SBI Car Loan

SBI Car Loan
 4.0 / 5.0   by 16 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 23 Jul 2014

SBI Car Loan Details
Interest Rate (Monthly reducing balance) 10.95% floating
I-Base 10.00%
Processing Fees Rs.500
Loan Tenure 1 year to 7 years

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SBI Car Loan Reviews

100 % of our customers would recommend this bank. (16 out of 16) Write Review
Customer Reviews
Page 1 of 1 1
  • Validated User

    I am overall satisfied with the processing and the documentation of Car loan with State bank of India, i would say that my query was resolved on time and the customer service executive Mr Praveen was very helpful in completing the process and the whole process got completed in twelve days.

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    took a Car Loan from STATE BANK OF INDIA on BankBazaar.com Reviewed on
  • Extremely good
    /images/customer_review/default-unknown-person.png
    BAKKIALAKSHMI S, chennai
    Recommend Recommended by user
    Validated User

    Had a very good experience of applying a car loan an year ago. Debiting EMI of the loans always happen with prior notification to the customers. SBI is excellent exclusively for car loan. Rate of interest was absolutely good and the pre-closure can be don't at anytime without any extra charges. SMS alert on all the debits are promptly received on time.

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    Fees & Charges
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    took a Car Loan from STATE BANK OF INDIA on BankBazaar.com Reviewed on
  • Excellent
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    SAJEESH STALIN, coimbatore
    Recommend Recommended by user
    Validated User

    I am satisfied with the overall processing and the documentation of car loan from state bank of India, the customer service was very friendly and my whole process got completed within one hour which was awesome when compared with other banks.

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    took a Car Loan from STATE BANK OF INDIA on BankBazaar.com Reviewed on
  • GOOD
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    PARAG SALIL KOLI, new delhi
    Recommend Recommended by user
    Validated User

    SBI car loan is good, they have guided me appropriately I got the exact loan amount they have made the arrangement in such a way that my emi is affordable they spoke on my behalf to the dealer and got the best deal for it could have been better if they could have come to place to collect the documents from me I am really happy about the overall services rendered to me .

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    Fees & Charges
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    took a Car Loan from STATE BANK OF INDIA on BankBazaar.com Reviewed on
  • Excellent!
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    NILESH BANKER BANKER, indore
    Recommend Recommended by user
    Validated User

    I have availed a car loan from SBI a month ago. I feel the overall services are good. I am quite happy with the processing fees & charges. The time taken for the loan process was very short and documentation was very easy. I would strongly recommend this bank & it's product.

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    Promised Interest Rate
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    took a Car Loan from STATE BANK OF INDIA on BankBazaar.com Reviewed on
  • Overall good service
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    GURINDER SINGH SUDAN, chandigarh
    Recommend Recommended by user
    Validated User

    Fabulous customer service I got from SBI for Car Loan. They replied to all my queries and doubt.They were very clear and were ready with all my answers. It was very quick service. They also informed me that there wont be any per-foreclosure charges. Overall it was a very good customer service.

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    Fees & Charges
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    took a Car Loan from STATE BANK OF INDIA on BankBazaar.com Reviewed on
  • safe banking
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    GIRISH KUMAR, bangalore
    Recommend Recommended by user
    Validated User

    SBI provides good services in terms of net banking especially when a transaction is done for IRCTC. They send regular alerts whenever i visit my profile online as well as when transactions are done.ATM facility is convenient and they have lots of outlets located everywhere. Another advantage of SBI is they ask us to maintain very minimum amount as average quarterly balance which is simple and a good scheme. They must avoid being strict on security norms and having lengthy procedures.

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    Promised Interest Rate
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    took a Car Loan from STATE BANK OF INDIA on BankBazaar.com Reviewed on
  • Validated User

    I have my provident fund and saving account with State Bank of India,i chose SBI because its quite old nationalized bank. But i suggest them to change their old procedure like filling form even to change my mobile n.o ,otherwise rate of interest was good and it will be fine if they stop deducting service tax while transferring amount from one bank to another.

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    Fees & Charges
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    took a Car Loan from STATE BANK OF INDIA on BankBazaar.com Reviewed on
  • Validated User

    I like State Bank of India for their Rate of interest.Their documentation process was fine, but i have a suggestion to SBI to increase their head counts to serve each and every customer,otherwise overall am happy to deal with them........

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    Fees & Charges
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    took a Car Loan from STATE BANK OF INDIA on BankBazaar.com Reviewed on
  • Validated User

    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.

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    Promised Interest Rate
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    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
    Recommend Recommended by user
    Validated User
    (9)

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

    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
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    took a Car Loan from STATE BANK OF INDIA on BankBazaar.com Reviewed on
  • SBI was good
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    PARAMJYOTHI RAMALINGAM, chennai
    Recommend Recommended by user
    Validated User
    (6)

    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
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    took a Car Loan from STATE BANK OF INDIA on BankBazaar.com Reviewed on
  • SBI was great
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    ROHIT MULCHANDANI, new delhi
    Recommend Recommended by user
    Validated User
    (0)

    I took my car loan from SBI since my dealer arranged it for me. The dealer made it very easy process with SBI. Infact Axis Bank was better but having an edge on repaying track SBI gave me with no processing fees and no preclosure/foreclosure charges. There were very slight difference between Axis and SBI. Though SBI has lot of documentation to be done when compared with Axis Bank, through my dealer it was easy. If I did not have option with SBI then I would have definitely gone with Axis Bank. My only worry with Bankbazaar is that they checked my credit and for an inquiry call they run my CIBIL and now my scores are affected unnecessarily. Would you please revert my scores as I did not take my loan from Axis Bank anyways.

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    Fees & Charges
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    took a Car Loan from STATE BANK OF INDIA on BankBazaar.com Reviewed on
  • SBI was good
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    PARAG SALIL KOLI, new delhi
    Recommend Recommended by user
    Validated User
    (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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    Fees & Charges
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    took a Car Loan from STATE BANK OF INDIA on BankBazaar.com Reviewed on
  • (4)

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