SBI Car Loan

SBI Car Loan
 4.0 / 5.0   by 138 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 Oct 2014

SBI Car Loan Details
Interest Rate (Monthly reducing balance) 10.40% - 10.45% floating
I-Base 10.00%
Processing Fees 0.51% of loan amount
Min. Rs. 1020/- Max. Rs. 10200/- Waived till 31.12.2014.
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!


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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. (135 out of 138) Write Review
Customer Reviews
Page 1 of 7 1 2 3 4 5
  • Validated User
    (1)

    I taken the car loan with State bank of India before the month, They are very quick and responsible. I myself contact them they guided me very politely, they provided all clear information about the loan processing. The day i approached with them the same day my loan process get cleared and they approved on next day itself, Within a day I got my car loan to be approved, Overall it is quick response from their, I never felt any difficulties with them.

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

    I was looking for a car loan for a tenure of 7 years and I applied for the loan with SBI. When I verified eligibility on SBI website I was shown that the person who is earning more than 3 lakhs is eligible for the car loan. I have also confirmed this information with the customer service executives of SBI and submitted my documents to the bank representative. When I visited the branch after submitted my documents they told me that they don't offer the car loan for people earning less than 4 lakhs. They were ready to offer me a tenure of 7 years with a rate of interest around 10.65%. It would be better if there is some more clarity in the loan eligibility.

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

    Once I approached car loan with many other banks, I got a good offer from SBI Bank, I approached Rs 8 lacks they approved the same amount for me. The rate of interest what they offered for me is quite good to compare other banks and also i never feel any difficulties while my document processing, because i got offer with HDFC bank with the same rate of interest but they required more document but i unable to submit that, So comparatively here i didnâ??t felt any difficulties, Within few days i got my car loan to be approved.

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

    I didn't have any problem in availing a car loan from SBI. There was an image for SBI that the loan process was quite complicated but it was nothing like that. It was very simple and my loan was sanctioned within 5 days of time at a rate of interest of 10.4%. The rate of interest was the best and the processing fee was fully waived off due to Diwali festival. Best part is the maximum tenure of 7 years and there are no pre-closure charges at all.

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

    Last month I had availed a car loan from SBI. I went with SBI because the rate of interest was cheaper than other banks and the pre & part payment option is available. It was very authenticative and My loan was disbursed within 3 days of time at a rate of interest of 10.25%. My overall experience was great.

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

    It was a great experience of availing a car loan from SBI this month. I had applied for a car loan online and talked to the representative of SBI. The documentation was completed smoothly on time. Only once I visited branch of SBI for signing the agreement papers and they disbursed my loan within 13 days of time at a rate of interest of 10.45%. The processing fee and the insurance charges are waived off.

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

    I had availed a car loan from SBI last month. I had initially visited the car showroom and submitted my documents to AXIS bank executives. There was no delay in processing and my loan was disbursed within 3 days a time at a rate of interest of 10.45%. I think the processing fee is same across all the banks.

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

    It was a great experience of availing a car loan from SBI last year. There is always a little difficulty with nationalized banks because I had to visit the branch of SBI thrice. My documents were clear enought to get the loan very easily. The processing was very fast and completed within a week time. They offered me an interest rate of 10.15% and there are no additional charges for pre or fore closure of the loan.

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

    SBI Car loan is the best I would say, it is the best based on the following factors , number one they are providing low rate of interest when compared with others . Number two is providing a tenure of 7 years whereas other Banks are providing less number of years. Finally, there is no additional cost or registration fee involved whereas other Banks do charge such charges.

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

    The car loan processing and the documentation was very quick from the State Bank of India. The customer service executive explained me about the process and it was a transparent process they were updating me on the status of the loan from the day one till the loan amount got disbursed.. I got the loan amount disbursed with in 10 days.

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

    SBI Car loan I got loan approval in weeks time, as per their commitment they offered the loan. Only thing is it was around 1 week to process the loan need to follow up every time. Interest rate and charges was normal, It would be great if they improvise on loan processing time.

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

    I got the best offer for my car loan from state bank of india . The executive in direct showroom helped me a lot in approving the loan. State bank of India was quite pretty cooperative . Things are smooth functioning. Interest was 10.9% and they dont have any charges for partial payment. I am very much happy about the services

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

    I do hold one car loan from State bank of India where their customer service and response was quite good. They dont have any pre-closure charges . Moreover they are expanding the tenure period for 7 years. Quite affordable interest rates where I have got 5% of 4 lakhs and 0% processing fees. They should try to make the prices competitive. It should be flexible. For everything we should visit the banks for everything

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

    When I applied for car loan from state bank of india quite good. They are simple and straight forward. When I submit the application they have their own commitment for 5-7 days. Interest rates are very least 10.45% . Processing fees are quite affordable.

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

    Within short period of time, my home loan processing with State bank of India was completed and loan amount was disbursed. I have a very good relationship with this bank as most of my banking relationship is with this bank. Customer service team is too cooperative and good.

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

    I would say i had a excellent experience when i took car loan with State Bank of India.I was really impressed that they helped me out in closing my car loan even after the closing time of the Bank. The foreclosure of the loan is a huge process but the executive did not hesitate and he completed my whole process on time. It was an amazing experience.

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

    SBI Car loan its excellent service they sanctioned the loan very fast. Interest rate was less when compare to market price it was 10.25%. They waived off processing fee as per the commitment they gave. Best part they informed earlier about few documents which may require at the end in order avoid any issues. I kept those documents ready they came and collected and approved it was hassle fee.

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

    I hardly do much interactions with State bank of India for my car loan . I never compared the interest rates with any of the banks. When I approached the showroom for my car they told to open an instant account and helped me by getting activate it on the same day.

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