SBI Car Loan

SBI Car Loan
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SBI Bank is actively involved since 1973 in non-profit activity called Community Services Banking. All their branches and administrative offices throughout the country sponsor and participate in large number of welfare activities and social causes. Their business is more than banking because they touch the lives of people anywhere in many ways. Their commitment to nation-building is complete & comprehensive. SBI provide the best car loan scheme for you. Read on to learn about the eligibility and documentation requirements for the SBI Car Loan.


You’re probably eligible for an SBI Car Loan if you are

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SBI Car Loan Minimum Age

At least 21 years old

SBI Car Loan Maximum Age

Less than 65 years old

SBI Car Loan Eligible Employment Type

Salaried or self-employed
with regular income

SBI Car Loan Minimum Income

Earn more than the minimum
income required


Your SBI Car Loan amount eligibility is based on these factors

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SBI Car Loan Minimum Salary

Minimum income required
Rs.3,00,000 per annum

SBI Car Loan Maximum Loan to Value

Loan capped @
85% of the ex-showroom price

SBI Car Loan EMI

EMIs of other loans lower
your eligibility


Increase your eligible SBI Car Loan amount by these steps

01
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SBI Car Loan Payoff Outstanding Credit Card Bills

Pay off your credit card bills

SBI Car Loan Maximum Tenure

Choose longer tenure loan up to 7 years


Documentation needed to apply for an SBI Car Loan

  • 1. Residence proof
  • 2. Photo ID and age proof
  • 3. Signed application form with photograph
  • 4. Last 6 months bank statement
  • 5. Documentation for salaried applicants:
    • Last 3 months salary – slips
    • Form 16 or Income Tax Returns
  • 6. Documentation for self-employed applicants:

    • Last 3 years Income Tax Returns with computation of Income
    • Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account

SBI Car Loan Interest RatesUpdated on 26 Oct 2014

SBI Car Loan Details
Interest Rate (Monthly reducing balance) 10.40% - 10.45% floating
I-Base 10.00%
Processing Fees 0.51% of loan amount
Min. Rs. 1020/- Max. Rs. 10200/- Waived till 31.12.2014.
Loan Tenure 1 year to 7 years

Overview of SBI Car Loans

SBI as one of the leading banks in India, offers a bag full of banking products. One of it’s products known as ‘Car Loans’ is offering huge bunch of offers and features to it’s customers. These features are good enough to capture huge number of faces in SBI’s car loan family. To sum up few, lower EMI’s, easy processing, long repayment tenure and an overdraft facility has made this family grown and will keep it growing.

Car Loans from SBI

SBI is a pioneer in providing a corsage of attributes and features with it’s banking products. For car loans, it has exceled the expectations and has provided a new car loan scheme with an offer of an EMI just @1710 INR per lac per month for 7 years of loan tenure. This sounds to be a very lucrative offer for the customers to ride their own set of wheels with their full pocket.


There are many schemes for an SBI car loan like SBI new car loan scheme, SBI combo car loan scheme, certified pre owned car loan scheme and car loan scheme for used car. So, people have a wide range of choices to choose between any of the schemes based upon their preferences and a type of car. Along with the variety of schemes, people gets a huddle of merits like Low EMI, long tenure, overdraft facility, 85% of car finance on ‘On road price’, payment flexibility and many more. Let’s discuss all these features and merits in detail in a further section.

Why Apply for SBI Bank car loan from us?

BankBazaar provides you a platform where you can drag down your finger to have a look into the features, eligibility criteria, documentation part and the current interest rates for the banking product with regard to it’s respective bank. For SBI car loans, you can get yourself acquainted with all the information as mentioned in the former part. Not only this, you can compare the features and the interest rates along with an EMI calculation and other sort of calculations by judicially using all the financial tools that suits to your requirement. So, this was the research and an information part of a BankBazaar’s usage guide.


For the later part i.e. ‘Application part’, BankBazaar provides you a facility of applying your car loan by just filling an application form. Once your application got submitted, our customer care executive will get in touch with you to streamline the further process. You’ll get assisted till you get your bit of loan.


