SBI Car Loan Interest Rate 2024- One of India’s most dependable financial institutions, SBI has assisted customers with their finances and directed their savings for years. SBI Car Loan Interest Rate offers loans to its customers in addition to the facilities of deposit accounts. In addition, it provides them with tools like SBI Car Loan Interest Rate calculators for additional assistance. One such tool is the SBI Car Loan Interest Rate, which helps people figure out how much they would have to pay each month toward their car loan.
It goes about as a self improvement device SBI Car Loan Interest Rate and helps people to design their regularly scheduled installments better and simultaneously assists them with dissecting on the off chance that such sum is reasonable for them or not. You can figure out how much you need to pay in Equated Monthly Instalments (EMIs) to repay your State Bank of India (SBI) Car Loan using the SBI Car Loan Interest Rate Calculator tool. Because you will know how much of your earnings will be used to pay back the loan each month, calculating the SBI Car Loan Interest Rate will help you better plan your monthly budget. After that, you will have the information you need to determine whether or not you will be able to pay back the car loan.
SBI Car Loan Interest Rate 2024
After the recent mergers, SBI Car Loan Interest Rate India’s largest lender and the 43rd largest bank in the world, has a share of 22% in the auto financing market. SBI has 45 million customers and a total asset value of INR 37 million crore. With over 22,000 branches and a network of 62,617 ATMs, SBI Car Loan Interest Rate is just the option you need to get the key to your dream car, right? For a maximum of seven years, SBI Car Loan Interest Rate provides financing for the purchase of passenger cars, sports utility vehicles (SUVs), and multi-utility vehicles (MUVs).
However, SBI Car Loan Interest Rate older than three months are not eligible for financing through the SBI Car Loan Interest Rate. When you buy a used car, you have to pay it back within eight years of when you bought it. However, in order to qualify for the loan to purchase the specific vehicle, the vehicle must not be older than five years old. The pace of revenue charged by the bank goes from 7.20% – 7.90% per annum for new vehicles and 9.25% – 12.75% per annum for old vehicles. With SBI Car Loan Interest Rate, you won’t have to worry about paying any processing fees or foreclosure fees during the loan process.
SBI Car Loan Interest Rate 2024 Details
| Name Of Article | SBI Car Loan Interest Rate 2024 |
| Years | 2024 |
| Category | Trending |
| Official Website | Click Also |
What is a car loan EMI calculator?
A car loan EMI calculator is essentially a tool you can use to determine the exact monthly payment amount. You only need to enter some basic information, like the amount of the loan you want to apply for, how long you want to pay it back, the interest rate offered by the bank, and the bank’s processing fee. SBI offers an internet based EMI number cruncher on its true site where you can helpfully work out the EMI.
You always have the option of decreasing the loan amount or increasing the duration of the loan if you discover that the EMI is too high. You’ll be able to keep the EMI within your budget this way. You can also use BankBazaar’s EMI calculator and visit the loan section to compare various loans and select the most suitable loan plan.
Check Also- Baroda Gujarat Gramin Bank 2024 Interest Rate For FD
Features SBI Car Loan Interest Rate 2024
SBI Car Loan Interest Rate may be a viable option for you. SBI offers competitive interest rates for car loans and provides flexible repayment options to fit your financial needs. For salaried individuals, the interest rates start at 8.50% per annum, while non-salaried individuals have an interest rate starting from 8.70% per annum. However, it is important to note that the actual interest rate may vary based on various factors such as the down payment, tenure, and credit score. To get a better idea of the actual interest rate and repayment options available to you, it is recommended to contact SBI and discuss your specific situation with a representative. They will be able to provide you with the most up-to-date information regarding their car loan offerings and help you make an informed decision about financing your new car.
- Receive a nominal monthly installment of Rs. 1,629 per lakh.
- The most reduced vehicle credit pace of interest at present presented by SBI is 9.40% starting around 10 May 2019.
- The ideal EMI for a loan with a six-year term is Rs. 1,822 per lakh.
- The ideal EMI for a five-year loan is Rs. 2,095 per lakh.
