The country’s top lender, the State Bank of India (SBI), offers various types of car loans for those looking to buy a car. The bank offers customized car loans for customers such as Regular Car Loan, Certified Pre-owned Car Loan, SBI Loyalty Car Loan for existing home loan borrowers, Assured Car Loan Scheme for existing term deposit customers, and Green Car Loan for Electric Cars.

The state-run bank’s car loan scheme also comes with a repayment tenure of seven years, zero processing charges, and financing on ‘on-road price’. The on-road price includes the registration and insurance, and financing is up to 90 percent of the ‘on-road price’, according to a statement shared by SBI.

For the automotive mortgage scheme, the curiosity is calculated on each day decreasing steadiness. The financial institution additionally permits the buy of the latest passenger automobiles, multi-utility autos (MUVs), and SUVs. Customers will get a particular curiosity concession of 25 bps on making use of the automotive mortgage by way of YONO – at 7.50 percent every year. State Bank of India’s auto mortgage market share is 31.11 percent. The automotive mortgage tenure is three-seven years. 

Salient Features

  • Lowest Interest Rates & EMI;
  • Longest Repayment Tenure (7 years);
  • Financing on ‘On-Road price’:
  • On-Road price includes Registration & Insurance.
  • Interest calculated on Daily Reducing Balance;
  • For purchase of new passenger cars, Multi Utility Vehicles (MUVs) and SUVs.
  • Financing Up to 90% of ‘On-road Price’
  • No Advance EMI
  • Optional SBI Life Insurance cover available.

How to apply for SBI Car Loan on SBI YONO?

  • Login to the YONO account
  • On the home webpage, click on the menu (-the three marked lines) on the top extreme 
  • Click on loans and select car loan
  • Conduct the eligibility check
  • Request for the loan after entering details
  • Find the eligible amount
  • Fill the application form and upload the necessary documents
  • Click on ‘Submit’

On Thursday, September 30, shares of State Bank of India were the last trading 1.49 percent lower at ₹ 453.25