SBI Car Loan

SBI Car Loan
 4.0 / 5.0   by 173 users
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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

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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 23 Nov 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

97 % of our customers would recommend this bank. (167 out of 173) Write Review
Customer Reviews
Page 1 of 9 1 2 3 4 5
  • Validated User
    (0)

    Am happy about the services of State bank of India in terms of availing car loan. It is 9.5% interest rate which is a reasonable rate offered. Even there is a partial payment option which I feel its good one. Even satisfied with customer service.

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

    There was no several follow ups as SBI has sanctioned car loan in a single visit. I thought that SBI being nationalized bank they would take several days to process the amount but my assumption was incorrect, where they completed in a short period of time. I mailed all my documents to bank so followed that in a single visit they sanctioned the amount. There are no penalty charges and no limit for part payment. Rate of interest they offered is 10.25%.

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

    I got my car loan from State bank of India with 10.45% as interest rate . The positive thing in them was their lower interest rate. For all issues we need to go for several times . It would be nice if they are transparent in their documentation and improve their services.

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

    SBI provides car loan with the best economical rate of interest and the availing car loan is a smooth and easy process. In market it is a one of the best bank to go for car loan. I have taken a car loan in 2008 with 3 years fixed rate of interest and then fluctuating rate of interest for rest. Due to their technical error i have been charged more interest rate from the 2nd year.

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

    One of the greatest feature of SBI car loan is the foreclosure charges, there is no charges for part payment or prepayment and I guess is the only Bank which offers this facility and that is why I have chosen SBI. To the best of my knowledge, this is the only bank which offers the least rate of interest which is 10.5% . More than all, it was a pleasant surprise for me as my loan was processed within 24 hours.

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

    I have taken a car loan with SBI and it is the best . However when it comes to disbursement they were a bit slow in disbursement. They took a weekâ??s time to disburse the car loan where as HDFC takes hardly 2 or 3 days time. After 12 months I am allowed to make lump sum payment and no charges for that however other Bank charges 2 % .

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

    My car loan got approved from State bank of India with 10.45% . Everything was perfect from their customer service. The documentation policy was very good. Interest rate was 10.45% which was quite less when I checked with other banks. Customer care was very supportive . They taken care of everything . The best part was they waived my processing fees even I am not having any account with them. I am very much happy to avail the services from them

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

    Basically I didnâ??t do anything from my part to get the car loan sanctioned from SBI in the year 2007. Everything was smoothly done and my loan was sanctioned within a day as I was holding a salary account with SBI. There was no much time taken to complete all the formalities. Best part is no processing fee at all and they offered me an interest rate of around 10% which is very low.

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

    It was an amazing experience of availing a car loan from SBI in the year 2012. I didnâ??t face any problem in terms of documentation or late EMI payment as I am holding a savings account with SBI. In fact it was very easy for me to avail the car loan. The loan was sanctioned very quickly within 2 days of time at a rate of interest of 10.25%.

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    dinesh took a Car Loan from STATE BANK OF INDIA Reviewed on
  • Quite helpful
    https://cdn1.bankbazaar.com/images/customer_review/default-unknown-person.png
    , chennai
    Recommend Recommended by user
    Validated User
    (0)

    I had taken a car loan with SBI Bank. I am dissatisfied as they asked me to come to a place and I waited there for about 2 or 3 hours to start with the formalities and that was a bitter experience. However entire loan process was completed with in 3 or 4 days time. Added benefit was insurance was being attached to this loan and it was quite helpful to me.

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

    Pre closure and prepayment charge is nil for car loan with SBI and moreover there is no processing fee. I did not visit branch for any reason because I had mailed all required documents through mail and the car loan processing was much simple. I did not face any issues while the process and the executives were very much cooperative. The rate of interest they offered was 10.25%, which is less comparatively.

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

    Response is quite delayed from customer service team where I have to keep on calling them for asking up the status. Interest rate is 10.15% for car loan with State bank of India. One plus point is there is no processing fees and no pre closure charges. Its a great experience overall.

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

    State bank of India was very good in their car loan services. Everything they provided in hand to hand basis. They didnt take much time for me to process my loan application. Rate of interest was 11% around for me. Loan process was very much comfortable for me!!

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

    I have even approached SBI Bank for the car loan. I would say their service is not up to the mark and documentation as well. They took too much of time to say that I am eligible or not. On the other side the rate of interest offered by them is very low and processing fee is the least in the market and no hidden cost as well.

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    k took a Car Loan from STATE BANK OF INDIA Reviewed on
  • Good service
    https://cdn1.bankbazaar.com/images/customer_review/default-unknown-person.png
    , chennai
    Recommend Recommended by user
    Validated User
    (1)

    I got my car loan from state bank of india . Because of the schemes like zero prepayment and partial payment flexibility I opted this bank for my car loan. Rate of interest was very good . They offered me 10.15% as interest rate to fit in my budget. It would be nice if they have customer care toll free.

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

    The best part from state bank of india was the manager himself came for the document collection for my car loan and the very next day the loan got sanctioned. They offered me the less interest rates. They provided the zero prepayment facility. They are calculating the interest according to the part payment.

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

    I felt it so useful to get the car loan from SBI bank. I did direct approach with them, The overall service was good, within 4 to 5 days my loan got disbursed I approached Rs.3lack they approved the same amount what I did with them , interest rate is also quite acceptable which is 10.9%.It is very availed to me.

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

    I have got better offer from state bank of India for my car loan . Response was very good when I submitted the application. Documentation policy was done as per their norms. Rate of interest was low when I compared to other banks.Becuase of this reason I have chosed this bank for my car loan.

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

    I guess State bank of India were not very quick when I applied for my car loan. The only advantage was they are having part payment facilities and lower interest rate compared with other banks. The benefit part for customers was there were no prepayment charges. They need to improve on the response it was bit longer . Documentation was fine , not bad. Overall I am very much satisfied by their service

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

    I have got my car loan with all my expectations in terms of tenure period and emi facility and part payment options from state bank of india . They offered me 10.45% which was low than other private banks.Though I had some concerns with them they satisfied my requirement. Basically I dont need the EMI burden hence I have opted state bank of India

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    digvishesh took a Car Loan from STATE BANK OF INDIA on BankBazaar.com Reviewed on
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