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
     4.0 / 5.0   by 360 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

    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
    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 31 Jul 2015

    SBI Car Loan Details
    Interest Rate (Monthly reducing balance) For Women-10.10%
    For Men-10.15%
    Processing Fees 0.52% of loan amount, Min. Rs. 1035/-, Max. 10350/-
    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

    • Women Drivers Rejoice- SBI Car Loans Get Cheaper by 0.25%

      Posted on 10th June 2015


      India’s largest public sector bank, State Bank of India (SBI) is adding an irresistible twist to its popular 'Her Ghar' home loan scheme that is, as the name specifies, exclusive to women borrowers. Ladies who have availed this loan are eligible for a discount of 25 basis points on the interest rate when they apply for a SBI Car Loan. This plan is aptly called ‘Her Ghar Her Car’ loyalty scheme and allows the lady borrower to enjoy a new car at a reduced interest rate of just 10% per annum. The applicable interest rate for non ‘Her Ghar’ borrowers will continue to be 10.25% per annum.

    • Apply for SBI Car Loans Online with OCAS

      Posted on 9th June 2015


      India’s largest public sector bank, the State Bank of India, has put forth some confident steps in the online loan application arena with the launch of Online Customer Acquisition Solution (OCAS). Patrons can now apply for all the loans on offer from SBI, including the popular car loans, through this interactive online platform. OCAS is a full-fledged solution that helps the prospective customer analyse his/her loan eligibility, get a personalized quote, receive an instant e-approval upon completing the requisite online form, followed by the upload of all necessary documents. Next, officials from SBI will contact the prospective customer and chalk out the remaining formalities. SBI hopes that OCAS will not only reduce the overall loan application to confirmation time, improve its base of loan aspirants and also, change the way the common man views public sector banking in India.

    • Lower Interest Rates Offered by SBI Loans

      Posted on 12th May 2015


      P.Rajendra Prasad, State Bank of India’s Regional Manager, inaugurated the bank stall at the Chekuri Gardens Home Expo. While addressing the people there, he said that SBI was at the top with respect to providing car loans and housing loans, at easy instalments and lower rates of interest. He added that women availing these loans will be entitled to 0.5 percent added discount. Indeed, this move from SBI, in light of interest rate cuts affected by RBI earlier, will sufficiently attract the undivided interest of the common Indian man, especially when it comes to popular banking products such as car loans.

    • 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

    92 % of our customers would recommend this bank. (331 out of 360) Write Review
    Customer Reviews
    Page 1 of 18 1 2 3 4 5
    • Validated User
      (0)

      I was holding a car loan with SBI. Through ECS I make the payment regularly. In spite of which I was getting messages stating that my payment has not been made. I visited the branch showed my evidence confirming the payments has been debited from my account. Eventually , they issued the NOC.

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      sankar took a Car Loan from STATE BANK OF INDIA Reviewed on
    • Validated User
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      I have taken my car loan with SBI Bank. The services has been good from them. The best benefit is they offered me the maximum amount of loan. They given me a loan of 90% on the value of the car. They also offered me a zero processing fee. The service was quick.

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      sagnik took a Car Loan from STATE BANK OF INDIA Reviewed on
    • Validated User
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      Customer service offered by SBI for the car loan is really good. I have produced all my documents. They took about a months time to process the loan. Interest rate offered by them is good its fine when compared with other banks and SBI is far better than other banks as it provides foreclosure and part payment options.

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      praveen took a Car Loan from STATE BANK OF INDIA Reviewed on
    • Validated User
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      The first best thing about SBI car loan is, there is no processing fee. They have provided the maximum tenure which is 7 years. There is no pre payment or foreclosure charges and that was the major attraction towards SBI. Interest rate offered by them is the least in the market . They took hardly 2 days of time to provide the loan and it is the assured loan.

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

      I availed my car loan with Sbi bank. The interest rate high as a customer we will be looking for lower interest rate. The processing fee is was good no issues this will be provided only once. Service is Average. Documentation was good and in 10 days my loan got disbursed.

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

      I applied for a car loan in State Bank of India. That was a good offer with nominal interest rate and no processing fee they charged. The loan application was processing on the same day. The services are really good. They give an option to pre-close the loan without any charges.

