SBI Loyalty Car Loan Scheme: Interest Rate, Eligibility, Processing & Customer Care

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SBI LOYALTY CAR LOAN SCHEME 

ABOUT SBI LOYALTY CAR LOAN SCHEME :

SBI bank is one of the most trusted banks for personal facilities. It is an Indian multinational public sector banking and financial services. SBI established on 1 July 1995 and their headquarters in Mumbai.

SBI Loyalty Car Loan Scheme is offered to the existing SBI home loan borrower by the SBI for the purchase of new and used cars that are available in the passenger and commercial vehicles segments. This loan scheme offers to those customers who have already taken car loans from SBI. The finance can be made 100% of the on road price of the car. Both salaried and self employed of with age of 21 years to 65 years are eligible to get the loan as per scheme.

BENEFITS OF SBI COMBO CAR LOAN SCHEME :

1. Flexible repayment tenure :

SBI loyalty car loan scheme offers best and flexible repayment tenure to the customers who want to buy their new dream car. The repayment tenure of SBI loyalty car loan scheme is 1 years to 7 years.

2. Affordable interest rate :

The minimum interest rate of SBI Bank combo car loan scheme is 8.70% and the maximum interest rate is 9.5%. Basically the rate of interest will be decided by the bank according to the customer age, employment type, overall profile and the most probably Cibil score. It offers the lowest interest rate to the customers.

3. No prepayment penalty :

SBI Bank loyalty car loan scheme charges no part payment penalties and foreclosure charges. Basically SBI bank loyalty car loan scheme applies no charges.

4. Processing fees :

The SBI loyalty car loan scheme charges processing fee is upto Rs 6 lakh (Rs.1000 plus GST) and Above Rs.6 lakh (Rs.1500 plus GST).

ELIGIBILITY CRITERIA FOR SBI BANK LOYALTY CAR LOAN SCHEME :

ELIGIBLE

Regular employees of state and central government, public sector undertakings, private sector companies, corporations, Agriculturists, businessmen, self employed individuals, professionals , proprietary and partnership firms.

AGE 

21 years to 65 years 

INCOME

Minimum income per month Rs.20000 p.a.

CREDIT SCORE

750 or above have higher chances to loan approved 

FEE AND CHARGES OF SBI BANK LOYALTY CAR LOAN SCHEME :

TYPE 

CHARGES 

Processing fee 

Upto Rs.6 lakh (Rs.1000 plus GST)

Above Rs.6 lakh (Rs.1500 plus GST)

Charges

No charges apply

DOCUMENTS REQUIRED FOR SBI BANK LOYALTY CAR LOAN SCHEME :

While applying for a car loan properly check all the documents that are mentioned below. Without these documents loan is not possible to get. 

1. ID Proof : Aadhar card, pan card, passport, voter id

2. Address Proof : Electricity bill, registry, rental agreement, voter id, Aadhar card

3. Income proof : Latest 6 months Bank Statement, Latest salary slip, Last 2 years ITR or Form 16

COMPARE OTHER BANKS CAR LOAN INTEREST RATE :

BANKS

INTEREST RATE

AXIS Bank New Car Loan

9.05% to 11.30%

AXIS Bank Pre-Owned Car Loan

14.80% to 16.80%

AXIS Bank Loan Against Car

13.99%

AXIS Bank Balance Transfer and Topup Car loan

15.00%

SBI New Car Loan Scheme

8.00% to 10.75%

SBI Combo Loan Scheme

8.70% to 9.20%

SBI Pre-Owned Car Loan

9.75%

SBI Loyalty Car Loan Scheme

8.70% to 9.5%

HDFC Bank New Car Loan

8.80% to 10.50%

HDFC Bank Used car loan

12.75% to 15.30%

HDFC Bank Loan Against Car

13.75% to 16%

Kotak Mahindra Bank Car Loan

8.00% to 24%

Yes Bank Car Loan

9.25%

ICICI Bank Car Loan

9.30% to 12.85%

IDBI Bank Car Loan

9.30% to 9.90%

RBL Bank Car Loan

12% to 14%

IndusInd Bank Car Loan

10.65% to 15.50%

Bank of Baroda Car Loan

8.85%

Bank of India Car Loan

8.95%

Canara Bank Car Loan

7.75% to 10.30%

Indian Bank Car Loan

8.45%

Punjab National Bank Car Loan

8.9% to 9.35%

HOW TO APPLY FOR SBI BANK LOYALTY CAR LOAN SCHEME :

