If you really think about it, it's easier getting a loan for a car than a loan for bus fare!

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

01
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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

01
02
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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 25 Apr 2015

SBI Car Loan Details
Interest Rate (Monthly reducing balance) For Women-10.25%
For Men-10.30%
Processing Fees No processing charges till 30.06.2015.
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!


News About SBI Car Loan

  • SBI Plans to Focus More on Auto Loans

    Posted on 1st April 2015


    In tandem with rapid growth in the auto sector, State Bank of India has decided to focus more on auto loans. The bank has also tied up with Ola cabs, and launched a special finance scheme for the latter’s cab drivers. Under this scheme the Ola cab drivers/operators (who buy new cars and operate through Ola) can pay back their car loan by making payments on the Ola platform. These drivers-cum-entrepreneurs will get to enjoy lower down payments, easier documentation and faster loan approval.


    Since the last two months, SBI has approximately been funding 2000 cars a day. The bank’s auto portfolio also witnessed an 18% growth in the last three months, compared to the corresponding period in the previous year. With cars becoming a basic necessity for the common man these days, car loans, as a product, have experienced rapid growth. All the leading banks offer lucrative car loan schemes. Before applying for a car loan consider referring to a robust third party website, like bankbazaar.com to get the best deal.

  • Car Financing Made Easy for Ola Cab Drivers

    Posted on 27th March 2015


    State Bank of India and rapidly expanding cab company Ola have tied up to launch a car financing scheme called ‘Ola Pragati’. This scheme enables the Ola cab drivers/operators (who buy new cars and operate through Ola) to pay back their car loan by making payments on the Ola platform. The payments will be made on a daily basis. As these drivers find it difficult to make monthly repayments of their loan, the Ola Pragati scheme has been tailor-made to simplify car financing for them. The payments made by these drivers will be remitted to SBI by Ola. The daily payment system is also expected to lighten the interest burden on the borrower.


    Apart from SBI, there are various other banks which offer car loans for new and pre-owned cars to salaried and self–employed individuals. The interest rates are mostly affordable. You can refer to a third party website like bankbazaar.com for a comparative study of the car loans offered by different banks.

  • SBI Eases Lending Norms for Car Loans

    Posted on 20th March 2015


    State Bank of India, the biggest consumer lending institution in the country has relaxed eligibility norms for car loans applicants. The bank is cashing on the optimistic market sentiments buoyed by increase in car sales figures during February 2015. Car sales in India grew by 6.85% in February.


    Salaried applicants with a minimum annual income of Rs.3 lakhs are now eligible to apply for a car loan with SBI. Earlier, the lower limit was Rs.4 lakhs. For self-employed & agriculturists, this figure has been lowered from Rs.6 lakhs to 4 lakhs.


    By simplifying the income eligibility conditions, the bank expects to add further impetus to its loan portfolio which stood at ₹ 32,178 crore as of December 2014. Owing to spiraling defaults, the bank had raised eligibility conditions in August 2013 that included qualification limit on income.


  • SBI Car Loan Daily Installments

    Posted on 6th March 2015


    State Bank of India, the largest Indian banking and financial services company is piloting a new model of car loan offering which allows cab drivers to borrow loans at low interest rates and payback on a daily installment basis. The standard repayment model is by means of Equated Monthly Installments(EMIs).


    This arrangement is likely to add impetus to penetration of loan products further into the urban entrepreneurship space. SBI has tied up with a cab aggregator startup major in selected cities to offer car loans at nominal interest rates on a daily installment basis to drivers associated with this cab service provider. Not only does this system help the bank to mitigate risk by understanding the nuances of an emerging market, but also helps aspiring car drivers in realising their dream of becoming car owners. A win win situation.

  • 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

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SBI Car Loan Reviews

93 % of our customers would recommend this bank. (218 out of 235) Write Review
Customer Reviews
Page 1 of 12 1 2 3 4 5
  • Validated User
    (0)

    I had taken a Car loan from SBI and it was a very quick processing. My loan got approved within half a day and it was disbursed on the same day. I had to visit the Bank only once and the dealer had taken care of the process and got it approved. One drawback about the Bank is I had to visit the Bank and do all my formalities. Overall It was a convenient convenient process.

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

    I took car loan for five years but I fore close it post two years without nil charges. Actually they told that loan would be sanctioned in a day but it's been processed only after I visited them for more than six times. Suggesting SBI to improve on customer service as they lacks there. In 2010 interest was 9%.

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

    I am holding car loan with SBI. I have to run behind to get my work done. The ECS was not debited from my account. Infact I have been told my car would be seized from me if I dont make the payment on time. Finally I spoke with them and got that sorted out. Even now I am getting incorrect SMS stating that my payment is due on 16th however my payment due date is only 25th. The interest rate offered by them was really good however the service is not up to the mark.,

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

    Interest rate offered by SBI car loan was a bit high . However I would like rate them as 4 for their incredible service offered by them. The staff there were extremely good. I would like to thank the Manager Miss Meera who was very co operative. Also I would like to mention one specific instance, where I fixed an appointment with her around 3.30 pm however the branch was opened till 1 pm only . However without any hesitation she agreed to meet me around 3.30pm and she even attended my call after 8 pm also.

