SBI is one the oldest and the most popular banks in India. Over the years SBI has earned itself a reputation of being a reliable and a safe bank. This is one reason why most of the SBI schemes and products do so well in the market and have an overall good rating among the users. SBI also happens to be one the largest lenders in the country and the offers it gives to its customers is being provided at significantly lower costs as compared to its peers. SBI is a bank for everyone.

Since the festive season is just round the corner, here we are going to look at what SBI has to offer as far as car loans are concerned. Here are a few things which you have to keep in mind while going for a SBI car Loan.

Eligibility – As far as the eligibility is concerned, you are eligible for a car loan from SBI if you are older than 21 years and younger than 65 years. As far is income is concerned you should have a minimum income of  Rs 25,000 per month  and if you are self-employed then it should be Rs, 34,000. You will also have to keep in mind that in case you have other loans then your eligibility will be lower.

Loan expectation – In case you are a salaried person then the loan amount can be 48 times of your salary. And if you are self-employed then the maximum loan which you can get is four times your annual income. The bank will provide 85% of the on-road price of the car.

Repayment of the loan – The maximum period of repayment of the loan is seven years. If you choose seven years as the repayment period then your EMI rate will go down, but the overall interest will go higher. So it entirely depends on your financial status. Another good aspect about taking a loan from SBI is that it gives the longest time period for the repayment of the loan.

Interest Rates – The interest rates for a car loan for men is 9.7% and for women, it is 9.65%. One should also take a note that SBI provides concession to women across all loans.