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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I got car loan offer from SBI which showroom suggested to apply. The rate of interest is 9.7% is fine. I taken this loan on 3.5 years back. The amount was sanctioned of 6L was sufficient with tenure period of 5 years. The car model Mahindra E2O. I have not any down payment. There are pre closure and part payment are applicable.
My car loan was taken from State Bank of India because the interest rate is low and the bank service is good. They have offered a loan amount of Rs. 5 lakhs and i made the down payment of Rs. 1.25 lakhs. The interest rate is 9%. I have been paying the EMI amount of Rs. 10600 per month for the duration of 5 years.
SBI is ready to provide the full loan amount of Rs. 10L for my car without any down payment. I didn't get the loan on time, i made one month EMI of Rs.13,000 after that i pre closed this loan. I got the normal interest rate, for pre closing they have charged only Rs. 500 and i purchased middle version car.
I have taken car loan through State Bank of India directly.The name of this car was TATA NIXON. The rate of interest and the processing fee was fine .I am paying the premium on EMI basis. I have applied for the loan amount of 7lakhs and i have made a down payment of Rs. 3L for the tenure of 10 years.
SBI bank is ready to provide the full loan amount of Rs. 10L for my car without any down payment. I dint get the loan on time i made one month EMI 13,000 after that i pre closed. I got the interest rate was normal, for pre closed they have charged only Rs. 500 and i purchased middle version car.
I have taken car loan through State Bank of India directly.The name of this car was TATA NIXON and the rate of interest and the processing fee was fine .I am paying the premium on EMI basis .I have applied for the loan amount of 7lakhs and i have made a down payment of Rs. 3L for the tenure of 10 years.
There is no hidden charges for my car loan and I have chosen SBI because the showroom dealer has suggested me this bank. Documentation process was smooth and i have given the down payment of Rs. 1 lakh. I pay the EMI amount of Rs. 10000 approximately. Total cost of the car is 7 lakh. I have selected the duration of 7 years.
I have taken car loan directly through SBI. The car model was 2019 and the name of this car was Volkswagen Vento .The rate of interest and the processing fee was very high and there was no processing fee .I have got all the details about the loan process very clearly and paying the premium on EMI basis .I have closed this loan successfully without any discrepancy.
I haven taken car loan from SBI. Everything was done on time and car was delivered on time .The rate of interest was bit high and the car model was MARUTI Suzuki Baleno .The loan amount got sanctioned on time .The loan process was clearly shared by the agent .I am satisfied with the service so far.
I went to SBI branch directly to apply the car loan and I have done all the paper work as well. I can make the part payment through online because of this reason i have selected this bank. I don't find any issue so far and the overall process got completed in a single day. I took the loan 2 to 3 years before and the loan is still going on.
The interest rate is low, no part payment or fore closure charges. It is very flexible so I have taken a loan from SBI. Bank offered me with 13L, complete price of the car, but i have opted only for 10L with the rate of interest 9.1%. It took only 3 days to process the loan.
I have taken car loan directly through SBI directly .The car model was Maruti Suzuki Wagnor .Still this loan is active and there was no difficulties faced so far .The rate of interest and the processing fee was nominal.I have submitted the documents on proper time and the service was satisfied .
I have taken car loan directly through State Bank oF India .The car model was Maruti Wagnor.The loan amount was sanctioned on time without any hassle .The rate of interest and the processing fee was nominal .The agent gave a clear picture about the loan process .There was no drawbacks faced while submitting the documents .
For SBI car loan, they have charged me a interest rate of 9% which can be reduced hence i'm not happy with the loan. SBI is better and good for its loan service. I had applied the loan amount of Rs. 10 lakhs and for the other car loan its 2.5 lakhs. They have not taken more time to sanctioned my loan because they have disbursed the loan in 2 to 3 days.
I have taken car loan directly through SBI .The car model is Hyundai Accent and got the loan amount on exact time frame .Each and every details about the loan process was clearly shared by the agent .The rate of interest was very less and got the loan amount on time without any delay. Still this loan is active and not yet faced any issues until I got the loan.
Taken my car loan 4 months back. I have bought the loan amount of Rs. 10 lakhs and they have sanctioned the loan immediately and the documentation process was simple and good. Within 1 day, they have processed the loan. They have provided me a interest rate of 8% and i have chosen the duration of 120 months.
Bought my car loan from State bank of India its because of less interest rate when i compared with others. I got the loan amount of Rs. 3 lakhs and i haven't paid any down payment. I have paid the EMI amount of Rs. 10000 per month. I have selected the tenure period of 3 years.
I have state Bank Of India car loan,the rate of interest was very nominal .I have got the loan amount sanctioned on time without any delay .Each and every details was clearly shared by the agent .I have submitted the required documents and i am comfortable with the service.
I have taken a car loan with SBI on 11 months before which was suggested by my friend who he is an agent. EMI paying for 11,600 rupees. They have given for 7 lakhs and 13 thousands tenure of 7 years. Within one week loan got sanctioned. The car model is TATA Nexon.
From SBI taken a car loan on 2 months before, through showroom suggested for this loan. With interest of 9.5% nominal. They have given for 5 lakhs tenure period of 7 years. IDV of 5.5 lakhs with some discounts given for 5 lakhs. For a processing fee of 2 thousands.