SBI car loan finances: Bank adds new features; 11 benefits on offer, check here

The largest lender in the country, State Bank of India (SBI), after increasing the benchmark lending rate MCLR, has now decided to lure more customers, especially the ones who are looking for vehicle loans. In a latest development, the bank has introduced various new schemes under its car loan finances. SBI, through its official Twitter account, stated that, SBI car loan will finance the ‘on-road price’ of the vehicle. And what will loan-takers get? Well, some of them are attractive interest rates, no pre-payment penalty, longest tenure, and zero foreclosure charges. 

Here’s what the new SBI car loan scheme is all about. 

SBI offers you the best deal for financing your new car. Lowest interest rates, lowest EMI, minimal paperwork and quick disbursement.

Features:

1. Lowest Interest Rates & EMI;
2. Longest Repayment Tenure (7 years);
3. Financing on ‘On-Road price':
4. On-Road price includes Registration, Insurance and Extended Warranty/ Total Service Package/ Annual Maintenance Contract/ Cost of Accessories
5. Interest calculated on Daily Reducing Balance;
6. No Pre-Payment Penalty or Foreclosure Charges;
7. No Advance EMI;
8. Also reimburse finance for the cars purchased out of your own funds at rate of interest applicable to New Car Financing:
9. Car should not be more than 3 month old
10. Optional SBI Life Insurance cover available;
11. Overdraft facility available.

To avail an SBI Car Loan, you should be an individual aged 21 to 65 years, belonging to one of the following 3 categories:

You would need to submit the following documents along with the completed application form:

You can enjoy the longest repayment period in the industry with us: 84 months.

In the start of this month, SBI increased the lending rate by 20 basis points across all tenors up to three years. 

With this hike, SBI's overnight and one-month tenors' Marginal Cost of Funds Based Lending Rate (MCLR) stands at 8.1 per cent as against 7.9 per cent.