If you really think about it, it's easier getting a loan for a car than a loan for bus fare!
  • Car Loan BYTES FROM OUR KITCHEN

    State Bank of Travancore Used Car Loan

    About State Bank of Travancore Used Car Loan

    Established in the year 1945, State Bank of Travancore, also known as SBT, is the public sector banking subsidiary of the State Bank group. Headquartered in Thiruvananthapuram, SBT serves as the premier bank in Kerala where it operates via a network of 777 branches. Overall, the bank has over 136 branches spread across 16 other Indian states as well. Currently State Bank of Travancore provides an array of financial products and services which span across investment banking, consumer banking, commercial banking, retail banking, retail banking, private banking, asset management, pensions, loans and mortgages.

    For those looking to purchase second hand vehicles, State Bank of Travancore provides a unique financing option by way of Used Car Loans. This car loan offers multiple benefits like high loan value, quick loan processing, flexible repayment period, low interest rates and more..

    Features of State Bank of Travancore Used Car Loan

    • For vehicles up to 2 years old, customers can avail a loan of Rs 4 lakhs while for vehicles which are 2 to 5 years old, a loan up to Rs 3 lakhs can be obtained.
    • Choose from flexible repayments tenures of a minimum of 36 months and a maximum of 60 months.
    • Quick loan approval within 24 hours of documentation being complete.

    State Bank of Travancore Used Car Loan Interest Rates

    SBT’s pre-owned car loan can be availed by individuals looking to purchase a car which is under 5 years old. The interest on this loan is computed on the basis of two benchmarks, MCLR and Base Rate. While MCLR is applicable in case of all new borrowers (loans sanctioned after April 1, 2017), other borrowers can choose an interest platform based on their convenience.

    State Bank of Travancore Marginal Cost of Funds Based Lending Rate (MCLR) (For new borrowers)

    MCLR benchmark rates at SBT are highlighted in the table below.

    MCLR Benchmark Tenure (Period) Benchmark Rates (MCLR)
    Overnight 9.35%
    1 month 9.45%
    3 months 9.55%
    6 months 9.75%
    1 year 9.85%
    2 years 9.95%
    3 years 10.00%

    Used car loan interest rates (2018)

    Interest charged by SBT depends on the loan tenure and amount taken, with the table below highlighting the interest applicable in different cases.

    Loan Tenure Interest Rate
    Upto 3 years MCLR + 5.25% = 15.10% per annum
    Greater than 3 years MCLR + 5.75% = 15.60% per annum

    State Bank of Travancore Base and Prime Lending Rates (For existing borrowers)

    Base Rate 9.95% per annum, effective 05/10/2015
    Prime Lending Rate 15.15% per annum, effective 05/10/2015

    State Bank of Travancore interest rate for used cars (Based on Base Rate)

    Borrowers who availed a loan before MCLR benchmarks came into existence have the option to continue with their existing rates or migrate to MCLR. Those who refrain from moving can be charged an interest which includes a certain component over and above the existing base rate, with the final interest determined after factoring a number of reasons.

    Note: Interest rates mentioned above are valid as of Jan, 2018. These rates are subject to change at the sole discretion of SBT and borrowers should check prevailing rates before applying.

    State Bank of Travancore Used Car Loan Eligibility Criteria

    The State Bank of Travancore Used Car Loan can be applied for by individuals who are have a steady source of income by way of a salary or otherwise and must hold a minimum experience of 2 years in the current line of work. This loan is also open to spouses of NRIs (based on the NRIs monthly income)..

    Documents Required To Apply for State Bank of Travancore Used Car Loan

    In order to apply for the State Bank of Travancore Used Car Loan, applicants must furnish the following documents..

    • Duly filled Application form (in duplicate)
    • 2 Passport size photos
    • Proof of Income
    • Details of Guarantors

    For Salaried Individuals

    • Salary Certificate showing deductions
    • Letter of Authorization from the applicant allowing the bank to deduct monthly installments from their salary towards repayment of loan (subject to availability of check-off facility)

    Self employed Individuals / Professionals / Businessmen

    Must present the statement of computation of taxable income.

