Why BankBazaar Car Loan?
  • Compare multiple bank offers
  • Apply Online for Lowest Rates
  • Get e-approval instantly
SBI Car Loan Ratings
3.5 / 5.0 by 6 users

Fees & Charges

Promised Interest Rate

Customer Service

Responsiveness

SBI Car Loan Reviews

"SBI Bank hardly took a day's time to process my loan. There was an executive who contacted me one day prior and informed me all the required documents. Next day I spent only thirty minutes for processing where I only signed the documents. "

, Hyderabad
More Reviews
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SBI Car Loans

Drive home your first car with State Bank of India Car Loans.

SBI Car Loan Interest Rates

Apply for SBI Car Loans with low interest rates and minimal documentation.

SBI Car Loan Comparison

Check Processing Fees, Calculate EMI and Compare SBI Car Loan Interest rates online.
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SBI Car Loan

salaried self employed

Compare SBI Car Loan with other banks & check your loan eligibility

We've identified the lowest interest rate quotes for your profile with great savings.

Rates & special offers displayed below are accurate & applicable ONLY for applications made on BankBazaar.com

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  •       Self Employed?
    Slowly start typing your employer's name and choose from the recommendations provided. If you do not see your employer on our list, simply type the name in this field.
  • This is your gross monthly salary as per your monthly payslip prior to deductions (include only payments via direct deposit or cheque i.e. exclude payments in hard cash and in-kind components)
  • Please provide First Name as it appears in your PAN card.
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SBI Car Loan Overview

SBI Car Loan Drive home your dream car with low interest SBI car loan offers. Compare and apply online at BankBazaar.com to get e-approved instantly.

If you are planning to buy your dream family car and finance is a concern then you need not worry as there are exiting car loan offers available from leading banks in India. Check your Car Loan eligibility now by filling up the above form and get best car loan offers instantly. Check your Eligibility Now!

Why apply for a SBI car loan on BankBazaar.com?
  • Lowest interest rates: We have coordinated with HDFC Bank, Axis Bank and ICICI Bank to get you the best car loan interest rates. In fact, HDFC Bank, Axis Bank and ICICI Bank use BankBazaar.com-powered technology to give their customers the best car loan experience on their websites, https://www.hdfcbanksmartapply.com/, https://loans.axisbank.com/car-loan.html and https://loans.icicibank.com/car-loan.html
  • Instant e-approval: On BankBazaar.com you can compare car loan offers, apply online and get instant e-approval for your car loans from HDFC Bank, Axis Bank and ICICI Bank.
  • Simple Online Comparison: Compare car loan offers on the basis of loan eligibility, EMI, interest rate, fees and customer ratings.
  • Transparency: Aimed at helping you make the right choice, we provide objective and transparent information about your loan options.
  • Privacy: Your application is sent only to the lender you choose, and is never shared with anyone else.
How to get a SBI car loan on BankBazaar.com
  • Eligibility Calculator: Fill the form above to instantly get customized car loan quotes that you are eligible for.
  • Compare car loan offers: Compare customized car loans offers from HDFC Bank, Axis Bank and ICICI Bank based on your eligibility criteria and apply online for the one you like.
  • Your application will be sent electronically to the lender you chose. The lender will contact you within one day.
  • BankBazaar.com will update you on your loan application status via email & SMS alerts.
How to use BankBazaar.com’s car loan EMI calculator?

Check our Car Loan EMI calculator and see how much money you will have to pay every month for your dream machine. Remember the more down payment you make the lesser will be the loan burden. Also check your car loan eligibility using the above form and compare Processing fees, Interest rates, documents with various banks online at Bankbazaar.com

SBI Car Loan FAQs

  1. Can I get 100% financing for my car?
    It is possible but most banks do not offer such an option. Those banks which offer 100% financing will do so subject to certain terms and conditions and reserved only for certain makes and models of cars. These aspects are based on the discretion of the bank. This is applicable only for new cars.

  2. Can you specify the borrowing range for a SBI car loan?
    The borrowing range varies across different financial institutions and also takes into account the applicant’s credit profile. However, the minimum amount for a car loan is Rs.1 L and the maximum depends on the income and other credit profile details of the applicant. It also depends on the cost of the car. Some banks offer around 3 times the annual salary of the applicant in case of a salaried individual and around 6 times the annual income in the case of self employed professionals.

  3. How do I calculate the amount of money I should borrow for my car loan?
    You need to calculate the amount of money required based on:
    • Cost of the car based on make, model and colour.
    • Amount and type of insurance cover you wish to opt for. (Only a few banks cover the insurance)
    • The kind of car accessories you wish to purchase for your car etc. (Please note that most banks will not fund you for accessories).
    • Down payment for the car, which you will be paying upfront based on which you can calculate the remainder of the loan amount needed.
    • Percentage of financing available for the car depending on the make and model. This aspect varies according to the lender/bank’s discretion. Some banks offer up to 90% financing for new cars.
    • A few other banks may offer loans for second hand cars as well and the amount of financing they are willing to offer again largely depends on the car’s resale value and differs across banks/lending institutions.
  4. Do I need a loan guarantor?
    No, a personal guarantor is not usually required for your car loan. It is applicable only during instances where your credit profile does not match the lender’s requirements. Even then this can be taken care of by simply taking on a co-applicant.

