SBI Car Loan

SBI Car Loan
 4.0 / 5.0   by 116 users
Used this product? Write a review >>

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

01
02
03
04
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

01
02
03
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
02
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 Sep 2014

SBI Car Loan Details
Interest Rate (Monthly reducing balance) 10.40% - 10.45% floating
I-Base 10.00%
Processing Fees Rs.500
Loan Tenure 1 year to 7 years

Car Loans from Top Banks
Car Loans in Top Cities
Car Loan by Bank
Car Loan by City

News about SBI Car Loan

  • How to apply for a used car loan!

    Getting a loan for a pre owned car is now much easier compared to the same some years ago. The easy availability of loans for used cars and a wide range of buying options have all helped the pre owned car segment rise exponentially. Read more

    6th March 2014

  • LTV in case of car loans!

    There are different norms which are practiced by different banks and financing agencies while fixing the LTV in car loans. There are a few anomalies in this aspect which the prospective car loan customer must understand. Read more

    25th April 2014

  • Golden rules for taking a safe “loan”
    road

    Loans are not a nightmare as they seem to be. In situations where the interest rates, processing fees, pre-payment charges, loan tenor etc, are same for two banks, then it might be confusing for you to choose from. Then what would be your parameter to choose your loan? Read more

    9th November 2011


SBI Car Loan Reviews

98 % of our customers would recommend this bank. (114 out of 116) Write Review
Customer Reviews
Page 1 of 6 1 2 3 4 5
  • Validated User
    (1)

    This is fairly a new account, as I have opened this SBI Car loan account before 5 days . The primary reason why I have taken a car loan with SBI is , we can do part payment or overpayment when ever we want. Even if we are going to close the loan the very next day after setting up this account, there would not be any charges its that great. I have experimented this before and that is why I have gone with this Bank again.

    Was this review helpful? Yes

    Thank you for your vote

    Thanks, you've already rated this review

    Fees & Charges
    Promised Interest Rate
    Customer Service
    Responsiveness
    took a Car Loan from STATE BANK OF INDIA on BankBazaar.com Reviewed on
  • Validated User
    (0)

    I am delighted I must say, as I am really impressed with the way SBI works. They have given an excellent option of prepayment, which is not available with any other banks. We are allowed to over pay how much ever we want and when ever we want no restrictions, on the top of that the best thing is they would not charge us for that. Processing fee what they charge is very merger, hardly a few hundreds and what more !

    Was this review helpful? Yes

    Thank you for your vote

    Thanks, you've already rated this review

    Fees & Charges
    Promised Interest Rate
    Customer Service
    Responsiveness
    took a Car Loan from STATE BANK OF INDIA on BankBazaar.com Reviewed on
  • Validated User
    (0)

    I am really impressed with the service of SBI Car loan , as the response time is very less. The documentation process was very simple and smooth, the entire process was completed within 4 to 5 days. The rate of interest offered by SBI is 10.45%, the most exciting part is, I am allowed to make a part payment if I want.

    Was this review helpful? Yes

    Thank you for your vote

    Thanks, you've already rated this review

    Fees & Charges
    Promised Interest Rate
    Customer Service
    Responsiveness
    took a Car Loan from STATE BANK OF INDIA on BankBazaar.com Reviewed on
  • Validated User
    (0)

    State Bank of India car loan i would say it was a hassle free process i did not make much follow up on the loan process. The processing and the documentation was simple and it was transparent and i got the loan amount approved with in 24 hours, the overall experience was good.

    Was this review helpful? Yes

    Thank you for your vote

    Thanks, you've already rated this review

    Fees & Charges
    Promised Interest Rate
    Customer Service
    Responsiveness
    took a Car Loan from STATE BANK OF INDIA on BankBazaar.com Reviewed on
  • Validated User
    (0)

    Very nominal interest rates in State bank of India for my car loan. Customer service and response was good. Interest rates and processing fees are also low. Overall I am very much satisfied with the service

    Was this review helpful? Yes

    Thank you for your vote

    Thanks, you've already rated this review

    Fees & Charges
    Promised Interest Rate
    Customer Service
    Responsiveness
    took a Car Loan from STATE BANK OF INDIA on BankBazaar.com Reviewed on
  • Validated User
    (1)

    Customer service was good. Excellent follow ups. So far no hassles from State bank of India. I choosed this bank for their lower interest rate .Documentation process was too good. They are having only short process. They offered me 10.74% as interest rate which was quite nominal

    Was this review helpful? Yes

    Thank you for your vote

    Thanks, you've already rated this review

    Fees & Charges
    Promised Interest Rate
    Customer Service
    Responsiveness
    took a Car Loan from STATE BANK OF INDIA on BankBazaar.com Reviewed on
  • Validated User
    (0)

    I think the documentation process is longer with SBI, frankly, speaking my experience is not good with SBI, as they are taking a long time to process the request. The best part about SBI, is they are providing longer tenure, its been 3 months now, since I have approached SBI for the car loan.

