SBI Advantage Car Loan - The Best Car Loan Scheme in India

State Bank of India (SBI) has a special place in the world of Indian financial institutions. Indians have shown high level of trust towards SBI. That’s why everything that SBI offers becomes an instant hit.

Recently, SBI has stretched itself and started to produce some attractive plans for various loan schemes. Its ‘teaser rate’ scheme for home loan has already become a trend-setter in the respective industry. The case is same with SBI Advantage Car Loan.

SBI Advantage Car Loan Scheme for cars under 5 lacs is really a very innovative and attractive scheme. SBI has taken special care of large Indian middle class in the draft of this car loan scheme.

All you need to see its salient features to understand the importance and offering that this scheme has.

1. SBI doesn’t ask for any advance EMI from consumer under this scheme.

2. The repayment schedule for a car loan which is under 5 lacs has been kept at 7 years. One can understand the importance of this large repayment schedule as it doesn’t stretch the consumer too much.

3. Interest rate on this SBI Advantage Car Loan scheme is really attractive. Added to this low interest rate, the SBI has offered more concessions for those consumers who have corporate salary package accounts. For current and up-to-date interest rate click HERE.

4. With low interest rate and large repayment schedule the EMI naturally becomes low. This is a fact that EMI under this scheme is lowest in the industry.

5. LTV 85% and again for those who have corporate salary package accounts this LTV is further elevated to 90%.

6. There is provision of Daily Reducing Balance and the interest is calculated on this balance.

7. Well, SBI won’t ask you to deposit EMI on the first week of every month. According to your needs, you are allowed to pay the monthly EMI on any date of the month.

8. The dreaded ‘pre-payment penalty’ is conspicuous by its absence in Advantage Car Loan Scheme.

9. Fed up with the issue of high processing fee in a car loan? Well, SBI has something different to offer with its car loan. The processing fee is just 0.50% of the loan amount. This is really low if one considers this ‘hidden cost’ from other players of the market.

10. There is a facility of overdraft with this car loan.

What we find within this scheme is lowest interest rate in the industry, highest repayment schedule, lowest EMI, low processing fee, among others. Needless to say, if everything is fine then one must try to get loan under this scheme.