About State Bank of Patiala
State Bank of Patiala (SBP) is among the 5 associate Banks of State Bank of India founded in the year 1917. Originally, State Bank of Patiala was named as Patiala State bank and was founded to foster growth of agriculture, trade and industry, but in April 1960, when it became subsidiary of State Bank of India, it was renamed as State Bank of Patiala. Today, the bank has over 1300 branches and access to over 52000 group ATMs/CDMs spread throughout the country. For State Bank of Patiala, consumer is the top most priority, which is even revealed from its various slogans like, “Pure Banking, Nothing Else”, “With You – All The Way”, “The Banker to Every Indian”, “A Bank of the Common Man”, “The Nation Banks on Us”, and “Grahak Devo Bhav”. Living by its motto, SBP offers several banking and finance services specially designed for the consumers.
State Bank of Patiala Car Loans: Overview
State Bank of Patiala car loan is a savior for those who need to buy a car of their dreams but due to financial crunch only postponing the dream seems viable option. Today, owning a car is not a luxury statement but a necessity, so postponing buying it is difficult decision. However, with State Bank of Patiala car loans, there is no need to take this hard decision, or exhaust years of money savings. Intended car buyers can easily apply for a State Bank of Patiala car loan and mortgage the loan amount one needs to buy the car. Appreciated for features such as affordable rate of interest, easy tenure for a car loan, high loan quantum and easy repayment policies, these car loans have huge demand.
With State Bank of Patiala, salaried professional can apply for an State Bank of Patiala car loan for a loan amount up to 48 times of their net monthly income. They even get to avail the benefit of flexible loan tenure which can be anywhere between or up to 7 years. Also, the processing fee for State Bank of Patiala car loan is very nominal and there no extra charges are charged for converting from floating to fixed rate, and vice versa.
Features of State Bank of Patiala car loan
- Loan for every car: car loans by State Bank of Patiala can be availed for new as well as pre owned cars of every make. There is no restriction on the car type to avail State Bank of Patiala car loan.
- Car Loan interest rates: Car loan interest rates are offered by state bank of Patiala at floating interest rate at very competitive rate. Being a government owned bank, State bank of Patiala charges only 0.45% above MCLR for State Bank of Patiala car loan.
- Long tenure for a car loan: Car loans from SBP Bank are offered for flexible duration for maximum repayment tenure of 84 months.
- Permissible LTV: SBP Car loans are provided for a maximum permissible LTV ratio i.e. 85% of ‘on road price’ of the car.
- Personal Accident Insurance: State Bank of Patiala offers free group personal accident insurance cover along with SBP car loans (death only).