BI offers you the best deal for financing your new car. Lowest interest rates, lowest EMI, minimal paperwork and quick disbursement.
- Lowest Interest Rates & EMI;
- Longest Repayment Tenure (7 years);
- Financing on ‘On-Road price’:
- On-Road price includes Registration, Insurance and Extended Warranty/ Total Service Package/ Annual Maintenance Contract/ Cost of Accessories
- Interest calculated on Daily Reducing Balance;
- No Pre-Payment Penalty or Foreclosure Charges;
- No Advance EMI;
- We also reimburse finance for the cars purchased out of your own funds at rate of interest applicable to New Car Financing:
- Car should not be more than 3 month old
- Optional SBI Life Insurance cover available;
- Overdraft facility available.
For purchase of new passenger cars, Multi Utility Vehicles (MUVs) and SUVs.
3. SBI offers 90 per cent finances of on-road price of the vehicle in case the net annual income of the applicant is up to Rs. 10 lakh or more than 10 lakh, said SBI on its official portal.
4. The repayment period of SBI’s new car loan lasts up to 84 months.
5. Overdraft facility and an optional SBI Life Insurance cover are also available.
6. With effect from March 1, 2018, SBI charges a rate of interest of 8.9 per cent to 9.4 per cent on auto loans. These loans include car loans, NRI car loan and SME retail car loans (excluding taxi, transport operators and fleet segments), according to the SBI website. Among the offerings under its auto loan products, SBI charges a rate of interest of 17.40 per cent on two-wheelers loans. This rate is 9.25 per cent above the 1-year MCLR of 8.15 per cent, according to the SBI website. SBI charges a rate of interest of 11.8 per cent on loan to own a super bike. This rate is 3.65 per cent above the 1-year MCLR of 8.15 per cent, according to the SBI website.