SBI Car Loan Rate of Interest
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SBI Car Loan SBI charges 8.65 percent to 9.70 percent interest on car loan. However, if the tenure of the car loan is more than 5 years, then more interest will have to be paid for it.
SBI Car Loan
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SBI Car Loan is one of the most popular car loan schemes in India. This scheme is offered by SBI, which is the largest bank in India. Following are the features of SBI Car Loan:
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Interest Rate: SBI car loan interest rates start from 8.65%.
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Loan Amount: The loan amount of SBI Car Loan ranges from Rs 2 lakh to Rs 10 lakh.
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Loan Tenure: The loan tenure of SBI Car Loan ranges from 3 to 10 years.
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Processing Fee: There is no processing fee on SBI Car Loan.
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Prepayment Charge: Prepayment charge on SBI Car Loan is 1%, which is applicable in case of prepayment within 24 months.
Eligibility for SBI Car Loan
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Following are the eligibility criteria for SBI Car Loan:
Age: The age of the applicant should be more than 21 years and less than 60 years.
Income: The monthly income of the applicant should be more than Rs 25,000.
Credit Score: The credit score of the applicant should be more than 750.
SBI Car Loan Required Documents
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Application for SBI car loan can be made online or by visiting the bank branch. Following are the documents required for application:
Identity proof of the applicant (Aadhar Card, PAN Card, Voter ID Card, etc.)
Address proof of the applicant (Aadhar Card, PAN Card, Voter ID Card, etc.)
Proof of applicant’s income (salary slip, bank statement, etc.)
Offer to purchase a car (brochure, contract from dealer, etc.)
Following are some of the benefits of SBI Car Loan:
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Low interest rates: SBI car loan interest rates are lower than other banks.
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Higher loan amount: The loan amount of SBI car loan is up to Rs 10 lakh, which is higher as compared to other banks.
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Long loan tenure: The loan tenure of SBI car loan is up to 10 years, which is higher than other banks.
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No Processing Fee: There is no processing fee on SBI Car Loan.