SBI Car Loan

SBI Car Loan
 4.0 / 5.0   by 207 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.4,00,000 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 29 Jan 2015

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. 10200/- Charges Waived till 31.03.2015.
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 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


SBI Car Loan Reviews

95 % of our customers would recommend this bank. (196 out of 207) Write Review
Customer Reviews
Page 1 of 11 1 2 3 4 5
  • Validated User
    (0)

    The main reason for approaching SBI in terms of car loan is the rate of interest and the processing fees which was lesser. In terms of repayment as well as penalty charges, they are reliable. Customer service team did a good job.

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

    Documentation was less with State bank of India as well as within 4-5 days, car loan got disbursed. Within 2 days, almost all formalities had been done and the communication was so good with their customer service team as well.

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

    Services are good with State bank of India in availing car loan is good enough and the main reason approaching this bank was the rate of interest. Being a government bank, customer service team is quite ok and I like the secured feel I have with this bank and no fluctuations in loan as well.

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

    Compared with other banks, SBI services is quite better. Even the interest rate offered was competitive. As my existing home loan was with SBI, I had a possibility of availing car loan with less interest rate 0.2% getting reduced. I liked their immediate response in terms of car loan approval.

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

    SBI approved the car loan within a day and the loan was disbursed.It was really good and they didn't force on anything. Everything was at doorstep and the interest rate is quite lesser.

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

    The experience with State bank of India when I applied for a car loan was good. The loan was disbursed on the same day. As there was a festival offer they processed my loan without any processing fees. The rate of interest was 10.45% which was good. There was only Rs.1600 for Rs.600000 as stamp duty.

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

    The experience was seamless when I applied for a car loan in State bank of India. The services were really good. The customer support was very friendly. The rate of interest was very competitive. There was no processing fees.

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

    When I applied for a car loan from ICICI bank the experience was good as my sister The loan was processed so quickly. I applied it recently and availed the loan yesterday. I got the loan amount disbursed within a day. The customer support was fine. The rate of interest was 10.5% and there was no processing fees but there was only a charge of Rs.40 as stamp fees.

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

    I have taken STATE BANK OF INDIA Car Loan two and a half years ago. I visited the STATE BANK OF INDIA Bank only once to apply for car loan rest was hassle free process. SBI bank representative gave me good advise to go for long term car loan so that my EMI will be less, so that i could get higher home loan amount.

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

    Much satisfied with SBI car loan service because they gave option of any time closing where I can close it without any charges. In addition to that there is no floating rate. If paper works are perfect, SBI sanctioned the amount in a day. Overall SBI took only five to seven business days to credit the amount. I never interacted with the customer support executives as I spoke only with the manager, who was very cooperative. Offered interest on car loan was near about 12.5% to 13% with terms and conditions. No processing charge which is good in SBI.

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

    I am really satisfied with the services of State Bank of India when I applied for a car loan. The total tenure of the loan is 7 years as per my request. They provided me with a low rate of interest of 10.25%. There are no preclosure charges and processing fees as well. The customer support was good. I got the loan in 2 days. would say they are good as it is.

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

    The car loan which I applied from State bank of India is good. The rate of interest was 10.4% which was reasonable. There was no processing fees. The provided me with an amount of Rs.4,45000 which was not provided by any other bank. The services was good. The customer support was also good. The loan was given in 2 to 3 days.

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

    The experience with State Bank of India was good when I applied for a car loan. The documentation process was little slow and the services were good. The processing was fast and the rate of interest they offered was 10.4% which was beneficial than any other banks in the market. There was no processing fees. The customer support and the response was also good.

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

    AS MY FATHER WANTED TO PURCHASE A NEW CAR AND WANT TO FINANCE FROM BANK HE TOLD ME TO SUGGEST BEST POSSIBILITIES,THUS I HAVE SEE ARCHED BANK BAZAAR AS IT IS MY TRUSTED WEB SITE,WITH THE HELP OF MY FAVORITE WEB SITE I SUGGEST MY FATHER ABOUT SBI CAR LOAN N HE PURCHASED SWIFT VXI THIS YEAR,A DREAM COME TRUE....

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

    Customer service is good and reasonable interest rate I got it from SBI for car loan when comparing to other banks. Charges are very normal for car loan. Given rate is something around 10% but this not exact figure. No top up loan facility for car loan but fore closure charge is nil and can do fore close it post 1 year.

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

    With SBI my experience was good. The important reason to go with SBI for car loan are listed below. Firstly response, secondly rate of interest and third is service. Interest rate is around 10.28% where it is flat. EMI date is fixed and have to make payment on every 10th. SBI is great is service.

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    rajendra took a Car Loan from STATE BANK OF INDIA on BankBazaar.com Reviewed on
  • Validated User
    (2)

    Especially, the rate of interest is so good and lesser compared with other banks in terms of car loan. Added to it, State bank of India branches are more and this is one of the best option the customer would choose. Processing was too good and hassle free.

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

    I had taken a car loan from State bank of India as the rate of interest is lesser. Even documentation is easier for availing car loan. I had been getting a full support from their customer service team and overall experience is excellent.

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    shiva took a Car Loan from STATE BANK OF INDIA on BankBazaar.com Reviewed on
  • Very good
    https://cdn1.bankbazaar.com/images/customer_review/default-unknown-person.png
    , bhavnagar
    Recommend Recommended by user
    Validated User
    (2)

    This is the best loan and I would to comment about the way this SBI Car loan account was opened. It all started like this, step one I have submitted all the necessary documents, as I am in the same industry I very well know what all documents are required before hand. I have submitted that, they verified it quickly within an hourâ??s time. Next step was the stamping verification was done quickly in the next two hours. Finally the loan amount was disbursed in the next two hours. To summarize my car loan was sanctioned with in 5 hours of time.

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

    My initial thought of State bank of India was totally different as services would be slower. However, it was totally great and even for this rate of interest is quite lesser for car loan. Part payment option with 0% charges for which I opted this bank.

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