State Bank of India (SBI) offers various credit facilities for buying vehicles including new car loan, certified pre-owned car loan, loyalty car loan, superbike loan, assured card loan, car loan lite and two-wheeler loan. Under the SBI assured car loan scheme, State Bank of India provides a minimum loan of Rs 2 lakh, while the bank has not ascertained any upper limit on the loan amount.
According to SBI, the bank demands 100 per cent of the fixed deposit for the on-road price of the vehicle. All the resident Indians of 18 years or above age are eligible to avail SBI assured car loan. The income declared by the individual will be accepted by the bank, SBI said. From October 10, 2019, onwards, the rate of interest on SBI assured car loan may vary from 8.80 per cent to 9.50 per cent for different individuals with distinctive credit scores and repayment histories.
The loan repayment period is 3 to 7 years and the individuals availing the loan has the right to choose the repayment tenure according to their ease between the aforementioned period. SBI also has partial relaxation in the interest rates for people with good credit scores. SBI levies an interest of 0.75 per cent + 1-year MCLR (8.05 per cent) on individuals with a credit score of 750 & above for a loan term from 3 to 5 years.