- A car loan’s EMI is determined by the interest rate, loan term, and loan amount.
| Loan amount | Loan tenure | Interest rate | Processing fee | EMI |
| Rs.5 lakh | 1 year | 8.50% | 0% | Rs.43,610 |
| Rs.5 lakh | 5 years | 8.50% | 0% | Rs.10,258 |
| Rs.10 lakh | 1 year | 8.50% | 0% | Rs,87,359 |
| Rs.10 lakh | 5 years | 8.50% | 0% | Rs.20,517 |
| Rs.15 lakh | 1 year | 8.50% | 0% | Rs.1,30,830 |
| Rs.15 lakh | 5 years | 8.50% | 0% | Rs.30,775 |
SBI Car Loan Interest Rates March 2024
| Particulars | Description |
| Interest Rate | 7.20% – 7.90% |
| Processing Fee | New Cars: No processing fees Used Cars: 1.25% of loan amount + GST; Min INR 3750 + GST & Max: INR 10,000 + GST |
| Foreclosure Charges | NIL |
| Loan Tenure | 1-7 Years for New Cars 1-5 Years for Old Cars |
Read Also- AU Bank 2024 Interest Rate For FD
The EMI Calculator Tool
The following is how to use BankBazaar’s online EMI calculator:
- The preferred loan amount and duration can be selected using the slider.
- Enter the processing fee and the applicable interest rate.
- Select “Calculate.”
The mini-computer will then show the EMI payable under the advance. A graphical representation of the amounts being paid as well as the year-by-year and month-by-month breakdown of the loan repayment schedule can be viewed by scrolling down and clicking the plus sign below “Your Amortization Details.”
Car loan EMI EMI changes in case of prepayment
When it comes to car loans, prepayment can have a big impact on your Equated Monthly Installment (EMI). If you make a prepayment towards your car loan, it will reduce the outstanding principal amount, which will, in turn, reduce the interest you need to pay on the loan. As a result, your EMI may decrease or the loan tenure may reduce. It’s important to note that not all lenders allow prepayment of car loans, so before you take out a car loan, it’s always a good idea to check with your lender to see if it is a possibility. Assuming prepayment is an option, you’ll want to also check whether your lender charges any prepayment fees or penalties.
You can pre-pay or pay off a portion of your loan at once with SBI. This lowers the outstanding principal and, as a result, the EMI for the remaining loan term. In order to repay your loan as soon as possible, you can also choose to pay higher EMIs and shorten the duration of the loan. You can also use the prepayment calculator provided by SBI to learn how prepayment can affect your loan schedule. You can use the calculator to determine the pre-payment amount and the subsequent EMI amount.
Click Here- AIR India SBI Platinum Card Benefits, Features, Eligibility
SBI Car Loan Application Form
Due to the expanding reach of the bank both domestically and internationally, applying for a SBI Car loan is simple and comfortable for potential borrowers. To apply for a car loan, you can either do so online or in one of the many SBI branches. Visiting the bank’s official website and clicking on the car loan section is the most convenient option. Click “Apply Now Online” as soon as the page for the automobile loan opens. After that, you will be taken to the page with the default checkmark for the current banking relationship. if you are comfortable with the lender. The appropriate option, along with your contact information, should then be selected.
A car loan application form will appear as soon as you do the same, asking you to provide pertinent information and the necessary documents so that the bank can take care of the rest. Nevertheless, if you do not already have a relationship with SBI. If you want to proceed to the application form page, you must select “No” before proceeding in the same manner as if you had selected “Yes.” The SBI’s examination of your loan application comes next. If you pass the investigation, the bank will examine your identity, income, and address information before providing you with a loan.
Check Also- Dakshin Bihar Gramin Bank 2024
SBI Car Loan Application Status
By going to the SBI website, you can check the status of your loan application online. Enter your LOS Application ID, verify the alpha-numeric number displayed on the screen, and enter your date of birth. If you forget the LOS Application ID, you’ll need to look in the loan receipt to find it. The status of your application for a car loan will be shown to you after you enter these information and click the “Submit” button. You can also check the status by going to the SBI branch where your loan application form was submitted.
Also Read- HSBC Credit Card Payment Online 2024
SBI Car Loan Customer Care
SBI may be the place to go if you have questions about a SBI auto loan. If this is the case for you, giving SBI a call at 1800 425 3800 can solve all of your issues and help you have a successful loan experience. Be it the credit application status, advance disbursal, installment of EMIs or subtleties of interest outgo, you can get every one of your questions settled by conversing with the client care chiefs on the number expressed previously.
Related Post-
Axis Bank Car Loan Interest Rates 2024