What is the procedure for car loan in SBI?
SBI Car Loan Documents Required
|Bank statement for last 6 months||Bank statement for last 6 months|
|ID and Address Proof||ID and Address Proof|
|2 passport sized photographs||2 passport sized photographs|
|Income proof: Salary Slip, Form 16, and ITR for 2 years||Income proof: Form 16 and ITR for 2 years|
What are the documents required for car loan in SBI?
SBI Car Loan – Documents To Be Submitted
2 passport size photographs of borrower/guarantor(s). Signature identification from bankers of borrower/guarantor(s). A copy of passport /voters ID card/PAN card. Proof of residence.
What is the 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 process of getting a car loan?
- Check your credit report.
- Apply for auto loans from multiple lenders.
- Get preapproved for an auto loan.
- Use your loan offer to set your budget.
- Find your car.
- Review the dealer’s loan offer.
- Choose and finalize your loan.
- Make payments on time.
How can I check my SBI car loan eligibility?
Documents required for SBI Car Loan Eligibility
- Salaried Individuals. Last 6 months’ bank statements. 2 recent passport-size photographs. …
- Self-employed individuals. Identity proof – Aadhaar card, Passport, Voter ID card, etc. …
- Individuals engaged in agricultural activities. 2 recent passport-size photographs.
Which bank car loan is cheaper?
Car Loan Interest Rates All Banks 2021
|HDFC Bank||7.70% – 13.55%|
|ICICI Bank||9.30% – 12.85%|
|IDBI Bank||8.10% – 8.70%|
What is the minimum salary for car loan?
|Minimum Age||21 years at the time of loan application|
|Maximum Age||60 years when the loan tenure ends|
|Job Stability||Should have worked continuously for 2 years and at least 1 year with the current employer|
|Minimum Annual Income||Rs.3 lakh|
Which bank car loan is best?
Best Car loan Interest Rates India January 2021
|Car loan Banks||Interest Rates||EMI per Rs 1 lakh for 7 Years|
|HDFC Bank||8.80% – 8.90%||Rs. 1,599 – Rs. 1,604|
|ICICI Bank||9.00%||Rs. 1,609|
|IDBI Bank||8.85% – 9.45%||Rs. 1,601 – Rs. 1,632|
|Indian Bank||9.00%||Rs. 1,609|
What is the minimum down payment for a car loan?
As a general rule, aim for no less than 20% down, particularly for new cars — and no less than 10% down for used cars — so that you don’t end up paying too much in interest and financing costs. Benefits of making a down payment can include a lower monthly payment and less interest paid over the life of the loan.
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 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 processing fees for car loan?
Car loan processing fee is a one-time fee to be paid by car loan borrowers to get the loan application processed. … Currently, Bank of India offers car loans at the lowest processing fee of ₹ 500, whereas SBI charges the lowest processing fee, i.e., 0.20% of the car loan amount.
What happens after you get approved for a car loan?
Once approved, you’ll receive an email with instructions for viewing and printing your loan documents. Take a moment to review the car loan information and see the terms of approval, including vehicle guidelines.
What is the best way to get a car loan?
Here’s what I recommend:
- Understand your credit score before you go to the dealership. …
- If your credit isn’t perfect, get financing quotes before you go. …
- Keep the term as short as you can afford. …
- Put 20% down. …
- Pay for taxes, fees, and “extras” with cash. …
- Gap insurance. …
- When to refinance a car loan. …
- Read more:
Will I be approved for a car loan?
Having a good credit score is essential if you want to get approved for an auto loan with decent terms. In general, a good FICO® Score☉ ranges from 670 to 739, and a higher score is even better. … Also, note that lenders may choose to approve you for a car loan even if you have a less-than-ideal credit score.