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SBI Car Loan

SBI Car Loan
 4.0 / 5.0   by 218 users
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Fees & Charges

Promised Interest Rate

Customer Service

Responsiveness

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

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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 01 Mar 2015

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. 10200/- Charges Waived till 31.03.2015.
Pre Closure Charges Nil
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

  • State Bank of India organizes
    Traders Meet

    State Bank of India has been a forerunner in providing innovative banking schemes that cater to the needs of the trading community. SBI recently conducted a traders’ meet to explain the services the bank offers to the business fraternity. The main aim of this meeting was to explain about the banking services provided by SBI exclusively for traders. SBI’s different services namely Rent Plus, Asset Backed loan for real Estate and Electronic Dealer Financing greatly benefits the traders. SBI has also been providing loans for different sections of the society at very affordable interest rates and low processing charges.

    20th February 2015

  • SBI Q3 Result Results Ascends
    to Rs.2,910 crores

    State Bank of India, the country’s largest bank in terms of assets and revenues further upped the ante with a 30.24 % increase in net profit at Rs.2,910 crores during Q3(Oct - Dec 2014). Profit in Q3FY14 was Rs. 2,234 crores. The overall income at Rs 43,784 was up by 10.77 % in contrary to Rs 39,068 crore during the same quarter in the previous fiscal year.


    The surge in profits was a result of boost in net interest income and fees coupled with reduction in employee costs. Operating profit stood at Rs 9,294 Crores during Q3FY15, up by 22% when compared to Rs.7,618 in the same quarter in FY14. However, this Mumbai headquartered bank failed to meet the analysts’ expectations mainly due to the spike in provision for bad loans which saw a massive increase of 26 %. The overall provision during Q3FY15 was Rs. 5,235 crores.


    The Q3 results had a positive impact in the market with values of SBI shares heading northwards immediately after the Q3 results were published by the bank, bringing smiles to thousands of investors.

    18th February 2015

  • SBI Car Loan Offer:Processing
    Fee Waiver on Loans for New Cars

    To encourage car loans at the start of 2015, SBI has announced waiver of processing fees under its ‘New Car Loan scheme’ and ‘Combo Loan Scheme’. This promotional offer is applicable until 31st March 2015.


    Under normal circumstances, a processing fee of 0.51% on the total loan amount is charged, subject to a minimum of Rs.1,020 and a maximum of Rs.10,200. Interest rates offered by SBI on the two abovementioned loans stand at 10.40% for women and 10.45% for men.


    This fee waiver does not apply on loans for pre-owned or used cars. Under the schemes ‘Certified Pre-Owned Car Loan’ and ‘Used Vehicles’, a processing fee of 0.51% of the total loan amount is applicable. Interest rates on these schemes vary between 16% and 17.5%.


    19th January 2015

  • Avail a Nissan Car with SBI Car Loan
    at just 10.40 percent

    Now you can easily avail your favourite Nissan car with State Bank of India car loan. With both of them tied up for the car loan scheme, Nissan will have a wider reach with SBI’s 15,000 plus branches across anywhere in India.


    The Managing Director, Nissan Motor, Arun Malhotra, India said that this is keeping in view the long term commitment of Nissan in India and making their products more reachable to the Indians. The new scheme will benefit both the Nissan and Datsun brands thanks to the wide range of car loan options from SBI to suit one and all.


    On the other hand, SBI’s Anuradha Rao said that SBI too is happy to be a part of this partnership and attractive car loan scheme. It will be available across all 15,000 plus branches in India. The Nissan SBI car loan scheme will have a repayment tenure of 7 years and they have the one and only unique feature of Term Loan or as Overdraft. You can avail the car loan at 10.40% p.a for women and 10.45% p.a for men and there will be no processing charges.

    9th December 2014

  • 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

94 % of our customers would recommend this bank. (206 out of 218) Write Review
Customer Reviews
Page 1 of 11 1 2 3 4 5
  • Validated User
    (1)

    I have taken a Car loan from State Bank of India. I took this loan before 4 years and the rate of interest charged by them was very low when compared to other banks. Being a nationalized bank they do have their own state policy and they do have their own set of standards and they try to keep themselves in a medium matching with the other privatize banks. In general they are very particular about their policies and they follow certain set of rules and regulations. One thing is that they donâ??t stick to their timings.

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

    When I was taking car loan with SBI the interest rate is 10%. Infact, three years ago I got offers with different banks but rate of interest is competitive in SBI thus I intended to go with them. More than that there is no pre closure charge where we have to pay the outstanding amount. Along with car loan they deducted some amount for insurance but cannot recall it right away.

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

    I am holding a car loan with SBI. This loan was agreed based on the terms and conditions. I personally went to the Bank and I myself finalized the deal at the Bank. The process was quite simple and they took about 2 or 3 days of time to process the loan . I have paid off the loan completely till the last EMI and I have got the NOC for the same.