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    State Bank of Travancore Used Car Loan Reviews

    • State Bank of Travancore Car Loan
      "Cares About Customers"
      0.5 5.0/5 "Blown Away!"
      I had applied for my car loan with SBT on Jan 30, they called me on Jan 31st and said my application got approved. That time they processed Interest for 9.15%, But next day the interest rate was came down,So they intimated me, then they again processed my application for 8.70% interest rate. They weere offering customer friendly service. Frankly speaking, I did not expect such a wonderful service that too from a Nationalized bank like SBT.
      Was this review helpful? 2
      , thrissur
      Reviewed on Feb 27, 2017
    • State Bank of Travancore
      State Bank of Travancore Car Loan
      "One of the best option"
      0.5 5.0/5 "Blown Away!"
      I got the car loan with State bank of Travancore and the interest rate was good one while compare with other. The process got over within a day of time and the documentation procedures are nominal one with them. I am happy with them.
      Was this review helpful? 4
      , kochi
      Reviewed on Feb 17, 2017
    • State Bank of Travancore Car Loan
      "One of the best option"
      0.5 5.0/5 "Blown Away!"
      I got the car loan with State bank of Travancore and the interest rate was good one while compare with other. The process got over within a day of time and the documentation procedures are nominal one with the State Bank of Travancore. I am happy with them.
      Was this review helpful? 0
      , kochi
      Reviewed on Feb 17, 2017
    • State Bank of Travancore Car Loan
      "My car loan"
      0.5 4.0/5 "Great!"
      I was interacting with the Manager and I got an immediate response. Obviously SBT being a nationalized bank always tries to provide a least interest rate. This loan was taken a way back. I had got NOC and closure letter on time on the same day when I visited the branch
      Was this review helpful? 2
      , bangalore
      Reviewed on Sep 29, 2016
    • State Bank of Travancore Car Loan
      "Simple process "
      0.5 4.0/5 "Great!"
      The service provided by state bank of travancore was good related to the car loan application.The process was simple and easy to complete without much complication applied.They asked for the required documents to complete the car loan process.
      Was this review helpful? 1
      , bangalore
      Reviewed on Jun 15, 2016
    • State Bank of Travancore Car Loan
      "Very good experience"
      0.5 4.0/5 "Great!"
      I had availed a car loan from State Bank of Travancore. Their customer service and responsiveness was pretty good. The interest rate offered was affordable and on par with other banks in the market. The processing fee was waived off. The processing and documentation was easy and smooth and a quick process.
      Was this review helpful? 2
      , bangalore
      Reviewed on Apr 04, 2016
    • State Bank of Travancore Car Loan
      "Need to improve customer service!"
      0.5 3.5/5 "Pretty good"
      The car loan was processed within a day by State bank of Travancore. I visited the branch and submitted the documents for the loan process. 10.75% is the interest rate offered them but I felt that affordable. I would suggest them to improvise their customer service.
      Was this review helpful? 1
      , kollam
      Reviewed on Feb 04, 2016
    • State Bank of Travancore Car Loan
      "Very good"
      0.5 5.0/5 "Blown Away!"
      SBT Car loan is fine the interest rate offered by them was very less and they were able to fund of 95% of the loan amount. Processing fee is rs 2000 and I am allowed to make the foreclosure and part payment. I am holding this car loan for a period of 3 years. I have paid a part of the principle amount interest rate and preclosure charges and I directly approached the branch for foreclosing the account.
      Was this review helpful? 1
      , kottayam
      Reviewed on Sep 03, 2015
    • State Bank of Travancore Car Loan
      "Got A Car Loan..."
      0.5 5.0/5 "Blown Away!"
      I availed a car loan from state bank of Travancore. My father is working there so I got the loan easily. They have given pre closure option without any charges. The best thing is they wont charge much for late payments, they also waive it if it is once or twice.
      Was this review helpful? 2
      , ernakulam
