The State Bank of India (SBI) has will be waiving processing fee on its car loans as part of its festive season offer. The offer is valid up to January 31, 2024, according to the SBI website.
According to the post on social media X (previously known as Twitter), “Make your festive season more joyful by driving home your dream car with amazing Car Loan deals!”
— TheOfficialSBI (@TheOfficialSBI)
SBI applies one year MCLR on auto loans, that is 8.55%, as per the bank website. SBI offers interest rate on car loans between 8.80% to 9.70% and will vary based on CIC scores. Note that fixed rate-interest rate applied at the time of disbursement will remain the same for the entire loan period. Also, interest rate can be higher if the tenure of the car loan is above 5 years.
IC Score | Term of Loan | ||||
3-5 years | Above 5 years | ||||
775 & ABOVE | 0.25% + 1 Yr MCLR | 8.80% | 0.35% + 1 Yr MCLR | 8.90% | |
757 – 774 | 0.35% + 1 Yr MCLR | 8.90% | 0.45% + 1 Yr MCL | 9.00% | |
721 – 756 | 0.60% + 1 Yr MCLR | 9.15% | 0.70% + 1 Yr MCLR | 9.25% | |
700 – 720 | 0.85% + 1 Yr MCLR | 9.40% | 0.95% + 1 Yr MCLR | 9.50% | |
650 – 699 | 1.05% + 1 Yr MCLR | 9.60% | 1.15% + 1 Yr MCLR | 9.70% | |
-1(101-200) | 8.90% to 9.25% |
Interest is calculated on daily reducing balance. There are no prepayment charges and no foreclosure charges after 1 year.Flexi pay option in car loan
Under Flexi pay option, borrowers can choose either of the below 2 options:
According to the SBI website, “First 6 months EMI to be 50% of Regular EMI applicable, provided, the tenure of loan is minimum 36 months.First 6 months EMI to be 50% of Regular EMI applicable & next 6 months 75% of Regular EMI applicable, provided, the tenure of loan is minimum 60 months.”
Documents Required
You would need to submit the following documents along with the completed application form:
Salaried
- Statement of bank account for last 6 months.
- 2 passport size photographs
- Proof of Identity
- Address Proof
- Income Proof: Latest Salary Slip, Form 16
- I.T. Returns or Form 16 for the last 2 years.
- Proof of Identity : – (Copy of any one) Passport/ PAN Card/ Voters ID card/ Driving License etc. Address Proof :- (Copy of any one) Ration card/Driving License/Voters ID card/Passport /Telephone Bill/ Electricity bill/Life Insurance policy.
Non-Salaried/ Professional/Businessmen
- Statement of bank account for last 6 months.
- 2 passport size photographs
- Proof of Identity
- Address Proof
- Income Proof: ITR for last 2 years
- I.T. Returns or Form 16 for the last 2 years.
- Audited Balance sheet, P&L statement for 2 years, Shop & establishment act certificate / sales tax certificate / SSI registered certificate / copy of partnership.
How to avail pre approved Car loan
Step 1: Login to YONO
Step 2: Click on Pre-approved Car Loan banner
Step 3: Verify the details and Just answer simple question ‘Are you interested ?’
Step 4: Get In-principle approval letter and visit the branch for further process.
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