SBI Car Loan Scheme: The country’s largest bank is offering car loans to customers at attractive rates, concessions and easy terms. SBI is offering interest rates to new customers based on credit score.
SBI Car Loan Scheme: The country’s largest bank is offering car loans to customers at attractive rates, concessions and easy terms. SBI is offering interest rates to new customers based on credit score. Apart from this, the bank has made very easy rules regarding processing fees and prepayment. Due to which it is economical and easy for the customers to repay the loan before time.
Zero processing fee, no prepayment charge
According to the latest information available on SBI website, no processing fee is to be paid on car loan under the bank’s ‘Festive Dhamaka’ scheme till January 31, 2024. Apart from this, no charge will have to be paid on loan prepayment. At the same time, the bank will not charge any kind of charge from the customers on foreclosure after 1 year of loan disbursement.
According to SBI, a car loan can be taken for a minimum period of 3 years and maximum of 7 years. The bank can provide loan facility at ‘on road price’. On road price includes both registration and insurance. The bank can give loan up to 90 percent of the on-road price. The specialty of the bank’s car loan is that the interest will be calculated on the daily reducing balance. No advance EMI will have to be paid under SBI’s car loan scheme. Apart from this, optional facility of SBI Life Insurance cover will be available.
SBI Car Loan Scheme: What are the latest interest rates?
SBI is offering interest rates based on the CIC score (credit score) of the customers. According to the latest update, customers whose credit score is 800 or more, they get 8.65% for 3-5 years and 8.75% for above 5 years. For those whose credit score is between 775 – 799, the interest rates for 3-5 years are 8.80% and above 5 years are 8.90%. The bank is offering loans at an interest rate of 8.90% to 9.25% to those customers whose credit score is -1 i.e. those who have no credit history.
(Note: The details of interest rates have been taken from the official website of the bank.)
