unable to repay the loan, the banks will have to seize and sell the vehicle to recover the outstanding loan amount and interest. Different car models in each segment fetch different resale prices. Some car models depreciate faster than others. These cars will fetch a much lower price when sold as a pre-owned car, therefore banks will be able to recover a smaller amount. This may cause them to increase the interest rates when they are aware that the model’s value reduces significantly as time goes by. Banks also determine interest rates based on your choice of car segment such as sedans, hatchbacks, premiums, MUVs and SUVs.

    Age of the car - In the case of pre-owned cars, the age of the vehicle factors into interest rates on your car loan. Interest rates on used car loans are generally much higher than if you choose to buy a new car. State Bank of Mysore offers car loans for used vehicles that are not more than 5 years old. For cars below 3 years old, the interest rate can be as low as 16.15% p.a. But for cars that are 3 to 5 years old, the interest rate is higher at 16.90% p.a. The resale value of the car will depreciate with age, therefore the rates of interest will be higher.

    How CIBIL scores affect State Bank of Mysore Car Loan Interest rates

    CIBIL is the Credit Information Bureau of India Limited which plays a significant role in the credit market in India. When a person takes out a loan or a credit card, they are automatically inducted into the CIBIL record when banks report their behaviour. Both good and negative behaviour goes on record. Reports are sent regularly by your bank in accordance to methods and guidelines set out by the board. So if you were to default on an EMI payment after being notified and warned, the bank would report you to CIBIL. This will have an impact on your score and result in a low CIBIL score. On the other hand, timely repayments and good spending patterns, or paying your credit card bill in full, will have a positive impact on your credit score. When you have a good credit score, you have a higher standing with banks. You can request for better interest rates and other terms on your car loan. When you have a low score, banks will be reluctant to give you a loan because they will not be able to put their trust in you to repay the loan in a timely manner. Banks may reject your loan application completely, or may impose stricter rules and higher interest rates on your loan.

    Key points on State Bank of Mysore Car Loan Interest Rates

    • Take advantage of campaign periods offered by State Bank of Mysore on car loan interest rates. The campaign period for this year is 7th October 2015 to 30th November 2015.
    • You need to take a comprehensive insurance cover for the full value of the vehicle upon taking an SBM car loan.
    • You will receive free accident insurance that will cover the loan in case of your death.
    • The highest rate of interest you can incur is if you take a loan for a pre-owned car.
    • Combo car loans generally carry lower interest rates.
    • Use the EMI calculators to find out the financial realities of your potential loan to determine how much you can afford to pay back and for how long.
    • Check your credit score from the CIBIL website. A fee is charged for this service. With the knowledge of your CIBIL score, you will know where you stand when it comes to bargaining for better interest rates on your SBM car loan.
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