State Bank of India is one of the largest lenders in the country and a Fortune-500 company. Established 200 years ago, this public sector bank is a leading provider of used car loans as well. SBI provide the best car loan scheme for you to purchase a secondhand car, provided it is not older than 5 years. Under SBI used car loans, you can take finance for purchase of pre-owned passenger cars, Multi Utility Vehicles (MUVs) and SUVs that aren’t older than five years. SBI offers easy repayment options and comparatively lower interest rates, thereby quickly establishing itself as a popular pre-owned car financier.
SBI allows a used car loan amount 2.5 times of net annual income of the applicant. Spouse’s income could also be considered provided the spouse becomes a co-borrower in the loan.
Documentation Required for SBI Used Car Loans
Used car loan applicants would need to submit the following documents along with the completed application form to SBI:
Borrower’s bank statement copy for last 6 months.
2 passport size photographs of borrower(s).
Signature identification from bankers of borrower(s).
A copy of passport /voter’s ID card/PAN card.
Proof of residence
Copy of most-recent salary-slip showing all deductions
I.T. Returns/Form 16: Two years for salaried employees and three years for professional/self-employed/businessmen duly accepted by the ITO wherever applicable to be submitted.
Proof of official address for non-salaried individuals
A margin of 15% of the on the road price is required (which includes vehicle registration charges, insurance, one-time road tax and accessories).
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Customers can enjoy the longest repayment period in the industry with SBI used car loans--as long as 84 months. A longer tenure can mean lower EMIs for borrowers.
SBI charges a flat processing fee at 0.51% of loan amount on used cars.
SBI Used Car Loan Interest rates:
SBI charges a percentage point of 0.45% over base rate for applicants who are men, and 0.40% over base rate for women applicants on its used car loans. Interest rates also vary for loans on used and certified cars and for terms above 3 years.
The State Bank of India (SBI) has announced a 0.2% hike in its lending rates for its home loans and car loans. As a result, home loans and car loans will now be costlier.
The 20 basis point hike will be applied to all loans that have a tenure of up to 3 years. The new rate will now be 8.1% as opposed to the previous lending rate of 7.9%. The move by SBI comes shortly after the Reserve Bank of India’s (RBI) increased its repo rate by 25 basis points.
7 September 2018
Mahindra Cars Will Be More Expensive From August This Year
Mahindra has made an announcement according to which the price of its cars will increase by 2% or Rs.30,000, starting from the 1st of August 2018. The company still hasn’t announced the names of the models whose prices will increase, but it has clarified that the increases will only applicable to particular models from its line-up of passenger vehicles. According to the company, the reason for the increase in prices is the rise in the prices of commodities. Mahindra is not alone so far as carmakers to announce increases in prices are concerned. Last month, Hyundai and Honda announced that prices of its vehicles will increase from the 1st of August 2018. The price of the Hyundai Grand i10 is set to increase by Rs.23,000, while Honda’s models are expected to see price hikes between Rs.10,000 and Rs.35,000. Both of the automakers have said that the reason for the increase in prices is the increase in input costs.
9 August 2018
Maruti Suzuki to offer premium car models with lithium-ion batteries
Maruti Suzuki will be offering premium cars with lithium-ion batteries instead of lead batteries by the financial year 2021. All cars above the evergreen Swift will be equipped with lithium-ion batteries as well. The batteries are expected to be sourced from the upcoming plant of the car manufacturer, located in Gujarat. Lithium-ion batteries have life that extends beyond 5 years. On the other hand, lead-based batteries only last for one year or so. Additionally, lithium-ion batteries are expected to be more cost-effective to the car manufacturer, in comparison to the lead-based ones.
Suzuki will establish the battery manufacturing plant in the form of a joint venture with Denso Corp. and Toshiba, with a total investment of Rs.1,152 crore in the initiative. Suzuki is also expecting to use the batteries in electric two-wheelers in the future.
Through this project, Maruti Suzuki will be the first auto manufacturing company to produce lithium-ion batteries in the country for mass model vehicles. Currently, these are being imported to India from China.
16 July 2018
More than 6 million Suzuki Swifts sold with India being its biggest market
Six million cars of the famous Suzuki Swift have now been sold worldwide. The biggest market for this car is in India, where the car is sold with the Maruti Suzuki name badge. The car recently released the third generation model of the car in February 2018 and has been the best seller right from the time of its launch. The Suzuki Swift was first released in Japan in the year 2004 and entered the Indian market in the year 2005. The latest edition of the Swift is the quickest and the most fuel-efficient model of Swift ever built. The new model also gets ABS and twin airbags as the standard safety features.
