SBI Unveils Exciting Festive Offer: Car Loans Without Processing Fees Until January 31, 2024

The State Bank of India (SBI), the nation’s largest bank, is ushering in the festive spirit with exciting offers for its customers.

As part of its festive season promotion, SBI is waving goodbye to processing fees on car loans.

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This means that you can now obtain a car loan without the burden of processing fees. According to the SBI website, this generous offer is valid until January 31, 2024.

So, until that date, customers can enjoy the privilege of availing car loans without processing fees.

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In a social media announcement, SBI encourages everyone to seize this opportunity and bring home their favorite car this festive season.

SBI’s Car Loan Terms and Interest Rates

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SBI applies a one-year MCLR (Marginal Cost of Funds Based Lending Rate) of 8.55% to its auto loans.

Interest rates on car loans range from 8.80% to 9.70%, with the precise rate varying based on the applicant’s Credit Information Company (CIC) score.

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It’s important to note that in fixed-rate interest, the interest rate remains consistent throughout the entire loan tenure.

However, for car loan tenures exceeding five years, interest rates may be slightly higher. SBI calculates interest on a daily reducing balance, and after one year, there are no prepayment charges.


Documentation Requirements for Car Loans

For salaried individuals:

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Bank statement for the last 6 months

Two passport-size photographs

ID proof

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Address proof

Salary slips

Form 16 for the last two years

Acceptable forms of ID include Passport, PAN Card, Voter ID Card, and Driving License, among others.

For address proof, Ration Card, Driving License, Voter ID Card, Passport, telephone bills, electricity bills, and life insurance policies are valid options.

For non-salaried or business individuals:

Bank statement for the last 6 months

Two passport-size photographs

Photo ID proof

Address proof

ITR (Income Tax Return) for the last 2 years

Audited balance sheet

How to Avail a Pre-Approved Car Loan

Getting a pre-approved car loan from SBI is a hassle-free process:

Step 1: Log in to Yono (SBI’s digital banking platform).

Step 2: Click on the pre-approved car loan banner.

Step 3: Verify your details and respond to the provided questions.

Step 4: Obtain the approval letter and visit your nearest branch to complete the process.

With SBI’s festive offer of zero processing fees, now is the ideal time to turn your dream car into a reality.


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