Don’t worry! You are going to enter a family that will take care of you and your funds as long as you wanted to be associated with it.

Features of SBI Car loan

As discussed above, SBI offers a huddle of features and attributes to it’s customers. Have a look below and get yourself acquainted:


  • SBI car loan provides a facility of ‘no advance EMI’ that would be helpful to the customers in those days when they would be little stuck into their finances.
  • It offers the customers a good repayment tenure of 7 years.
  • The rate of interests are very competitive and customer friendly.
  • SBI gives the package with an extremely pocket friendly EMI of Rs.1710 per lac per month for 7 years.
  • The processing fess is very less i.e. 0.51% of the loan subject to the minimum of Rs.1020 and maximum of Rs.10200.
  • It aims at providing you a car loan with minimal and easy documentation.
  • You will get a hassle free processing that is quick and transparent in nature.
  • You will get a loan amount of 85% of ‘On road price’, which will give you a relaxation on extra funding like tax and registration as ‘On road price’ includes all your registration charges, legal charges, stamp duty and taxes.
  • You will get the flexible payment options that will help you in managing your finances at the time of need.
  • You can prepay your debt at any point of time without paying any bucks as penal charges.
  • You will get the facility of overdraft that will keep you revived at the time of unfavourable situations.
  • SBI gives you an option of having an SBI life cover along with your car loan.
  • So, keep enjoying your bit and bites! Grab a fuller dose of debt that gives you much more than you are paying.

SBI Car loan Eligibility

Eligibility is the most important factor that is to be known as it decides on your side of a coin i.e. tails or heads. To know your side of a coin, peep below:

  • To avail an SBI car loan, you must be in the age bracket of 21-65 years.
  • A salaried and regular employee of a state or a central government, public sector undertakings and a private company are eligible to opt for an SBI car loan (up to 48 times of net monthly income) , provided he/she has a regular and stable income of at least Rs.3,00,000 per annum (total along with co-applicant’s salary).
  • A self-employed, professional or a partnership firm is eligible for availing a car loan from SBI (up to 4 times of Gross taxable income) , provided they have a gross taxable income of Rs.4,00,000 per annum(total along with co-applicant’s salary).
  • An agriculturist having a net annual income of Rs.4, 00,000 per annum (total along with co-applicant’s salary) is eligible to get an SBI car loan for up to 3 times of net annual income.

So, calculate your fit and press an accelerator from your feet!


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News about SBI Car Loan

  • SBI Brings Down The Mallet
    On Car Loan Defaulters

    In a move to reduce NPAs on its car loan portfolio, SBI recently announced measures to seize and auction defaulters’ cars. This has come off the back of a 1% increase in bad auto loans over the period June FY14 to June FY15.

    SBI’s focus on its retail loan portfolio is a bid to ride over the recent slump in corporate credit due to an economic downturn over the past years.

    Hoping to profit by bucking the trend of increased car loans over the last year, SBI aims to make most of its recoveries from its ‘self-employed’-borrowers segment whose repayment abilities have also been adversely affected in line with the economic slowdown.

    No longer will auto-loan customers be able to win their way back into SBI’s favour by making up for pending installments. Cars will now be seized and auctioned off if the entire loan amount is not repaid within 7 days of receiving the first-default notice.

    To drive the point home, so to speak, SBI has already identified 500 cars for seizure in Hyderabad alone. With many more on the anvil, it is time for auto-loan customers to sit up and take notice before they find themselves under SBI’s radar, or worse still, its auction mallet.

    23rd September 2014


SBI Car Loan Reviews

98 % of our customers would recommend this bank. (147 out of 150) Write Review
Customer Reviews
Page 1 of 8 1 2 3 4 5
  • Validated User
    (0)

    It was a fantastic experience of availing a car loan from SBI. Since i have salary account with them it was quite easy to get the loan within a day I got loan approved. Only one time i visited the bank and it was done. Interest rate was 10.50% it was quite good, Their was no processing fee and file charges.

