Covid-19 pandemic has boosted sales of used cars. Most banks in the country offer loans for buying used vehicles.
The bank has announced a 100% waiver on processing fees for its car loan customers across all channels
The lender is offering housing loans and car loans at an interest rate starting from 6.90% and 7.30%, respectively
The auto major will provide the 'Step Up' scheme where the customers can choose and buy from its range of passenger cars in the country
SBI is offering an interest rate between 7.25% and 9.50% depending on the loan amount, customer profile and the price of the vehicle
In most cases, interest rates on used cars are higher than that for buying new cars. The difference can be as high as 5%
Compared to new cars, used car loans come with much higher interest rates. Depending on the lender, the difference can sometimes be as much as 5%
Credit bureaus are notified regarding loan closures by lending institutions, ensuring that there are no outstanding obligations in the borrower's name
With this revision in Baroda Repo Linked Lending Rate, the lender is offering home loans at a rate starting from 6.75% and car loans beginning from 7%