State Bank of India (SBI) offers cars loan at an interest rate of 7.75 per cent per annum along with several other benefits such as lowest EMI, minimal paperwork, and quick disbursement. The country’s largest lender offers customized car loans such as certified pre-owned car loan, regular car loan, SBI loyalty car loan for existing home loan borrowers, green car loan for electric cars, among others.
The state-run bank’s car loan scheme also comes with a repayment tenure of seven years, zero processing charges, and financing on ‘on-road price’. The on-road price includes the registration and insurance, and financing is up to 90 per cent of the ‘on-road price’, according to a statement shared by SBI today.
For car loan scheme, the interest is calculated on a daily reducing balance. The bank also allows purchase of new passenger cars, multi utility vehicles (MUVs), and SUVs. Customers will get a special interest concession of 25 bps on applying for the car loan through YONO – at 7.50 per cent per annum. State Bank of India’s auto loan market share is 31.11 per cent. The car loan tenure is three-seven years.
How to apply for SBI Car Loan Online?
To apply for the car loan online, customers can access the link: https://onlineapply.sbi.co.in/personal-banking/auto-loan?se=Product&cp=SBICOIN&ag=General
-Fill in the required details in the designated fields
-Check eligibility and get the loan quotation.
How to apply for SBI Car Loan on SBI YONO?
- Login to the YONO account
- On the home webpage, click on the menu (-the three marked lines) on the top extreme
- Click on loans and select car loan
- Conduct the eligibility check
- Request for the loan after entering details
- Find the eligible amount
- Fill the application form and upload the necessary documents
- Click on ‘Submit’
On Thursday, September 30, shares of State Bank of India were last trading 1.49 per cent lower at Rs 453.25 apiece on the BSE.