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    took a Car Loan from STATE BANK OF INDIA on BankBazaar.com Reviewed on
  • Validated User
    (0)

    I have availed the car loan from SBI it was very good service with a day i got loan approved it was so quick. Interest rate was 10.50% it was pretty good. Best part is they charged rs.510/- for documentation and processing fee which is very less.

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    took a Car Loan from STATE BANK OF INDIA on BankBazaar.com Reviewed on
  • Validated User
    (0)

    Customer service and response was quite smooth when I got my car loan from state bank of india with relevant documents. Interest rates are quite lower also offer was going at that time . Hence it was very easier for me to avail the loan with better offer

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    took a Car Loan from STATE BANK OF INDIA on BankBazaar.com Reviewed on
  • Validated User
    (0)

    My experience of availing a car loan from SBI last month was pretty good. It was a good and brilliant service from SBI. There was no difficulty in availing the loan as it was a pre-approved loan. The documentation was very less and my loan was disbursed on a single day. Everything was clearly explained to me from the beginning till the end of the loan process. They offered me an interest rate of 10.45% and the processing fee & charges are very minimal comparatively to other private banks.

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    took a Car Loan from STATE BANK OF INDIA on BankBazaar.com Reviewed on
  • Validated User
    (0)

    I have availed the Car loan from SBI I got loan approval in 4 days it was quick process. Interest rate was 10.40% it was quite less when compare to other banks. The service part is very good on committed time they offered the loan. They was no charges applied. Overall it was best service.

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    took a Car Loan from STATE BANK OF INDIA on BankBazaar.com Reviewed on
  • Validated User
    (0)

    I have a salary account with SBI. I had visited the home branch and availed a car loan without any documentation. The processing was very fast and my loan was disbursed within 3 days of time. Best part is they offered me 80% loan of on-road price at a rate of interest around 10 to 11%. Every SBI branch is good however the customer service really needs improvement.

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    took a Car Loan from STATE BANK OF INDIA on BankBazaar.com Reviewed on
  • Validated User
    (0)

    In state bank of India I got my car loan within a day . I was surprised to see the quick response. I never had any account from them before. They created one account instantly for me and they processed the application with quite affordable interest rate. Overall I am very much happy to avail the services

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    took a Car Loan from STATE BANK OF INDIA on BankBazaar.com Reviewed on
  • Validated User
    (0)

    It was a great experience of availing a car loan from SBI in the month of Aug'2014. A person from the car showroom helped me a lot in getting the loan from SBI. The processing was very fast and they disbursed my loan within a week time. The rate of interest was very low at 10.45% for a longer tenure. There was no hassle at all and there are no pre-closure charges as well. I think they met all my requirements however the processing fee was little bit high.

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    took a Car Loan from STATE BANK OF INDIA on BankBazaar.com Reviewed on
  • Validated User
    (0)

    As SBI being nationalized bank they are offering good rate of interest and they have straight policies. One of friends is there in SBI so she took initiative and processed the car loan in a short period of time. They offered 10.45% of interest and it is quiet impressive. Though there was some delay in documentation process and delay in application process they processed well. Overall, I am satisfied with SBI.

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    took a Car Loan from STATE BANK OF INDIA Reviewed on
  • Validated User
    (0)

    It was a smooth experience of availing a car loan from SBI last month. There was no much paper work and I visited the branch only once for signing the documents. The processing was very fast and my loan was approved on a single day at a rate of interest around 10.45%. Best part is no processing fee and no charges for part payment & pre-closure.

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    took a Car Loan from STATE BANK OF INDIA on BankBazaar.com Reviewed on
  • Validated User
    (0)

    My experience of availing a car loan from SBI was excellent. It was a very easy process of availing the loan without any hassle. The documentation process was very fast and completed within an hour. After 4 to 5days of processing they sanctioned my loan at a rate of interest of 10.5%. I never thought SBI will work this way.

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    took a Car Loan from STATE BANK OF INDIA on BankBazaar.com Reviewed on
  • Validated User
    (0)

    It was a fantastic experience of availing a car loan from SBI. The documentation was completed very well and I got the loan for a maximum tenure of 7 years. Only 2 days were taken for processing and my loan was disbursed at a rate of interest of 10.4%. My requirement was fulfilled by 85% loan of the on-road price. Moreover there are more flexibility in pre-closing the loan without any charges. Best part is there was no processing fee charged. I feel SBI is more convenient for people like me who are not able pay huge amount of EMI.

