Sbi car loan interest rates

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sbi car loan interest rates
sbi car loan interest rate

Loan MITC covers the following Loan Products

  1. SBI Car Loan
  2. SBI Loyalty Car Loan
  3. SBI NRI Car Loan
  4. SBI Assured Car Loan
  5. SBI Certified Pre-approved Car Loan
  6. SBI Two-Wheeler Loan
  7. SBI Super Bike loan

Purpose for which Car loan can be availed

The loan will be sanctioned for the purpose purchase of new
Cars/used cars, Multi Utility Vehicles (MUVs) and Semi Utility
Vehicles (SUVs).

Loan tenure-sbi car loan

Maximum 84 months (Fixed Interest Rate).
Loan to Value Ratio (LTV).
Maximum LTV ratio is 85% of ‘on road price’ of the car
(Maximum Loan amount is 100%of ‘ex-showroom price).

Sbi car loan interest

SBI Car Loan (Fixed Interest Rate)
Interest on the loan will be charged at the prevailing fixed rate
of interest on daily reducing balance at monthly rests. SBI may
at its discretion stipulate the periodicity of computation of
interest.
Interest Rates will be charged according to the CIC score of the
customers at the time of sanction of sbi car loan.

Calculation of Interest

Interest on the amount of the will be applied at the prevailing
rate per annum on daily reducing balance with monthly rests.

Penal interest-sbi car loan

Penal interest will not be charged for loans up to Rs.25,000/- For Loans above Rs.25000/-, if the irregularity exceeds EMI or Installment amount, for a period of one month, then penal interest would be charged @2% p.m. (over and above the applicable interest rate) on the overdue amount for the period of default.

Bounced cheque/NACH or SI dishonors

A penalty of Rs 250/- + GST will be charged for every bounced
cheque/NACH or SI dishonors. The rate may vary from time to
time.

Repayment

The repayment date to be fixed in succeeding month to coincide with the date on which borrower’s major income flow happens. Wherever NACH is available, the Bank may use the service for paperless debit of installments.

Pre-Payment penalty

Charges @1% on part payment amount (plus GST) will be
levied quarterly in Fixed Interest rate car loan if prepaid within
24 months from the date of disbursement.

Security

a) Borrower undertakes to get hypothecation to the Bank
marked in Registration book of the vehicle immediately after
purchase of the vehicle.


b) Bank will verify the original RC book for noting down the
charges in favor of the Bank on submission by the customer
within 120 days of disbursement of loan from Vahan.nic.in.


c) In the event of delay in submission of RC Book by the
customer at the Bank after registration / noting the
hypothecation lien of the Bank with the Registering Authority
within 120 days from the date of disbursement, the Bank shall
be entitled to charge Rs.2500/- + GST per month till the time of
such registration/noting with the authority.

Inspection auto loan

For Standard Asset accounts periodical inspections are waived after the
initial inspection. However, if there is a default of 1 monthly installment,
inspection would be required.
The inspection charges are to be recovered every time an inspection is
carried out as per the laid down instructions. The inspection fee of Rs.
350/- + GST will be recovered by the inspecting branch by raising a debit
on the financing branch and credit it to its commission a/c.

Fees and charges

A. Processing fee

For Car Loan on Fixed Rate of Interest: When loans are sanctioned:
@0.40% of the loan amount subject to minimum Rs. 1000/- +GST and
Maximum of Rs. 7500/-+GST

B. Foreclosure Charges

Foreclosure charges for Car Loan under Fixed rate of Interest will be
recovered @3% on closure amount (plus GST) will be levied if foreclose
within 24 months from the disbursement of loan.

Insurance

A. The vehicle purchased is to be kept comprehensively
insured for the market value or at least 10% above
the loan amount outstanding, whichever is higher,
and the Bank’s interest as a financer should be noted
in the Certificate of insurance and Insurance policy.
The borrower must ensure that renewal of insurance
is done on the due dates and ensure a copy reaches
the Bank for its record.

B. The Borrower shall always be responsible to ensure
that the insurance policy in respect of the
hypothecated assets remain valid till all the dues of
the bank are repaid and to keep such insurance policy
renewed each year.

C. The Bank shall not be liable for any consequences
arising from non-renewal of insurance in any year,
even if the Bank has in any previous year renewed
the insurance of the hypothecated assets by debiting
the borrower’s account for failure of the Borrower to
renew such insurance policy.

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