  5. What are the SBI car loan tenure options?
    The Car Loan tenure ranges from 1 year (12 months) to 5 years (60 months), a select few offer 7 years tenure as well.

  6. If my income and budget does not support a particular loan amount, then can I opt for a joint loan with someone else?
    Of course you can. You can club the income of your spouse or a parent and take a loan based on the combined income. In this case, the spouse or parent becomes the co-applicant of the loan.

  7. Will it be hard for me to get a car loan if this loan is my first?
    If you have no past credit record based on your new loan, a new credit record will be created. Your eligibility will then be calculated based on your income, place of employment etc.

  8. How do I compare loan offers from different banks?
    You need to consider the total loan cost or total money outgo in the case of each offer. This is because even if the EMI is a little lower with one bank, you must also account for other factors like processing fees, advance EMIs, service charges and other bank charges to arrive at a decision on the best and most cost effective loan offer. Search BankBazaar.com for the best loan offer. Here, we display loan costs in a transparent and easy to compare manner based on your eligibility.

  9. When can I prepay the loan? Is part prepayment possible?
    Most banks have a time frame or 6 months to a year only after which you can prepay the amount. Usually, in the case of a car loan part prepayments are not allowed, you can only prepay the remainder of the loan amount in full.

  10. Can I opt to sell my car before my loan repayment ends?
    This is not possible as you have pledged your car as security for the loan. If you must do so, then you will need to obtain an NOC (No Objection Certificate) from the bank.

  11. Can I prepay my car loan?
    Yes, you can prepay your car loan. However banks charge a prepayment penalty charge for this. Make sure the interest rate savings makes sense after you factor in the prepayment penalty charge.

  12. What happens after I complete the repayment of my loan?
    When the last EMI has been paid the bank’s legal claim to the car ceases to exist. The bank will issue a Form 35 along with an NOC to the RTO canceling the bank’s name from the RC book. The same process is followed for your insurance policy as well.

  13. Does BankBazaar.com charge me for its services?
    No. BankBazaar.com’s services come to you free of charge.

  14. How will the security and privacy of my data be ensured?
    BankBazaar.com will never share your data with any third party other than the financial institution that you decide to apply to. Our sound technology practices ensure a highly secure environment for all your data.

SBI Car Loan Eligibility & Documentation

SBI Car Loan Eligibility:

  • Salaried individual

  • Self employed individual

  • Self employed professional like doctor, lawyer, etc.

  • Aged above 18 years

  • Have a good CIBIL credit score

  • Good repayment capacity with fixed & stable income source

  • Work for a stable company

How is your SBI car loan eligibility determined?
Based on the following aspects financial institutes will determine your loan eligibility:

  • Your monthly income
  • Cost of Vehicle
  • Other EMI’s which you are paying for any other loan

Fill the form above to check your actual car loan amount eligibility.


SBI Car Loan documentation: Car loan documentation process is minimal and generally banks require the following document:

  • Identity proof namely a copy of the passport or PAN card or Voter’s Id or driving license.

  • Income Proof in the form of usually the latest salary slip with the latest income tax forms (Form 16 in the case of the salaried individual, ITR form in the case of a self employed individual).

  • Residence Proof in the form of a Ration card or Driving license or Voter’s ID or Passport copy or telephone bill or electricity bill or life insurance policy or PAN card.

  • A copy of the bank statements pertaining to the most recent and relevant time frame.

SBI Car Loan Interest RatesUpdated on 18 April 2014

Details of SBI Car Loan

SBI Car Loan Interest Rate.(Daily reducing balance)
10.45% fixed. Check Customized Interest Rates Now!
Processing Fees
0.51% of the loan amount subject to minimum of Rs. 1,020 and maximum of Rs. 10,200
State Bank Car Loan Tenure
1 year to 7 years
Preclosure charges
No pre-payment penalty
State Bank Car Loan Amount
85% of car's price or 2.5 times net annual income, whichever is lower
Guarantor Requirement
Guarantor is required

Car Loan Articles

  • Know how on car loan defaults!
    Technically, a car loan default happens when a customer repeatedly fails to make the agreed car loan payments to the lender/bank that lent the money for its purchase. But is there a prescribed number of payment failure mentioned? Yes. Usually, the car loan agreement that you signed with your lender/bank will have these terms clearly spelt out.
  • The same model but different price!
    The second most important price adding factor is probably the taxation involved vis-à-vis the city of purchase of your car. The price variation between a Maruti Swift taken in Chennai and one taken in Mumbai could be even upto Rs 25,000/- costlier in Mumbai.
  • Understand car insurance premium!
    Some insurers offer certain add-ons like Personal Accident cover along with your policy. If you want to get the car repaired but don’t have money to pay for it, cashless claim settlement can definitely help you. Opting for third party legal liability will help you safeguard yourself against the legal liability in case of accident.
  • Have more questions on loans? Ask us now!
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Car Loan Forum