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    took a Car Loan from STATE BANK OF INDIA on BankBazaar.com Reviewed on
  • Validated User
    (1)

    I taken the car loan with State bank of India before the month, They are very quick and responsible. I myself contact them they guided me very politely, they provided all clear information about the loan processing. The day i approached with them the same day my loan process get cleared and they approved on next day itself, Within a day I got my car loan to be approved, Overall it is quick response from their, I never felt any difficulties with them.

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    took a Car Loan from STATE BANK OF INDIA on BankBazaar.com Reviewed on
  • Validated User
    (0)

    I was looking for a car loan for a tenure of 7 years and I applied for the loan with SBI. When I verified eligibility on SBI website I was shown that the person who is earning more than 3 lakhs is eligible for the car loan. I have also confirmed this information with the customer service executives of SBI and submitted my documents to the bank representative. When I visited the branch after submitted my documents they told me that they don't offer the car loan for people earning less than 4 lakhs. They were ready to offer me a tenure of 7 years with a rate of interest around 10.65%. It would be better if there is some more clarity in the loan eligibility.

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    took a Car Loan from STATE BANK OF INDIA on BankBazaar.com Reviewed on
  • Validated User
    (0)

    Once I approached car loan with many other banks, I got a good offer from SBI Bank, I approached Rs 8 lacks they approved the same amount for me. The rate of interest what they offered for me is quite good to compare other banks and also i never feel any difficulties while my document processing, because i got offer with HDFC bank with the same rate of interest but they required more document but i unable to submit that, So comparatively here i didnâ??t felt any difficulties, Within few days i got my car loan to be approved.

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    took a Car Loan from STATE BANK OF INDIA on BankBazaar.com Reviewed on
  • Validated User
    (0)

    I didn't have any problem in availing a car loan from SBI. There was an image for SBI that the loan process was quite complicated but it was nothing like that. It was very simple and my loan was sanctioned within 5 days of time at a rate of interest of 10.4%. The rate of interest was the best and the processing fee was fully waived off due to Diwali festival. Best part is the maximum tenure of 7 years and there are no pre-closure charges at all.

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    took a Car Loan from STATE BANK OF INDIA on BankBazaar.com Reviewed on
  • Validated User
    (0)

    Last month I had availed a car loan from SBI. I went with SBI because the rate of interest was cheaper than other banks and the pre & part payment option is available. It was very authenticative and My loan was disbursed within 3 days of time at a rate of interest of 10.25%. My overall experience was great.

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    took a Car Loan from STATE BANK OF INDIA on BankBazaar.com Reviewed on
  • Validated User
    (1)

    It was a great experience of availing a car loan from SBI this month. I had applied for a car loan online and talked to the representative of SBI. The documentation was completed smoothly on time. Only once I visited branch of SBI for signing the agreement papers and they disbursed my loan within 13 days of time at a rate of interest of 10.45%. The processing fee and the insurance charges are waived off.

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    took a Car Loan from STATE BANK OF INDIA on BankBazaar.com Reviewed on
  • Validated User
    (0)

    I had availed a car loan from SBI last month. I had initially visited the car showroom and submitted my documents to AXIS bank executives. There was no delay in processing and my loan was disbursed within 3 days a time at a rate of interest of 10.45%. I think the processing fee is same across all the banks.

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    took a Car Loan from STATE BANK OF INDIA on BankBazaar.com Reviewed on
  • Validated User
    (0)

    It was a great experience of availing a car loan from SBI last year. There is always a little difficulty with nationalized banks because I had to visit the branch of SBI thrice. My documents were clear enought to get the loan very easily. The processing was very fast and completed within a week time. They offered me an interest rate of 10.15% and there are no additional charges for pre or fore closure of the loan.

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    took a Car Loan from STATE BANK OF INDIA Reviewed on
Customer Reviews
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