      Reviewed on Aug 13, 2015
    • State Bank of Travancore Car Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      SBT Car loan process was fine. They had offered me a special rate of interest which was 10% based on my savings account. Processing fee charged by them was very minimal which was rs 500 to rs 800 which for the loan amount of 4 lakhs. They managed to offer the loan within a span of 3 to 4 days of time.
      Was this review helpful? 3
      , new delhi
      Reviewed on Aug 12, 2015
    • State Bank of Travancore Car Loan
      "Good"
      0.5 3.5/5 "Pretty good"
      I have experience with the car loan in the state bank of interest and the rate of interest was around 10.15% .The processing charges was around 3000 Rupees.The service is really good with them.The loan got disbursed within 2 days of the 80% of the cost of the vehicle.
      Was this review helpful? 0
      , kochi
      Reviewed on Jul 07, 2015
    • State Bank of Travancore Car Loan
      "Its fine"
      0.5 4.0/5 "Great!"
      I had taken a car loan from SBT. The former part was very difficult where they had asked for several documents they did not keep me posted about that. I kept following up with them. There is no issues or hassle with them. I had placed a request for the closure they confirmed the exact outstanding principle amount, there was no foreclosure charges. This was request for the closure was made at the branch and the loan was closed successfully.
      Was this review helpful? 3
      , thiruvananthapuram
      Reviewed on May 23, 2015
    • State Bank of Travancore Car Loan
      "Good"
      0.5 5.0/5 "Blown Away!"
      I went through the car loan process from state bank of tranvancore.They offered me the best interest rate and the processing fee.They completed the entire documentation part within 5 minutes and approved the loan within 2.5 hours of the same day. I am very much happy with the service provided by them
      Was this review helpful? 2
      , chennai
      Reviewed on May 13, 2015
    • State Bank of Travancore Car Loan
      "Excellent Service!!"
      0.5 5.0/5 "Blown Away!"
      I was having a Car loan from State Bank of Travancore. It took nearly 2 weeks for the loan to get disbursed. The documentation process was good. The rate of interests charged for this loan is less compared to other Banks. The Bank was near to my home so I had visited the Bank directly and filled the form and it was a good response from the Bank. Overall it was an hassle free process.
      Was this review helpful? 2
      , bangalore
      Reviewed on Apr 23, 2015
    • State Bank of Travancore Car Loan
      "Very good"
      0.5 5.0/5 "Blown Away!"
      I am holding a SBT car loan the service offered by them was excellent. I am getting very good support from them . Its been 5 years now since this loan was closed. When compared with others they offered a least interest rate. Though it s a public sector bank they offered personalized customer service. I have repaid everything and I have got my closure letter and NOC as well. Another major advantage was the preclosure and there was no preclosure charges as well.
      Was this review helpful? 1
      , kochi
      Reviewed on Feb 20, 2015
    • State Bank of Travancore Car Loan
      "Good service"
      0.5 4.5/5 "Excellent!"
      Its very excellent from state bank of india for my car loan .I got everything in doorstep. The executive came and collected the documents.I have got my loan within 2 weeks of time. Due to rate of interest in reducing rate of 11% and they are providing 85% -90% on on-road prices. And also their prepayment charges are zero
      Was this review helpful? 2
      , bangalore
      Reviewed on Oct 30, 2014
    • State Bank of Travancore Car Loan
      "Fantastic experience"
      0.5 4.0/5 "Great!"
      Four years ago I had availed a car loan from State Bank of Travancore. The processing of the loan was quite fast and completed within a week. My only inconvenience was I had to visit the branch in the beginning of the loan process to complete the documentation and at the end to close the loan account. The rate of interest was fixed and pretty good. There was some ongoing offers on the interest rates as well and there are no extra or hidden charges at all.
      Was this review helpful? 3
      , bangalore
      Reviewed on Sep 11, 2014
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