STATE BANK OF INDIA SBI CAR LOAN FOR NEW, USED AND OLD CARS
SBI CAR LOANS
FOR NEW CARS
SBI EZEE CAR LOAN SCHEME
Interest rates for SBI CAR LOANS
First Year – 8% on term loan and 8.5% on overdraft
Second and Third Year – 10% on term loan and 10.5% on overdraft
Fourth Year Onwards – The floating interest rate will be reset to applicable card rate contracted on the date of sanction.
Fourth and Fifth Year – 11.25% on term loan and 11.75% on overdraft
Sixth and Seventh Year – 11.50% on term loan and 12.00% on overdraft
No other interest concession will be given under any tie-up arrangement or otherwise below the offer rate.
Reset Period – Interest Rate will be reset on the anniversary date of the loan to the applicable card rate contracted as on the date of sanction under the respective new car loan schemes i.e. Spreads above Base Rate as applicable on the date of sanction as per the agreement.
Processing fee – 0.50% of loan amount
ELIGIBILITY –
- Individual between the age of 21-65 years of age.
- A Permanent employee of State / Central Government, Public Sector Undertaking, Private company or a reputed establishment
- A Professionals or self-employed individual who is an income tax assessee
- A Person engaged in agriculture and allied activities.
- Net Annual Income Rs. 100,000/- and above.
SBI ADVANTAGE CAR LOAN SCHEME
First Year – 8% on term loan and 8.5% on overdraft
Second and Third Year – 10% on term loan and 10.5% on overdraft
Fourth Year Onwards – The floating interest rate will be reset to applicable card rate contracted on the date of sanction.
Fourth and Fifth Year – 11.00% on term loan and 11.50% on overdraft
Sixth and Seventh Year – 11.25% on term loan and 11.75% on overdraft
No other interest concession will be given under any tie-up arrangement or otherwise below the offer rate.
Reset Period – Interest Rate will be reset on the anniversary date of the loan to the applicable card rate contracted as on the date of sanction under the respective new car loan schemes i.e. Spreads above Base Rate as applicable on the date of
sanction as per the agreement.
Processing fee – 0.50% of loan amount
ELIGIBILITY FOR SBI CAR LOANS
- An individual must be between the age of 21-65 years.
- A permanent employee of state or central government, Public Sector Undertaking, Private company or a reputed establishment.
- A Professionals or self-employed individual, proprietary or partnership firms who is an income tax assessee with a net annual income Rs. 2.50 lakh and above.
NRI Car Loan
Up to 3 years (for loans Rs. 5 lac & above) – 11.00% p.a.
Up to 3 years (for loans below Rs.5 lac) – 11.25% p.a.
Above 3 yrs up to 5 yrs (for all loans) – 11.25% p.a.
Above 5 yrs (for all loans) – 11.50% p.a.
Used and Old Cars
Up to 3 years – 14.75% p.a.
Above 3 yrs – 15.00% p.a.
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