SBI, the largest bank in the country, is rolling out exclusive benefits for customers this festive season.
As part of its festive offer, the State Bank of India (SBI) is waving goodbye to processing fees on car loans.
In other words, you won’t need to pay any processing fees when you take out a car loan. This special offer is valid until January 31, 2024, as per the SBI website.
So, until January 31, 2024, you can obtain a car loan without any processing fees.
SBI announced this fantastic deal on its social media platforms, urging everyone to make the most of it and bring their dream car home.
SBI’s Car Loan Offer Details
According to the bank’s official website, SBI applies an interest rate based on one-year MCLR (Marginal Cost of Funds based Lending Rate) to auto loans, which currently stands at 8.55%.
For car loans, SBI’s interest rates range from 8.80% to 9.70%, subject to variation based on your CIC (Credit Information Company) score.
It’s important to note that in fixed-rate interest, the interest rate remains consistent throughout the entire loan tenure. Additionally, if the car loan’s tenure exceeds 5 years, the interest rate may be slightly higher.
Interest is calculated on a daily reducing balance, and there are no prepayment charges after one year.
Documents Required for a Car Loan
For Salaried Individuals:
Bank statement from the last 6 months
2 passport-size photographs
ID proof
Address proof
Salary slip
Form 16 for the last 2 years
2 photographs
As proof of identity, you can submit one of the following: Passport, PAN Card, Voter ID Card, or Driving License, among others.
For address verification, documents like Ration Card, Driving License, Voter ID Card, Passport, Telephone Bill, Electricity Bill, or a Life Insurance Policy can be submitted.
For Self-Employed or Business Owners
Bank statement from the last 6 months
2 passport-size photographs
Photo ID proof
Address proof
ITR (Income Tax Return) for the last 2 years
Audited balance sheet
How to Get a Pre-Approved Car Loan
Log in to Yono (SBI’s online portal) Step 2: Click on the pre-approved car loan banner Step 3: Verify your details and answer the questions Step 4: Obtain the approval letter and visit your nearest branch
