Car Loan

SBI provides, different car loan schemes in the personal banking sector which attracts many common features. They are listed here with individual details. All are considered to be Term loans for purchase of New / Used / Certified Pre-owned passenger cars, Multi Utility Vehicles (MUVs) and SUVs. Used and Certified Pre-Owned car, MUV, SUV upto 5 years old.

A major misunderstanding noticed among overseas Indians who wish to avail a car loan can be had from the bank without involvement of any others. It is mandatory requirement for every NRI loan could be passed only if person has a close relative who will be the principal applicant. More clearly, the actual Borrower or applicant should be a resident Indian of the NRI Guarantor.

SBI SME Auto loan allows Small and Medium Entrepreneurs (SME) for buying new and old vehicles such as auto-rickshaw, car, jeep, MUV of any model. Old vehicles should not be older than 4 years and be passed by the bank's assessment. This Term loan scheme also known as Finance for Road Transport Operators - FRTO.

SBI provides the best car loan scheme for you to take a loan for purchase of used car, not more than 5 years old. Featuring no Advance EMI, longest repayment tenure (7 years), lower interest rates, lower EMI, LTV 85% of ‘On Road Price’ of car (includes registration, insurance and cost of accessories worth Rs 25000), interest Calculated on Daily Reducing Balance, Flexibility of payment of EMI any time during the month, low pre-payment penalty ie. only 2%, low processing fee (only 0.50% of loan amount), free Accidental insurance, optional SBI Life cover.