INSUBCONTINENT EXCLUSIVE:
Authors: JordanThe repayment period of SBI's new car loan lasts up to 84 months.
State Bank Of India (SBI) offers new car loan scheme with low interest rates, zero foreclosure charges,
minimal paperwork and quick disbursements, mentioned country's largest lender on its official twitter handle
Under SBI's new car loan scheme, the bank offers up to 90 per cent loan on the on-road price, longest repayment tenure, lowest EMI (Equated
Monthly Instalment) and no pre-payment penalty, SBI further added
On-road price is the price the customer actually pays for the car and includes registration, insurance and extended warranty or total
service package or annual maintenance contract or cost of accessories, according to SBI's portal
public sector undertaking, private company or a reputed establishment where the net annual income of applicant and/or co-applicant if any,
together should be a minimum of Rs 2,50,000
The maximum loan amount that can be given in this case is 48 times of the net monthly income
proprietary/partnership firms who are income tax assesses where the net profit or gross taxable income of the applicant should be Rs
4,00,000 per annum (income of co-applicant can be clubbed together)
The maximum loan amount that can be given in such a case is 4 times of net profit or gross taxable income as per ITR (Income Tax rules)
annual income of applicant and/or co applicant together should be a minimum of Rs 4,00,000
These loans include car loans, NRI car loan and SME retail car loans (excluding taxi, transport operators and fleet segments), according to
Among the offerings under its auto loan products, SBI charges a rate of interest of 17.40 per cent on two-wheelers loans
This rate is 9.25 per cent above the 1-year MCLR of 8.15 per cent, according to the SBI website
SBI charges a rate of interest of 11.8 per cent on loan to own a super bike
This rate is 3.65 per cent above the 1-year MCLR of 8.15 per cent, according to the SBI website.
