SBI Car Loan

State Bank of India needs no introduction. India’s largest bank by assets size, SBI has been dispensing banking & financial services to every nook and corner of the country. Car loan is one of the salient products in the retail loans segment. A multitude of tailor made plans in its car loan portfolio makes SBI car loans, one of the most sought after in the car finance business.

Your search for the best car loan should not stop at just comparing offers and interest rates from various banks. It should also include exploration of the various schemes and plans offered by specific banks. In this regard, SBI does not disappoint. The bank has various car loan schemes to match the imperative needs of different classes of car loan aspirants.
Let us inspect the car loan schemes from State Bank of India.

SBI New Car Loan Scheme

A classic finance plan towards procurement of a new car. This scheme covers all types of cars such as small cars, SUV’s & MUV’s.

Repayment Tenure	Up to 84 months(7 years)
Quantum of Financing	Up to 85% of ex showroom price
Processing Fee	0.51% of loan amount(Max. Rs.10,200)
Pre - Payment Charges	Nil

Features & Benefits

•   Interest calculation based on the reducing balance concept.
• No advance EMI. Overdraft facility is available.
• Accessories are also financed under the car loan scheme.
•  Insurance cover from SBI Life(optional).

SBI Combo Loan Scheme

A one of its kind loan plan that lets customers purchase car

& two wheeler together. This loan scheme helps in consolidation & aids easy management of EMI’s.

Repayment Tenure	Up to 84 months(7 years)
Quantum of Financing	Up to 85% of ex showroom price(For borrowers with net annual income up to 10 lacs). 85% of the ex showroom price or 80% of on road price - To be selected by the borrower.(For borrowers with net annual income more than 10 lacs).
Processing Fee	0.51% of loan amount(Max. Rs.10,200)
Pre - Payment Charges	Nil

Features & Benefits

• Flexibility of choosing “Ex Showroom” or “On Road Price”. 
• Processing fees is waived until the end of March 2015. 
• Option to choose the EMI payment date as per convenience. 
• Insurance cover from SBI Life(optional).

Certified Pre Owned Car Loan A car loan plan designed for purchase of pre owned cars(not more than 5 years old) from SBI certified dealers.

Repayment Tenure	Up to 84 months(7 years)
Quantum of Financing	Up to 85% of ex showroom price
Processing Fee	0.51% of loan amount
Pre - Payment Charges	2% of the outstanding amount

Features & Benefits

• Provision to include spouses income to enhance eligibility. 
• Maximum loan amount can go up to 2.5 times of the net annual income. 
• Benefit of purchasing cars from dealers certified by SBI after rigorous checks.  
• Insurance cover from SBI Life(optional).  

SBI also extends used car loans for direct purchase with non certified dealers across the country. Most of the terms and conditions remain the same as above. SBI Loyalty Car Loan Scheme As a part of its diverse car loan portfolio, SBI offers can loans on exclusive terms for existing home loan customers.

Repayment Tenure	Up to 84 months(7 years)
Quantum of Financing	Up to 100% of the “On road price”
Processing Fee	0.25% of loan amount(Max. Rs.5,000)
Pre - Payment Charges	Nil

Features & Benefits

• Processing fees can be waived based on certain criteria.
• Privileged interest rates for male and female applicants.
• Car loan amount is based on the existing outstanding value of the home loan.
• Lowest EMI per lac. 

In addition to the wide range of schemes elucidated above, the bank also extends other car loan schemes such as SBI Nano Youth Car scheme, aimed at specific products and customers.