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

    One and half years ago I have taken the car loan and five years there to complete the loan. Rate of interest is good at that point of time with tenure of 7 years as I expected. Post the approval of the loan SBI was demanding for lot of documents and particularly they asked for rental documents where I think as not mandatory. To be in concise SBI is not customer friendly and they have to focus on it. The executives should define their policies clearly and should improve on procedures.

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

    SBI Car loan process was really good. Everything was done through the dealer, as he has a tie with this bank I have taken that through them. I have closed down the loan now and I was holding this loan till the last EMI, the total term of car loan was 5 years. I have got my NOC and other details pertaining to closure.

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

    I had a wonderful experience with SBI in the process of availing this car loan because I felt them as a reliable bank and customer service offered by SBI was really great. I was treated as a privileged customer because I hold a salary account with SBI and I had some of my friends working in the branch as well. The SBI branch was placed inside my office campus which is an add on benefit for me to get the loan process done very quickly within 3 days.The interest rate offered was nominal and I am really happy about the same.

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

    I have taken a car loan with SBI, I have to visit the branch in person for any thing and every thing . We have to take the initiative for the same They took about 2 days of time to provide this loan. The interest rate charged by them was around 10.45% the loan amount offered was around 5 lakhs. There is no processing fee charged by them.

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    chanderjit took a Car Loan from STATE BANK OF INDIA on BankBazaar.com Reviewed on
  • Validated User
    (4)

    I am very happy for getting this car loan from SBI Bank, Being a government bank the customer service offered was really good which is appreciable as well. The loan amount was disbursed within two days and the process of the loan was very easy and quick as well.The interest rate was minimal compared to other banks and the loan was processed with zero fee and I am really happy about the same.

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    pranav took a Car Loan from STATE BANK OF INDIA on BankBazaar.com Reviewed on
  • Validated User
    (3)

    Overall the service offered by SBI Car loan is really good. Documentation process was very simple, processing time was also very less. They hardly took a week time to process the loan . I got to know that foreclosure and part payment options were also available. So I have made partial payment twice a year , no charges being levied for the same.

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    sathish took a Car Loan from STATE BANK OF INDIA Reviewed on
  • (4)

    The total amount that I have taken from SBI is 5 lakhs for 4 years. Compared to private banks, nationalized banks doesn't charge in excess. Interest rate is 10.45%. Pre closure charges are nil which is added advantage for car loan. Also i can do part payments as well without any charges.The only problem is the Customer Service. I have called the customer care and they told me that they can't provide me any details related to CAR loan online. For that i have to visit the branch.

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    vikas took a Car Loan from STATE BANK OF INDIA Reviewed on
  • (2)

    good service by sbi bank and they approved loan within 8 days and no prepayment charges.I can do also partpayment of my loan to reduce emi. I want to say that just beware of their executives. they may push you to sell their insurance. otherwise good service.

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

    I am holding a car loan with SBI. The interest rate offered offered by them is ok when compared with HDFC, processing time is much better as they took a few days time to sanction this loan . The amount would be deducted from my salary account through ECS its an on going loan. I am left with 17 or 18 EMI's and processing fee charged by them is very less.

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    joginder took a Car Loan from STATE BANK OF INDIA Reviewed on
  • (3)

    I used to have a perception that taking a loan from any nationalized bank is a headache due to its long time duration, multiple visits to branch & of-course poor infrastructure. But frankly speaking, my perception has totally changed when I landed at SBI Intouch outlet at WTC Bangalore. Not only they have a competitive environment, the mangers are also too helpful in providing accurate information, collecting documentation & easy loan approval process. Even their sms system on loan status keeps us update. Really delighted to get the loan approval from SBI. Thanks a lot.

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    niladri took a Car Loan from STATE BANK OF INDIA Reviewed on
  • Validated User
    (4)

    I am holding a car loan with SBI. Everything was done by the car dealer. They were able t o process the application quickly. Nothing was done from my side. Maximum tenure offered by them was 5 years. They offered me the loan amount of 7.5 lakhs. Rate of interest offered by them was a standard one.

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    kg took a Car Loan from STATE BANK OF INDIA Reviewed on
  • Validated User
    (4)

    Interest rate for car loan in SBI is 10.4% and they gave me 80% of loan on road price. Purely SBI waived off the processing charge ad gave it for nil charge. In seven years I can close the loan at any time without penalty charges. Moreover they given in written statement so much satisfied.

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    tarun took a Car Loan from STATE BANK OF INDIA on BankBazaar.com Reviewed on
  • Validated User
    (7)

    I am holding a SBI Car loan it is good. We can close the loan amount any time after paying the 1st instalment without any interest charges that is the best part about it. Another interesting feature about this loan is the rate of interest charged by them is much lower than others. Even we can make part payment in between.

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    anirban took a Car Loan from STATE BANK OF INDIA Reviewed on
  • Validated User
    (7)

    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
    (6)

    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
    (4)

    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
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