Christmas 2021: SBI offers a car loan without administrative fees; check details here
The country’s largest lender, State Bank of India (SBI), has Christmas holiday loan deals if you are planning on buying a car. Of course, an SBI account holder can take advantage of an auto loan without administrative fees if you have a net overdraft. For more details, those interested can log on to the official SBI website at sbi.co.in.
SBI’s current auto loan carries an interest rate of 7.25%. The lender finances all manufacturers of new cars and used cars less than five years old.
The SBI auto loan offers you:
SBI offers a number of offers on its car loan. These are:
1) 90% road financing
2) Zero prepayment charges
3) No processing fees
Benefits of EMI:
According to the SBI website, EMI car loan payments include both principal and interest. The EMI would be calculated based on the term chosen to repay the loan. The EMI would be higher if one chooses to repay in a shorter time frame compared to a longer term loan. One can repay the loan in a maximum of 84 IME.
It should be noted that the SBI also finances the single road tax, registration fees and the insurance premium. The bank also provides free individual accident insurance up to the amount owed, so that in the event of accidental death, your loved ones are not required to repay the loan.
How to apply for SBI auto credit:
To request the loan, you can make a missed call to 7208933142 or SMS “CAR” to 7208933145 to be called back by the contact center.
Earlier, the SBI announced that it had increased the interest rate on term deposits by more than 2 crore yen, effective December 15, 2021. The interest rate increase will apply to new deposits as well as those about to mature. SBI kept interest rates on FDs below ₹ 2 crore unchanged.
It is important to note that those interested should note that they can avail the SBI car loan without any processing fees. For more details, those interested can log on to the official SBI website at sbi.co.in.