Christmas 2021: SBI offers car loan with zero processing fee; check details here

The country's largest lender the State Bank of India (SBI) has loan offers this Christmas holiday if you are planning to buy a car. To be sure, an SBI account holder can avail himself of herself of a car loan without any processing charges if you have a clean overdraft. For further details, the interested individuals can login to the official website of SBI at sbi.co.in.

SBI's current car loan comes with an interest rate of 7.25 per cent. The lender finances all makers of new cars, and second-hand cars not more than five years old.

SBI car loan offers:

SBI comes with a number of offers on its car loan. These are:

1) 90 per cent on-road finance

2) Nil prepayment charges

3) Zero processing fee

EMI benefits:

As per the SBI website, the EMI installments for the car loan comprises both principal and interest components. The EMI would be calculated depending on the tenor one chooses to repay the loan. The EMI would be higher if one chooses to repay within a shorter period as against a longer-term loan. One can repay the loan in up to 84 EMIs.

It needs to be noted that SBI provides finance for one-time road tax, registration fee and insurance premium also. The bank also provides free Personal Accident Insurance up to the outstanding amount, so that in case of accidental death, your near and dear ones are not required to repay the loan.

How to apply for SBI car loan:

To apply for the loan, you can give a missed call on 7208933142 or SMS “CAR” on 7208933145 to get a call back from the contact centre.

Earlier, SBI announced that it has hiked the interest rate on fixed deposits of more than ₹2 crore, effective December 15, 2021. The increased interest rates will apply to new deposits as well as those that are about to mature.  SBI has kept the interest rates on FDs under ₹2 crore unchanged.

 It is important to note The interested individuals must note that they can avail the SBI car loan without any processing charges. For further details, the interested individuals can login to the official website of SBI at sbi.co.in.