Interest rate on SBI car loan
According to the official website of SBI, if you want to take a car loan from SBI to buy a new car, then for this you will have to pay interest at the rate of 8.75 percent. At the same time, if you want to buy a second hand used car, then you will have to pay interest at the rate of about 11.40 percent. For a new car, you will be given a car loan for a period of seven years. At the same time, time is being given to repay the loan amount on a second hand used car in a period of five years. No processing fee will have to be paid on the loan given for buying a new car. This facility is being provided to the customers till 31 January 2024. At the same time, on the loan of second hand used car, you will have to pay a processing fee of around Rs 1.25 along with GST. This amount goes up to a maximum of Rs 10,000. Loan for a new car is sanctioned at about 90 percent of its price.