Is there any processing fee for SBI car loan?

Maximum vehicle loan amount offered by SBI is upto 85% of on-road price. Interest rates starts @ 7.50% depending upon down payment, net income and other factors. Processing fee in SBI is 0.20% of the cost of the car Minimum ₹ 500 and Maximum ₹ 10,000.

What is processing fee for car loan in SBI?

*PROCESSING FEE NIL, if a customer login and applies through YONO (Till 30.06.2021)

Scheme Name Processing Fees Min Processing Fees
CERTIFIED PRE-OWNED CAR LOANS 0.50% of Loan Amount + GST
SBI TWO- WHEELER LOAN SCHEME 2.0% of Loan Amount + GST Rs 1000/ + GST
HIGH VALUE SUPER BIKE LOAN 1.00 % of Loan Amount + GST NA

What is the processing fee for car loan?

Compare Car Loans Processing Fee of All Banks 2021

Bank Processing fee as % of loan amount Minimum and Maximum processing fee
HDFC Bank 1.50 % Min.₹ 2,500 – Max. ₹ 5,000
SBI 0.20 % Min.₹ 500 – Max. ₹ 10,000
ICICI Bank 2.00 % Min.₹ 3,500 – Max. ₹ 8,500
Axis Bank Nil Min.₹ 3,500 – Max. ₹ 5,500
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Is there any prepayment charges on SBI car loan?

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.

What is the process of SBI car loan?

To apply for SBI car loan, you must submit the following documents: Bank account statement of last six months. Two passport size photographs. Copy of passport, voter ID card or PAN.

What is TIR fee in SBI?

Interest Rates & Fees

“0.40% of the loan amount plus applicable GST subject to a minimum of Rs 10000/- and maximum of Rs 30000/- plus GST. However, for builder tie up projects where individual TIR and Valuation Is not required: 0.40% of loan amount subject to max.

What is the loan processing fee?

Processing fee is a one-time charge to be paid by a home loan borrower to the bank or NBFC. The processing fee for Home Loan is charged to cover the costs incurred by the lender on the loan process. It is not deductible from the loan amount. Thus, you need to pay it separately.

Can I get 100% car loan?

A car loan where the borrower does not need to make any down payment is known as a zero down payment car loan. In such loans, the bank or the lending institution offers to fund the entire value of the car and hence, these loans are sometimes also referred to as ‘100% Finance’.

Which bank is best for car loan?

Compare Best Car Loan Interest Rates in India for 2021

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Bank Name Car Loan Interest Rates
Axis Bank Car Loan 8.65% p.a. onwards
Federal Bank Car Loan 8.50% p.a. onwards
SBI Car Loan 7.70% p.a. onwards
ICICI Bank Car Loan 7.90% p.a. onwards

Is SBI car loan fixed or floating?

Car Loan EMI of SBI is a fixed amount that you pay each month towards the repayment of your car loan till the end of tenure. Lowest EMI offered by SBI is ₹ 1,534 per lakh loan amount at lowest car loan interest rate of 8.70%.

Is prepayment of car loan good?

The biggest benefit of prepaying a Car Loan is that you clear off a debt and don’t have to make monthly payments. When you pay off a Car Loan, you release the hypothecation on the vehicle and have full ownership.

Is it good to pre close car loan?

Pre-closing a car loan before the end of the tenure can negatively affect your credit score. … Pre-closing your car loan can help you save up on interest. Although, the borrower is willing to preclose the car loan, the bank may not allow it. That is why, banks charge penalty fees for pre-closing car loans.

How can I reduce my SBI car loan EMI?

Simple Ways to Reduce Your Loan EMI

  1. Opt for a Higher Down Payment. …
  2. Choose a Loan With a Longer Repayment Tenure. …
  3. Go for a Step-Down EMI Plan. …
  4. Consider Taking Loans With Your Existing Bank. …
  5. Negotiate With Bank For Lower Rate. …
  6. Compare Before You Switch Your Lender. …
  7. Full or Part Prepayment Helps Reduce Loan Burden.
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What is the EMI for 10 lakhs car loan?

What is a car loan EMI calculator?

Loan amount Loan tenure EMI
Rs.5 lakh 1 year Rs.43,819
Rs.5 lakh 5 years Rs.10,477
Rs.10 lakh 1 year Rs.87,637
Rs.10 lakh 5 years Rs.20,953

What is SBI assured car loan?

Under the SBI assured car loan scheme, State Bank of India provides a minimum loan of Rs 2 lakh, while the bank has not ascertained any upper limit on the loan amount. … All the resident Indians of 18 years or above age are eligible to avail SBI assured car loan.

How can I check my SBI car loan eligibility?

Documents required for SBI Car Loan Eligibility

  1. Salaried Individuals. Last 6 months’ bank statements. 2 recent passport-size photographs. …
  2. Self-employed individuals. Identity proof – Aadhaar card, Passport, Voter ID card, etc. …
  3. Individuals engaged in agricultural activities. 2 recent passport-size photographs.
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