There is multiple ways by which you can apply for SBI Loyalty car loan scheme like

  1. Offline Method : By visiting to SBI branch office

  2. Online Method :

    • Firstly browse to SBI bank website

    • Now click on “Personal” 

    • In personal menu click on “Loans”

    • After that go to “Auto Loan”

    • Now click on “ SBI Loyalty car loan scheme”

    • Click on Apply now and fill the application form

    • Attach all required documents with application form and submit it

    • In few you will notify whether you are eligible or not for the loan

FINANCIALS PRODUCTS OFFERED BY BANKS :

BUSINESS LOAN

 

CAR LOAN

COMMERCIAL LOAN 

EDUCATION LOAN

GOLD LOAN

HOLIDAY LOAN 

HOME LOAN 

LOAN AGAINST PROPERTIES 

LOAN AGAINST SECURITIES

PERSONAL LOAN

PROFESSIONAL LOAN

TWO WHEELER LOAN

FREQUENTLY ASKED QUESTIONS :

Q1. What is the maximum interest rate charged by SBI Loyalty car loan scheme?

The maximum interest rate charged by SBI loyalty car loan scheme is 8.70%.to 9.20%.

Q2. How much SBI Loyalty car loan scheme amount limits?

The SBI loyalty car loan scheme amount limit is 85 percent of on road price of the car.

Q3. How much charges should be applied for the SBI loyalty car loan scheme?

No, there are no charges applied for SBI loyalty car loan schemes. 

Q4. What age is required for an SBI loyalty car loan scheme?

The age should be 21 years to 65 years required for SBI loyalty car loan scheme.

Q5. What is the tenure period of SBI Loyalty car loan scheme?

The tenure period is 1 years to 7 years of SBI loyalty car loan scheme.

Last Updated on : 27/Jul/2020

Know More About

Sbi Loyalty Car Loan Scheme

You're eligible for a Sbi Loyalty Car Loan Scheme if you:


Are legally adult enough to handle it


Have still got it


Get a regular pay check


Make more than a basic buck

Your eligibility depends on:


Earn more than minimum income required


Maximum allowed Car Loans is Rs. 10K to Rs. 45 lakhs


EMIs of other loans loweryour eligibility

Boost your eligibility by:


Pay off your credit card bills


Choose longer tenure loan up to 5 years

Nothing gets done without that paperwork (which we'll happily carry over to the bank for you, no sweat). Here's what you'll need:

  • 1. Photo ID and age proof
  • 2. Signed application form with photograph
  • 3. Residence proof
  • 4. Last 6 months bank statement
  • 5. Documentation for salaried applicants:
    • Last 3 months salary - slips
    • Form 16 or Income Tax Returns
  • 6. Documentation for self-employed applicants:
    • Last 3 years Income Tax Returns with computation of Income
    • Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account

Sbi Loyalty Car Loan Scheme Interest Rates

Updated on 25 Nov 2017

Sbi Loyalty Car Loan Scheme Details
Interest Rate (Monthly reducing balance) 8.7% - 9.5%
Processing Fees Loan amount upto Rs 6 Lakh : (Rs.1000 plus GST) and Above Rs 6 Lakh : (Rs.1500 plus GST)
Loan Tenure 1 year to 7 years
Pre-closure Charges Varies with bank
Guarantor Requirement Varies with bank

Car Loans EMI Calculator

Loan Amount

|
1L
|
50L
|
100L
|
150L
|
2Cr

Interest Rate

%
|
5
|
10
|
12.5
|
17.5

Loan Tenure

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1
|
10
|
20
|
25
|
0
|
120
|
240
|
300


Your Monthly Loan EMI


₹24,959