SBI Car Loan

SBI Car Loan
 4.0 / 5.0   by 82 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 Aug 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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News about SBI Car Loan

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    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 exponentiallyRead 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

99 % of our customers would recommend this bank. (81 out of 82) Write Review
Customer Reviews
Page 1 of 5 1 2 3 4 5
  • Validated User
    (0)

    SBI Car Loan is good, I did not spend much time to get the loan, it took about 2 hrs or something to complete the entire thing and their rate of interest is also good. Car loan is a good option for the person who is employed for about 3 years the interest rate is good and their terms and condition is simple its not that complicated.

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

    Actually there was a little bit time taken when i applied for the car loan with State Bank of India, but the whole process it was satisfied , comparative with other banks the processing fees is less in this bank. Hardly in fifteen days i got the approval from the Bank.

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

    I applied CAR loan with State bank of India after the deal was closed by HDFC bank where their service was fine. Documentation process was good.The interest rates are considered to be nominal. In short they are having proper customer service and the response to attain the customer satisfaction

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

    Customer service was good and it was good. Documentation was under job only for my car loan . They repsonsed within 2-3 day they have disbursed my car loan with State bank of India . Pretty good interest rate . They also don't have the prepayment charges. Its better to take the banks like zero pre-payment optins like them

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

    I have a car loan with SBI. When I visited the branch for closing the car loan I discussed with them about the home loam. Their response was very good and quick. I have been assigned a special executive who helped me to complete the documentation very smoothly without any delay. They have committed only 4 to 5 days for processing and I am now awaiting loan from them. Interest rates are not that much different from other banks.

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

    Actually the documentation was good. I haven't met any executive directly and closed with telephonic . Follow ups are good. No suggestions for them to improve their service . Overall their service was good. Since State bank of India customer service was very good in my car loan.

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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 employee has the full knowledge on the process and they are initiated to fulfill the requirement of the customers and the overall service was good and they customer service executives are very friendly and in seven days in got my car loan approved.

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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 initial stage was really good and the feature which they provided was excellent and the time taken to process the car loan application was little bit high and the customer service executive are very co operative and i got the car loan amount with in ten days.

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

    My proofs are well available with State bank of India. I am very much satisfied with them . Documentation process has been maintained with easily process for my car loan through one call. Manager also helpful and giving suggestions for interest rates. And giving the guidelines as per the market.Interest rates are reasonable.

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

    SBI Car loan rate of interest is very low and tenure is 7 years and other banks are not giving more than 5 years no suggestion and the best part is rate of interest and one of my family members have taken a loan and my colleagues have a taken car loan with SBI

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

    Services are good in State bank of India. They are very transparent in their services in car loan which I already closed. We can check the EMI details on online. commonly was good. No suggestions for them to improve their services as they are good

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

    My experience of availing a car loan from SBI was very good. Inside the car showroom I met the executives of SBI and I have submitted only few documents to them for a car loan. I didn't involve in that much of documentation and very shortly they have processed the loan. I think the rate of interest was 10.75% . Processing fees & charges very nominal.

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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
    (0)

    SBI Car Loan the good thing was documentation they pick few documents only and verified and explained clearly as per time line they work in a day or couple of days it will happen, interest rate was comparative less with other banks, more over my salary account is their it was more convenient, with respect to loan i don't have any disadvantage, overall it was good experience. As per committed their was no processing fee.

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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
    (0)

    I Have SBI Car Loan the were very steady, i can close my loan, pre closure facility is available, i got interest rate it was ok, i got loan approval in 24 rs which is very fast, documentation was very simple only ID proof and ITR required, overall i was good experience i will advice others to have an option with this bank.

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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
    (1)

    SBI Car Loan They don't have fixed tenure part payment facility is available and paper work was very less, with in a week i got approval, 10.95% was interest rate its slightly more than other banks, i have prevailed to finish the payment, overall i am satisfied, the processing was less.

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

    I have my personal account with SBI and they contacted me to offer a car loan. I also have a fixed deposit of rs50 lakhs with them I had availed the car loan in the year 2013. I am the most preferred customer of SBI because my total business with them is 1 crore. SBI executive who collected the documents was very good and super outstanding. I never visited SBI branch but they disbursed the loan at my door step within 7 days. SBI is a very good bank.

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

    SBI Car Loan documentation should be neat otherwise they wont accept it or offer loan when compared with others processing fee is very less rate of interest is also very less customer service is not up to the mark customer has to followup the case they wont call us and we have to go the bank one day.

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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
    (0)

    SBI Car Loan With in 2 days i got car loan, i am very happy with that, documentation was easy, rate of interest was 10.90% it was bit high they said they will be no hidden charges, their was no charges it was only 500/- charges that too from my salary account it was quite easy, i got so much advantage except rate of interest.

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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
    (0)

    I Applied in SBI for Car Loan the part payment facility is available, interest rate nothing different it was same as other banks, its very convenient to pay part payment for me, documentation and charges as same as other banks, the processing time was too long, it still in process.

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

    SBI Car Loan is fine they charge less processing fee and less interest rate and pre closure option is available with SBI other things are ok preclosure options the only thing is flexibility when ever I want I make a part payment or preclosure at 0% interest

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