    Was this review helpful? Yes

    Thank you for your vote

    Thanks, you've already rated this review

    Fees & Charges
    Promised Interest Rate
    Customer Service
    Responsiveness
    took a Car Loan from STATE BANK OF INDIA on BankBazaar.com Reviewed on
  • Validated User
    (1)

    It was a nice experience of availing a car loan from SBI. I have an account with SBI therefore I had visited the branch for availing a car loan. After I submitted all the required documents to the branch people they ensured my loan disbursement within 2 to 3 days. I was really happy with the rate of interest of 10.5%.

    Was this review helpful? Yes

    Thank you for your vote

    Thanks, you've already rated this review

    Fees & Charges
    Promised Interest Rate
    Customer Service
    Responsiveness
    took a Car Loan from STATE BANK OF INDIA on BankBazaar.com Reviewed on
  • Validated User
    (0)

    In the year 2005 I have availed a car loan from SBI. I had directly visited the branch of SBI and made my request for a car loan. The next moment they collected the required documents from me and they ensured my loan disbursement within 5 to 7 days. Only the follow up was not that good because they suddenly increased the rate of interest without prior notification. Rate of interest was around 10.5% and the processing fee & charges are reasonable.

    Was this review helpful? Yes

    Thank you for your vote

    Thanks, you've already rated this review

    Fees & Charges
    Promised Interest Rate
    Customer Service
    Responsiveness
    took a Car Loan from STATE BANK OF INDIA on BankBazaar.com Reviewed on
  • Validated User
    (0)

    My feedback for SBI car loan is ok , the customer service executives called me a they asked for too many documents like authority letter , salary slip and also details confirming all the salary deductions, in depth details about my deductions . I was not comfortable in disclosing all such details and the best part about SBI they offer the least rate of interest rate and very less processing fee.

    Was this review helpful? Yes

    Thank you for your vote

    Thanks, you've already rated this review

    Fees & Charges
    Promised Interest Rate
    Customer Service
    Responsiveness
    took a Car Loan from STATE BANK OF INDIA on BankBazaar.com Reviewed on
  • Validated User
    (0)

    My feedback for SBI is good, the customer service executives called me a they asked for too many documents like authority letter , salary slip and also details confirming all the salary deductions, in depth details about my deductions . I was not comfortable in disclosing all such details and the best part about SBI they offer the least rate of interest rate and very less processing fee.

    Was this review helpful? Yes

    Thank you for your vote

    Thanks, you've already rated this review

    Fees & Charges
    Promised Interest Rate
    Customer Service
    Responsiveness
    took a Car Loan from STATE BANK OF INDIA on BankBazaar.com Reviewed on
  • Validated User
    (0)

    State bank of India CAR Loan was offered me 10.50% interest rate when I inquired with them before 15 days. I will proceed my application if they decrease the rate of interest. They need to work on their documentation process, as it is very lengthy and it consumes a lot of time.

    Was this review helpful? Yes

    Thank you for your vote

    Thanks, you've already rated this review

    Fees & Charges
    Promised Interest Rate
    Customer Service
    Responsiveness
    took a Car Loan from STATE BANK OF INDIA on BankBazaar.com Reviewed on
  • Validated User
    (1)

    I would call its a average Bank as its neither good or bad. I have already taken a Car Loan from SBI. I am happy about their service as they provide good options. I would say that the customer service can be improved even more to ensure the customer is satisfied thoroughly.

    Was this review helpful? Yes

    Thank you for your vote

    Thanks, you've already rated this review

    Fees & Charges
    Promised Interest Rate
    Customer Service
    Responsiveness
    took a Car Loan from STATE BANK OF INDIA on BankBazaar.com Reviewed on
  • Validated User
    (0)

    In the year 2011 I have availed a car loan from SBI. I had directly visited the nearest branch of SBI and I told them I need a car loan. They asked me to submit the documents and I did submit all the required documents to the branch people. After 4 to 5 days of processing they have disbursed my loan. Rate of interest was around 10.5%.