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

      I have taken my car loan from SBI Bank. The services was not satisfactory. They are slow and they have no time to discuss the details with the customers. But, I preferred taking my loan with them is only because of their rate of interest. It was of 10.30% and they did not have a processing fee for this loan.

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

      The SBI bank process was quite easy and they were also helpful during the process of my car loan.The promised interest rate and the loan amount as per their commitment. Very quick disbursement was done from sbi bank within 2 days and the processing fee charged was minimal.Documentation process was also easy.

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

      The services has been good for my car loan from SBI Bank. Though their process is stringent. If the documents are proper the process will be smooth. They offered a low rate of interest and there was no processing fees. There was no preclosure charges too.

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

      The experience was good with SBI bank while my car loan process as they disbursed within 2 days after submitting the documents.The bank needs proper documentation for the loan process. Interest rate charged was 10.3% and the processing fee very minimal charge of Rs.1200 . They also charged Rs.120 as Stamp charge.

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

      Firstly , though the SBI Car loan process was lengthy, it is very much beneficial for me. Secondly, there is no hidden cost everything is quite transparent and everything is on paper work. I did not get a quick response from them and the interest rate offered by them was one and the same.

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

      State Bank of India provided me a Car Loan. The customer service is good. The offer i got from them was really good. Nominal rate of interest, no processing fee. They lack in responsiveness. I contacted the branch every time and I had a follow up. Other wise everything was good. I have part payment option and pre-closure option.

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

      I had taken the Car loan from the SBI bank and my experience with this bank is good. It took only 4 to 5 days for the loan to get disbursed. I am an existing account holder of this bank and the best part about this bank is there is part payment facilities available and also the interest rates are very less with this bank.

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

      Before 4 to 5 years I availed a car loan with the State Bank of India.The rate of interest was 8.9% as fixed.The loan got disbursed within a month of month due to the delay in the money transfer for one month.The documentation is really huge with them.The service should be improved with them.Any updated status should be notify with the customers.They should clearly explain each and everything to the customers.

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

      State Bank of India is very good in terms of customer service. I have got a Car Loan from them. They are very efficient and had a good follow up. I had never faced any issues with them. The offer was very good and I was satisfied. The interest rate was good and no processing fee was charged. Part payments can be done. For fore closure within 3 years they charge a minimum amount but after 3 years no charges are incurred.

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

      I have taken my car loan from SBI Bank. The services has been good. They send reminder through SMS . They asked me to come over to the bank and sign the documents in front of them, which is good I feel. They have also linked my savings account for the car loan as it would be more convenient to pay my EMIâ??s. They offered a very less rate of interest and they have given me a loan as per my requirement on the road price. The loan given was of 90% on the value of the car and there was no processing fee.

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

      I have taken a car loan with SBI.Overall services is ggod from sbi.I applied for 4 lacks and Interest rate is 9.7%.No processing fees and no preclosure charges were applicable.Agent was good in giving all Informations.within 7 days loan was sanctioned.

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

      State bank of India provided me a Car Loan. They provided a good customer service. The offer was really good with nominal interest rate, no processing fee. part payment facility is available and no charges for pre-closure. I like their smoothness and the fast process.

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      abhinay took a Car Loan from STATE BANK OF INDIA Reviewed on
    • Good
      https://cdn1.bankbazaar.com/images/customer_review/default-unknown-person.png
      , bangalore
      Recommend Recommended by user
      Validated User
      (0)

      My experience with Car loan with SBI bank was good. I had taken the loan from this bank as there is over draft facility available. It took only 3 to 4 days for the loan to get disbursed. The documentation process completed fast and the best part about this bank is there was no processing fee charged buy this bank.

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

      The best part about the State Bank if India bank is it offers only less rates of interests for the Car loan.They are practical with the customers response.I applied for 9.5 lacks loan amount.Interest is charged @ 13%.No processing fees and no preclosure charges.within 3 days loan was sanctioned.Overall services is good from sbi.

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      nagaraju took a Car Loan from STATE BANK OF INDIA Reviewed on
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