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.
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.
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
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.
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.
Make your festive season more joyful by driving home your dream car with amazing Car Loan deals!#SBI #CarLoan #FestiveOffers pic.twitter.com/MEAmMEAZJx
— State Bank of India (@TheOfficialSBI) September 23, 2023
Documentation Requirements for Car Loans
For salaried individuals:
Bank statement for the last 6 months
Two passport-size photographs
ID proof
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.
