The State Bank of India (SBI) offers a carloan scheme to allow its customers to buy certified pre-owned car, not older than five years.
The SBI car loan scheme has a litany of advantages.
The first advantage is that no advance equated monthly instalment (EMI) is meant to be paid.
The second is that the car loan offers the longest repayment tenure.The interest rates are also lowest, and hence, the lowest EMIs.
Interest on car loan is calculated on daily reducing balance.
The car loan scheme offers flexibility of payment of EMIs anytime during the month.
There is a low processing fee, which is just 1 per cent of the loan amount.
The largest lender of the country also allows you the optional SBI Life cover.The loan can be granted for the purchase of certified pre owned car, from certified used car dealers, not more than five years old.
The loan should be repaid within eight years from the date of the original purchase of the vehicle.
In case you are looking for a credit card, you can read here for details.The borrower must meet the following criteria to be able to seek the loan:A.
The individual must be between the age group of 21 to 65.B.
Either a permanent employee of state/central government/PSU employee or private company employee or a reputed establishment.C.
A professional or self-employed individual who is an income tax assesse.D.
Person engaged in agricultural and allied activities.The annual income of applicant or co-applicant, together, should be Rs 2 lakh.Maximum loan amount will be 2.5 times of net annual income.
Spouse's income could also be considered provided the spouse becomes a co-borrower in the loan.