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SBI  Car Loan Reviews
100 % of our customers would recommend this bank. (6 out of 6) Write Review
Customer Reviews
Page 1 of 1 1
  • Excellent service with SBI
    /images/customer_review/default-unknown-person.png
    NISHANT LAKHLANI, hyderabad
    Yes, I recommend this bank.
    STATE BANK OF INDIA Car Loan
    4.0/5
    validated-source
    (4)

    SBI Bank hardly took a day's time to process my loan. There was an executive who contacted me one day prior and informed me all the required documents. Next day I spent only thirty minutes for processing where I only signed the documents.

    Was this review helpful? Yes

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    Promised Interest Rate
    Fees & Charges
    Customer Service
    Responsiveness
    took a Car Loan from STATE BANK OF INDIA on BankBazaar.com Reviewed on
  • SBI was Excellent
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    ARVIND PURANDAS JANGHEL, navi mumbai
    Yes, I recommend this bank.
    STATE BANK OF INDIA Car Loan
    4.0/5
    validated-source
    (4)

    I chose SBI as they were more comfortable with rate of interest in the market. They have an option of preclouser and zero percent processing fees. They provided me good discount through my dealer. They also processed my loan with minimum documents.

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    Promised Interest Rate
    Fees & Charges
    Customer Service
    Responsiveness
    took a Car Loan from STATE BANK OF INDIA on BankBazaar.com Reviewed on
  • Excellent service with SBI
    /images/customer_review/default-unknown-person.png
    NARENDRA SINGH NEGI, ghaziabad
    Yes, I recommend this bank.
    STATE BANK OF INDIA Car Loan
    5.0/5
    validated-source
    (4)

    Customer satisfaction is very important. I am very upset with Axis Bank services they delayed to collect my documents, then I decided to look for option. SBI Bank being a nationalized Bank gave good service and they have good features. They provided me less rate of interest, they have been transparent and there is no corruption like private Banks. There is no DSA attached to it. Am very satisfied with SBI. Bankbazaar and its customer services are good.

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    Promised Interest Rate
    Fees & Charges
    Customer Service
    Responsiveness
    took a Car Loan from STATE BANK OF INDIA on BankBazaar.com Reviewed on
  • SBI was good
    /images/customer_review/default-unknown-person.png
    PARAMJYOTHI RAMALINGAM, chennai
    Yes, I recommend this bank.
    STATE BANK OF INDIA Car Loan
    5.0/5
    validated-source
    (1)

    I got my car loan from State Bank of India. The documentation what they asked for minimum and they took tow to three days to process my loan. Am not sure about the rate of interest from them but its reasonable. I logged to Bankbazaar website to explore the rate and deals, which was helpful and I got good information. Unfortunately I was unable to go through Bankbazaar as the dealer had his tie up with SBI. Bankbazaar customer service was good and they did regular follow up.

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    Fees & Charges
    Promised Interest Rate
    Customer Service
    Responsiveness
    took a Car Loan from STATE BANK OF INDIA on BankBazaar.com Reviewed on
  • SBI was good
    /images/customer_review/default-unknown-person.png
    PARAG SALIL KOLI, new delhi
    Yes, I recommend this bank.
    STATE BANK OF INDIA Car Loan
    3.0/5
    validated-source
    (0)

    Axis Bank was also good, my loan from SBI had lot of facilities. I got a 10% fixed rate of interest with 0% processing, pre-closure and foreclosure charges. This facility from SBI made me take the car loan from them instead of Axis Bank. Since I have a plan to foreclose my loan within next two year I felt SBI was good option. Executive from SBI was not pretty good where I had to run behind them for documentation. Bankbazaar website was good, I got to know about Axis Bank only your website. Customer services from Bankbazaar was also good.

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    Promised Interest Rate
    Fees & Charges
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    took a Car Loan from STATE BANK OF INDIA on BankBazaar.com Reviewed on
  • Good loan product but slack in customer engagement.
    https://plus.google.com/s2/photos/profile/115741823508050767156?sz=100
    Naveen, tiruchirapalli
    Yes, I recommend this bank.
    STATE BANK OF INDIA Car Loan
    2.0/5
    (2)

    The main reason that i went with SBI was because of their loan product that has the best rates and no hidden charges. Other wise if you are in a hurry do not go to them , since they have a long processing time,no proper response or customer engagement.

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    Fees & Charges
    Promised Interest Rate
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    took a Car Loan from STATE BANK OF INDIA Reviewed on
Customer Reviews
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