India’s largest bank by customers State Bank of India (SBI) charges different processing fees on various loans such as a gold loan, personal loan, car loan, other collateralized loans such as loan against property, loan against securities. Surprisingly, under the SBI auto loans facility, State Bank of India has been offering the auto loans with zero processing fees on various loans including SBI car loan scheme, NRI car loan scheme, car loan lite, SBI assured car loan, loyalty car loan scheme.
State Bank of India charges Rs 1,000 + applicable GST rate on certified pre-owned loan scheme, super bike loan scheme, two-wheeler scheme for loan amount up to Rs 6 lacs and for loan amount over Rs 6 lacs, the bank charges Rs 1,500 + GST. According to State Bank of India (SBI), for a loan amount of Rs 5 lacs and above, the lower credit score will be considered from either of the two credit information companies to get the interest rate benefit.
SBI charges a fixed rate of interest on auto loans which were last revised on December 10, 2018, and the mean interest rate for auto loans stands at 9.52 per cent, State Bank of India said. SBI levies an interest rate between 9.3 per cent and 9.8 per cent on SBI car loan scheme, NRI car loan, assured car loan scheme, SME retail car loan scheme.
The applicable interest rate on SME retail car loans will not be applicable to taxi, transport operators and fleet segments. Further, State Bank of India levies vehicle search charges of Rs 50 per search for auto loans.