SBI Car Loan

SBI Car Loan
 4.0 / 5.0   by 120 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 02 Oct 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

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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

98 % of our customers would recommend this bank. (118 out of 120) Write Review
Customer Reviews
Page 1 of 6 1 2 3 4 5
  • Validated User
    (0)

    Quite good service from State bank of India whereas it was home branch for my salary account. I have taken a car loan with 10.25% as interest rate and purchased new car. I dont find any difference in the charges and interest rates. Documentation charges Rs.1400 has been charged. Overall good

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

    State Bank of India car loan: The processing and the documentation was fast.They documentation was very simple and it was transparent. The customer service executive responded to my queries quickly and i got the loan amount disbursed in 3 days.

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

    Quite satisfied with the experience with SBI Bank car loan, they are very good in providing response. SBI is demanding for more documents especially for private employees, they keep asking for more and more documents for verification, also they ask for additional security such as property etc for private employees. I guess, it might suit for Government employees, as they dont ask for too many documents.

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

    State Bank of India car loan the experience was good. The processing and the documentation was very simple and it was transparent. The customer service executive was very friendly and they responded very quickly. I got the whole process completed in five days.

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

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

    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 !

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    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.

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    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.

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    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

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    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

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    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.

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    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%.

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    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.

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    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.

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    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.

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    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.

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    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.

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    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%.

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

    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.

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    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.

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