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

    I am holding a car loan with SBI. What commit they deliver. The rate of interest offered by them was ok. They have promised that they would waive off the processing fee if the loan is taken during the certain period and they have waived that off . Soon after I produced my documents they have sanctioned the loan.

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

    I have taken a car loan from SBI. The response provided by them was really good. They convince the customer in a very good manner. I am very much happy with the rate of interest and processing fee charged by them. I had some trouble with documents collection there was some sort of delay from their side,

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

    I am holding a car loan with SBI. The rate of interest offered by them was 10.25% where as SBI was offering about 12%. They were able to process the loan with in 2 business days. When it comes to documentation it was a bit complicated as they asked for offer and reliving letters to check my job stability and I have submitted last 2 years IT Returns. The reason I wont recommend SBI is because as a account holder they offered me a preferential rate of interest the same is not the case with others.

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

    It took just 2.5days to complete my loan procedures and awesome customer service. Pre-closure payment are waved off and happy for any middle class payers whom would like to finish their commitment in short period and yet avail all facilities on same interest rates which is 10.45%. I overall paid 600 rs for documentation and other fees.

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

    The show room people was tie up with SBI so I availed car loan and also I am very satisfied with service of SBI. The total amount that I have taken from SBI is 7lakhs and after the deduction of 2000 they sanctioned rest of the amount. Interest rate is 10% and this is standard at that time.

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    abhinandan took a Car Loan from STATE BANK OF INDIA Reviewed on
  • Validated User
    (2)

    I would say absolutely fantastic to be with State bank of India in terms of car loan. Though the initial process with nationalized bank might be slower, however its beneficial. Processing charges are ICICI BANKnil as well as rate of interest is little bit lower.

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    jaideep took a Car Loan from STATE BANK OF INDIA Reviewed on
  • Validated User
    (3)

    SBI is the best, the reason behind is that fastest processing. Within 2 and half hours they approved car loan and sanctioned to the distributors. They are proactive on their job. SBI collected only 500 for notary and apart from this nothing was collected from my side. 10.25% is interest and partial payment is available. The branch where I visited was wonderful.

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    ashwin took a Car Loan from STATE BANK OF INDIA Reviewed on
  • Validated User
    (3)

    Compared to private banks, nationalized banks doesn't charged in excess. Pre closure charges are nil which is added advantage for car loan. Even State bank of India doesn't charge for processing. Customer service team is also quite responsive.

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    satish took a Car Loan from STATE BANK OF INDIA Reviewed on
  • Validated User
    (2)

    The main reason for approaching SBI in terms of car loan is the rate of interest and the processing fees which was lesser. In terms of repayment as well as penalty charges, they are reliable. Customer service team did a good job.

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    ram took a Car Loan from STATE BANK OF INDIA on BankBazaar.com Reviewed on
  • Validated User
    (2)

    Documentation was less with State bank of India as well as within 4-5 days, car loan got disbursed. Within 2 days, almost all formalities had been done and the communication was so good with their customer service team as well.

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    vijay took a Car Loan from STATE BANK OF INDIA on BankBazaar.com Reviewed on
  • Validated User
    (2)

    Services are good with State bank of India in availing car loan is good enough and the main reason approaching this bank was the rate of interest. Being a government bank, customer service team is quite ok and I like the secured feel I have with this bank and no fluctuations in loan as well.

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

    Compared with other banks, SBI services is quite better. Even the interest rate offered was competitive. As my existing home loan was with SBI, I had a possibility of availing car loan with less interest rate 0.2% getting reduced. I liked their immediate response in terms of car loan approval.

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

    SBI approved the car loan within a day and the loan was disbursed.It was really good and they didn't force on anything. Everything was at doorstep and the interest rate is quite lesser.

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

    The experience with State bank of India when I applied for a car loan was good. The loan was disbursed on the same day. As there was a festival offer they processed my loan without any processing fees. The rate of interest was 10.45% which was good. There was only Rs.1600 for Rs.600000 as stamp duty.

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

    The experience was seamless when I applied for a car loan in State bank of India. The services were really good. The customer support was very friendly. The rate of interest was very competitive. There was no processing fees.

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

    When I applied for a car loan from ICICI bank the experience was good as my sister The loan was processed so quickly. I applied it recently and availed the loan yesterday. I got the loan amount disbursed within a day. The customer support was fine. The rate of interest was 10.5% and there was no processing fees but there was only a charge of Rs.40 as stamp fees.

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    karthikeyan took a Car Loan from STATE BANK OF INDIA on BankBazaar.com Reviewed on
  • (2)

    I have taken STATE BANK OF INDIA Car Loan two and a half years ago. I visited the STATE BANK OF INDIA Bank only once to apply for car loan rest was hassle free process. SBI bank representative gave me good advise to go for long term car loan so that my EMI will be less, so that i could get higher home loan amount.

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