SBI Car Loan Interest rate

Buying a car in India is like a dream. And this is a big deal in every house. People who have a lot of money will not understand this but for a middle class family, a car is a big dream.

If you are also thinking of buying a similar car, then in this informative blog we will tell you real updated Sbi Car Loan Interest Rate. So stay tune.

On the official website of SBI they have told lots of features & schemes about it read here:-

SBI CAR LOAN INTEREST RATE INFORMATION :- https://sbi.co.in/web/personal-banking/loans/auto-loans/sbi-new-car-loan-scheme

Auto Loans Interest Rates

(Fixed Rate-Interest Rate applied at the time of disbursement will remain same for the entire loan period)

Scheme(1-year MCLR: 8.55%)
i) SBI Car Loan,
ii) NRI Car Loan,
iii) Assured Car Loan Scheme
 From 8.65% to  9.70%
Loyalty Car Loan SchemeSBI Car Loan, NRI Car LoanFrom 8.70% to 9.65% (CIC Based rates are applicable)
SBI Green Car Loan (For Electric Cars)From 8.65% to 9.35%
Certified Pre-owned Car Loan SchemeFrom 11.30% to 14.80% (CIC Based rates are applicable).
SBI Two-Wheeler Loan12.90% to 14.40% (0.50% Concession available for EV)

Super Bike Loan Scheme

S.No.CIBIL ScoreSalaried customers / Defense / PensionersOthers
1>=7413.50 + 1 Year MCLR12.05%4.50 + 1 Year MCLR13.05%
2731-7405.00 + 1 Year MCLR13.55%6.00 + 1 Year MCLR14.55%
3700-730 and (New to Credit)10.75 + 1 Year MCLR19.30%11.75 + 1 Year MCLR20.30%

Mean Rate for Auto Loans: 9.00% 

What is Sbi Car Loan Interest Rate?

SBI, one of India’s most reputable banks, offers a spectrum of financial services, including car loans. Among their array of offerings, SBI’s car loan stands out as an accessible and flexible option for those aspiring to own a vehicle.

What are Interest Rates?

Interest rates signify the cost of borrowing money. In the context of car loans, they determine the additional amount you pay on top of the principal loan amount.’

SBI Car Loan Interest rate

Types of Interest Rates

Within the realm of car loans, fixed and floating interest rates are the common options. Fixed rates remain constant throughout the loan tenure, whereas floating rates fluctuate based on market conditions.

Factors Affecting Car Loan Interest

Multiple elements influence the interest rates offered by SBI for car loans. Factors such as credit score, loan tenure, and the type of car being financed play crucial roles.

Historical Trend

SBI’s interest rates for car loans have shown stability over the years, with occasional fluctuations in response to economic changes.

Comparison with Other Lenders

Comparing SBI’s rates with other financial institutions is essential to gauge the competitiveness of their offerings, ensuring you secure the best deal.

Eligibility Criteria

SBI outlines specific eligibility criteria that applicants must meet, including age, income, and employment status.

Documentation Required

A comprehensive list of documents, such as identification proof, income statements, and address verification, is necessary for a smooth loan application.

Steps to Apply

The application process involves several steps, including filling out forms, submitting documents, and awaiting approval.

Benefits of SBI Car Loans

Flexible Repayment Options

SBI provides flexible repayment structures, enabling borrowers to tailor the repayment schedule according to their financial capacity.

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