Well SBI or state bank of India is counted as one of the most trustworthy as well as cost affecting car loan provider in the country. The bank has the best deals so the financial burden can be reduced on the customers. Also, they have the lowest rate when it comes to the interest rate on loan. SBI car loans cover the all needed requirements, including the insurance cover. You get the interest calculation based on the daily reducing method. Also, the bank offers the financing option if your car is bought in 3 months back. Apart from this, the bank also has a no different rate of interest on the basis of what type of car you choose for buying.
Interest on the Car Loan by SBI
The bank provides the discounts as well on the interest rates, but that is for the loyal customers of the SBI. The interest rate can switch to the basic floating interest rate, i.e. the interest rate, which will be applied in the future along with daily reducing method on MCLR.
Well, the bank is currently offering the car loan interest at this rate:
- The bank offers 9.65% on new cars. Well, this interest rate is for women only. As for the men, the rate is 9.70% without the processing fees
- SBI offers 13.10% on certified cards. This is applicable for men and women both. However, with this, they also need to pay the low processing fees which are 0.50% of the loan’s overall amount
EMI Calculator: What to know
Well, several sites have the EMI calculator which you can use as well. However, for that, there are certain things that you need to do. You first need to enter the amount of the loan which is availed, loan tenure and interest rates so you can check the amount of EMI on car loans.
Read More: How To Link Up Aadhaar Card To Sbi Bank
With the calculator, you can easily get the exact numbers as compared to going with a traditional method. Also, with this, you can get an idea about the future financial commitments that you need to pay for EMI monthly. You can use the calculator anytime as well as anywhere too.
If you want to use the traditional method, you need to apply the formula for calculation which is:
EMI = [P x R x (1+R) ^N] / [(1+R) ^N – 1]
Here,
P = principal amount
R= Monthly basis interest rate
N= number of instalments
How to Apply SBI Car Loan?
There are two methods by which you can apply for the car loan. There are sites on which you can get the SBI car loans, including the details and other compared features to get easy information. Also, if you want to go directly, then you can visit the official website of the bank as well. For that, you are going to need some documents and wait for the verification. Once the bank approved your application, the loan’s amount will be reflecting on your bank account
Conclusion:
State bank of India is one of the well-known and largest government sector banks in India. It does provide all of the banking services and all other modern facilities to the customer. If you hold a bank account with SBI bank, then you may know everything about the bank services. However, in this post, we have explained the procedure of SBI car loan approval and what are the interest rates charged on the car loan.
Hey, this is Johny Sehgal. I am the owner and caretaker at Finance Jungle. I completed my education in BSC and now heading towards the digital marketing industry. I usually have interests in reading, playing games and watching movies. I also love to write content based on quality information. The main motive of mine is to provide the top and best quality information to my readers. Finance Jungle is the blog for the same.
