What is the rate of car loan in SBI?

What is SBI car loan limit?

Maximum – Rs.10 lakh. EMI/NMI (Net Monthly Income) Ratio. 50% for cars up to Rs.5 lakh. 70% for cars up to Rs.10 lakh. SBI Loyalty Car Loan Scheme (For SBI Home loan borrowers)

What is the EMI for 10 lakh car?

What is a car loan EMI calculator?

Loan amount Loan tenure EMI
Rs.5 lakh 5 years Rs.10,477
Rs.10 lakh 1 year Rs.87,637
Rs.10 lakh 5 years Rs.20,953
Rs.15 lakh 1 year Rs.1,31,456

Which bank has best car loan rates?

Compare the Best Auto Loan Rates

Lender Lowest Rate Terms
PenFed Credit Union Best Overall 0.99% 36 to 84 months
LightStream Best Online Auto Loan 2.49% 24 to 84 months
Bank of America Best Bank for Auto Loans 2.39% 12 to 75 months
Consumers Credit Union Best Credit Union for Auto Loans 2.24% 0 to 84 months

What is the minimum loan for SBI car loan?

Eligibility

Income Criteria Max. Loan Amount
Net Annual Income of applicant and/or co-applicant if any, together should be a minimum of Rs. 3,00,000/-. 48 times of the Net Monthly Income.
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How much car loan can I get on 25000 salary?

Most lenders determine the maximum loan amount up to 10 times of your monthly salary. If you earn Rs. 25,000 per month, you may become eligible for up to Rs. 2.5 Lakhs.

How much car loan can I get on 40000 salary?

It is advised to customers that they restrict their car loans to not more than 20 percent of their monthly income. For example, if you make Rs. 40,000 per month, your monthly car loan EMI should not exceed Rs. 8,000.

What is EMI full form?

An equated monthly installment (EMI) is a fixed payment made by a borrower to a lender on a specified date of each month. EMIs are applied to both interest and principal each month so that over a specified time period, the loan is paid off in full.

Is 2.9 A good auto loan rate?

According to Middletown Honda, depending on your credit score, good car loan interest rates can range anywhere from 3 percent to almost 14 percent. However, most three-year car loans for someone with an average to above-average credit score come with a roughly 3 percent to 4.5 percent interest rate.

How much is interest on a car loan?

What Is a Good APR for a Car Loan?

Average New and Used Car Loan Rates by Credit Score
Credit Score Tier Credit Score Range Average New Car Rate
Subprime 501 – 600 11.33%
Nonprime 601 – 660 7.14%
Prime 661 – 780 4.21%

What is the maximum interest rate on a car loan?

The law says that lenders cannot charge more than 16 percent interest rate on loans. Unfortunately, some lending companies owned by or affiliated with vehicle makers have devised schemes whereby you are charged interest at rates exceeding the maximum permitted by law.

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How can I check my SBI car loan eligibility?

Track your SBI Car Loan Status Online

  1. Click on the ‘Application Tracker’ button present on the top-right hand corner of the page.
  2. Choose the ‘Track’ followed by the ‘Retail Loan’ option, enter the application reference number and your mobile number.
  3. Hit the ‘Track’ button to know the status of your car loan application.

Can you get 100 percent 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’.

How can I know my SBI car loan balance?

Balance Enquiry

  1. Balance Enquiry can be obtained by giving missed call or by sending SMS.
  2. SMS Banking.
  3. This feature triggers a message and gives the balance for registered account. …
  4. Missed Call.
  5. Customer can get the balance in the account by giving missed call to 9223766666.