    Was this review helpful? Yes

    Thank you for your vote

    Thanks, you've already rated this review

    Fees & Charges
    Promised Interest Rate
    Customer Service
    Responsiveness
    took a Car Loan from STATE BANK OF INDIA on BankBazaar.com Reviewed on
  • Validated User
    (0)

    Rate of interest is very low with SBI Car Loan. They have provided a good tenure, there is no preclosure charges, we are allowed to make a par ital payment in between. Their response is very slow , they have their own time scales. My opinion for SBI Car Loan, should be timescales has to be in line with the other Banks. However, end of the day its beneficial for the customers.

    Was this review helpful? Yes

    Thank you for your vote

    Thanks, you've already rated this review

    Fees & Charges
    Promised Interest Rate
    Customer Service
    Responsiveness
    took a Car Loan from STATE BANK OF INDIA on BankBazaar.com Reviewed on
  • Validated User
    (0)

    SBI Car Loan , provides good eligibility for customer. As a Bank, SBI is doing really good as it provides option of making a part payment without any charges. They require minimal documentation and the only thing with SBI is, they have to be very quick in providing response.

    Was this review helpful? Yes

    Thank you for your vote

    Thanks, you've already rated this review

    Fees & Charges
    Promised Interest Rate
    Customer Service
    Responsiveness
    took a Car Loan from STATE BANK OF INDIA on BankBazaar.com Reviewed on
  • Validated User
    (0)

    SBI Car Loan it was quick service with in 24hrs loan approval was sanctioned, charges was same as market price. Best part is they were customer friendly type with prompt response. Documentation and charges was least they charged only 500/-. Overall i am fully satisfied with experience.

    Was this review helpful? Yes

    Thank you for your vote

    Thanks, you've already rated this review

    Promised Interest Rate
    Fees & Charges
    Customer Service
    Responsiveness
    took a Car Loan from STATE BANK OF INDIA on BankBazaar.com Reviewed on
  • Validated User
    (0)

    My opinion about SBI Car Loan is, as a Nationalized Bank they offer very less rate of interest. There is no prepayment charges with SBI, I can very well make a lump sum payment when ever I want. At times, I have to wait for a long time to speak with the Manager. I think this Bank can be improved a bit by focusing on their customer’s need.

    Was this review helpful? Yes

    Thank you for your vote

    Thanks, you've already rated this review

    Fees & Charges
    Promised Interest Rate
    Customer Service
    Responsiveness
    took a Car Loan from STATE BANK OF INDIA on BankBazaar.com Reviewed on
  • Validated User
    (0)

    I have recently availed a car loan from SBI last month. Actually they asked me to submit my documents like two years of ITR, Id & address proofs along with the rent agreement. Everything was transparent to me and they disbursed the loan within 15 to 20 days after my house verification was over. It was the best rate of interest offered to me at 10.5%.

    Was this review helpful? Yes

    Thank you for your vote

    Thanks, you've already rated this review

    Fees & Charges
    Promised Interest Rate
    Customer Service
    Responsiveness
    took a Car Loan from STATE BANK OF INDIA on BankBazaar.com Reviewed on
  • Validated User
    (0)

    My first car loan with SBI was started in the year 2011 and was recently closed in the month of Jun'2014. I am a savings account holder of SBI and I recently applied for a car loan again considering the services of SBI are very good. I have submitted all the required documents to the nearest branch and they have committed 20 day for processing & disbursing the loan. Rate of interest was around 11% and I would say SBI is better than other banks.

    Was this review helpful? Yes

    Thank you for your vote

    Thanks, you've already rated this review

    Fees & Charges
    Promised Interest Rate
    Customer Service
    Responsiveness
    took a Car Loan from STATE BANK OF INDIA on BankBazaar.com Reviewed on
Customer Reviews
Page 1 of 6 1 2 3 4 5

Transferring you to our partner website
"firstinsurancebazaar.com"

Transferring you to "firstinsurancebazaar.com"

(An authorised & regulated Insurance broker by IRDA since 2004)

Contact Us on Mail
Facebook
Thank you for the feedback.
Make a suggestion or report a bug
  • Like us? Spread the word
  • Broadcast your feedback via Facebook Twitter
  • or Cancel
  • View our privacy policy

reTH65gcmBgCJ7k - pingdom check string.