State Bank of India is the most trusted and cost effective car loan provider. With their best deals in car loans segments, you can own your dream without any financial burdens. They provide financing at lowest car loan interest rates and lowest EMI. With the online SBI bank car loan calculator and EMI calculator for car loan, get a hassle-free and quick loan approval with minimal documentation required.
Interest on the Car Loan Amount from SBI
Currently, SBI is offering car loan at an interest rate:
- For new cars: 9.65% for women and 9.70% for men on the new cars with no processing fees;
- For certified used cars: 13.10% for both men and women. In addition to that, they charge a low processing fee of 0.50% of the loan amount;
They provide a good discount on interest rates to existing loyalty customers of SBI. All the interest rates are charged on the basis floating interest rates, i.e. the interest rate in the future will spend om MCLR with daily reducing method.
Feature of SBI Car Loan Schemes:
- Lowest interest rates and minimum EMI amount across the industry;
- No differential interest rates based on the model of car or tenure of the loan;
- Long car loan tenure with the repayment time of up to 7 years is allowed;
- Financing on on-road price including registration charges, insurance, warranty, additional service charges, and cost of accessories included;
- All the interest is calculated on daily reducing methods;
- No restrictions and fees on prepayment of loan;
- No advance payment of EMI required;
- They also provide optional life insurance cover;
- Financing option is available even if the car was bought a 3 month back.
Schemes for New & Old Cars:
SBI offers car loans for both the new cars as well as certified old cars. Here are few of the features of both the schemes:
- SBI bank new car loan scheme: A loan with a maximum repayment period of 7 years can be availed for any model of the new car. There are no processing charges for a new car. An EMI of a minimum of INR 1,640 is required to be paid per 1 lakh of loan availed.
- SBI bank used car loan scheme: The loan for used cars can be availed for eight years minus the age of the vehicle can be availed with a maximum limit of repayment of 5 years. A processing fee of 0.50% is charged with the minimum EMI amount to INR 1,640 per 1 lakh of loan availed.
Maximum loan availability
- New car: You can get a loan up to 85% of the on-road price of the new car;
- Certified used cars: a margin of 20% of the invoice price or IDV (Insured declared value) whichever is less is kept by the bank. The remaining amount can be availed as the loan.
SBI Car Loan Eligibility
The applicant of the loan should be between the age of 21 to 65 years to avail the loan.
A minimum net income of at least INR 3 lakhs p.a. is required for salaried individuals. The income of immediate blood relation like the spouse, parents or siblings can be clubbed to reach a figure of 3 lakhs.
Self-employed, professionals and business owners need to have a net profit or gross taxable income of minimum INR 4 lakhs p.a. for the approval of loan. In case of co-borrower, income of both is clubbed to check the eligibility.
If the borrower is an agriculturist, then a minimum income of INR 4 lakhs p.a. is required. You can use SBI car loan calculator to check the eligibility.
SBI Car Loan EMI Calculator
For the car loan EMI calculation of the SBI car loan, you can use the car loan EMI calculator at at our site. The amount of loan that needs to be availed, the tenure of the loan and the interest rates is needed to be entered to check the EMI amount.
The car loan EMI calculator helps you to foresee the financial commitment that you will get in future due to the monthly EMI. You can always come to a desired figure of EMI by changing the duration of the loan and the amount of the loan you wish to avail. This online car loan EMI calculator can be used anytime and anywhere over the internet.