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3 years back, i have taken the car loan from State bank of India. I called the customer care service of SBI, but they don't have a access to check the auto loan details when i ask the outstanding balance and asked me to check in the net banking or need to visit the branch.
SBI has provided me a cheap and best loan service so i bought the car loan with them. They sanctioned the loan in 3 days. The interest rates are 8.9% which is a nominal one. SBI car loan was closed 2 years before. I have fore-closure the loan for that they have not taken any charges.
My car loan was taken from SBI its because of the floating interest rates. They have sanctioned the loan in 4 to 5 days. I took the loan 7 years back hence i have no idea about the processing fee and down payment. The interest rate was convenient for me. I have received the NOC letter as well once i closed the loan.
From SBI I have taken a car loan on 5 months before which was processed through showroom. I have provided some required documents and they have sanctioned a loan within 2 days. The amount was sufficient for the tenure period of 5 years. The rate of interest and processing fee are nominal. The car model is Mahindra CUV300 it is around 12 lakhs.
The services and rate of interest is good with State Bank of India interms of car loan. I have purchased Grand i10 in 2015, the loan process was very simple. They have provided me 80% funding and made down payment of 1L. The loan duration is 7years for 7L.
My car loan was taken from SBI because the interest rate is less and the processing fee was nominal. They have not deducted any hidden charges. I applied the loan amount of Rs. 4.5 lakhs and they have sanctioned the loan in 2 days. I have been paying the EMI amount of Rs. 7500 for the tenure period of 7 years.
I have purchased Eco4 car through State Bank of Indiaby doing a down payment of 75K and the total car value is 17L. The loan experience was good and it was completed before 2 years ago. The rate of interest is reasonable. The tenure period was 3 years.
I am having a good experience with State Bank of India on car loan process. They have provided me only 75% funding to purchase the car but HDFC BANK is doing preapproved loan upto 90%. I got a good response and the service. The interest rate is very very good on that time. I have purchased a HYUNDAI VERNA.
When i took the loan from SBI, the banking people were excellent. The employees are very friendly and giving confidence to the customer. Whenever i went to the branch, the manager is treating me as a important individual. The given interest rate is nominal. I got the loan amount of Rs. 3.75 lakhs. I have pre-closed the loan with zero charges.
I have taken a car loan with SBI bank on last year. Through showroom I got an chance to taken a loan from SBI. The amount which was offered sufficient for the tenure period of 5 years. The rate of interest and processing fee are nominal. I bought a car model for swift.
I have taken a car loan with State Bank of India because they given for a nominal interest rate than other banks, which was applied directly to showroom. The process was smooth and received loan on time. I have bought for Maruthi 800 for the tenure period of 5 years. The amount paying for 6300 rupees.
I have a car loan with State Bank of India because they gave me a lower interest rate than other banks. The customer service is average which they need to improve a lot. I bought Tiago and made down payment of 1.95L. The loan duration is 6 years..
I have taken a car loan with SBI bank on 6 months before which was applied directly through showroom. They have sanctioned the amount 6 lakhs for the tenure period of 5 years. The rate of interest and fee are nominal. So far no issue I faced for an EMI to pay. I bought a car for Hyundai i10.
I am running my car loan with SBI, it was a hassle free experience they have sanctioned the required amount of the on road price of the car. The interest is very nominal around 9%, there was no difficult faced even I didn't contact the customer care. In a week time car was delivered.
I have taken car loan through State Bank of India since the showroom dealer referred .I have got a clear picture about the loan process ,I am not going to disclose the car model and the loan amount .I have got the loan amount very quickly .I am totally satisfied with the service .
I am banking with SBI for long term when I went for the car loan I linked this account for ecs purpose on monthly basis. The customer support is very good even they have Yono app we can manage everything in one. There is no reward points for the debit card transaction.
I have applied for State Bank Of India car loan which was applied through Online .I have got all the details about the loan process very clearly .The rate of interest and the processing fee was very high .I have applied for the loan amount of 2.4 lakhs for the tenure of 3 years .The car model was Nano Twist ,I am planing to close the loan since rate of interest was high .
I have taken a car loan with SBI bank on 6 years before which was applied directly to bank. They have sanctioned the amount 4 lakhs for the tenure period of 7 years. The rate of interest and fee are nominal. They use to do auto debit from salary account for an EMI. I bought a car for swift 4th model.
My car loan is ongoing with State Bank of India and the process was easy. The interest rate is good and they have charged me a minimal processing fee. The loan has to repaid in 7 years. I have purchased Tiago Car and got 100% funding from the bank.
I have a car loan with State Bank of India, they have very tedious process. Its is very difficult to get the loan from them. The interest rate is good and once I get the loan then the process was easy. I made some down payment and they have provided me 80% funding. The loan tenure is 5 years.