If you really think about it, it's easier getting a loan for a car than a loan for bus fare!
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  • SBBJ Car Loan Interest Rates is Rated as "Blown Away!" by 18 Users

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    SBBJ Car Loan Interest Rates

    Overview About State Bank of Bikaner and Jaipur Car Loan

    State Bank of Bikaner and Jaipur has its origins dating back to 1943 when the Bank of Jaipur Ltd. and the Bank of Bikaner Ltd. came into existence. The banks were later incorporated into the State Bank of India as subsidiaries in 1960 and were renamed State Bank of Bikaner and Jaipur. The bank offers a wide range of financial products and services namely personal and corporate banking, international banking, and agricultural products.

    The car loan offered by SBBJ comes with total transparency and attractive terms such as low interest rates and easy repayment tenures. Customers can opt for an SBBJ loan to buy new and used four wheelers including jeeps, MUC and SUVs. Used cars up to 5 years are considered.


    Apply for Car Loan Online

    State Bank of Bikaner and Jaipur Car Loan Interest Rates 2017

    With effect from 5th October 2016, the base rate of SBBJ is 9.25% p.a. The following table depicts the interest rates on the different car loan options offered by SBBJ.

    Type of loan Linkage Effective interest rate (p.a.)
    Loan for new cars 0.15% above Base Rate 9.40%
    Combo car loan 0.15% above Base Rate 9.40%
    SBBJ Elite New Car Loan 0.15% above Base Rate 9.40%
    Online loan for new car 0.15% above Base Rate 9.40%
    Used car loan up to 3 years 6.25% above Base Rate 15.95%
    Used car loan above 3 years 6.50% above Base Rate 16.20%

    Related information

    Processing fee Rs. 750. SBBJ has an offer on processing charges of Rs. 500 till 31st December 2016.
    Margin 15% of on road value
    Maximum loan amount on new cars No limit
    Maximum loan amount on used cars Rs. 15 lakhs
    Maximum eligible loan amount 2.5 times net annual income or 30 times net monthly income
    Repayment period 36-84 months

    How to Calculate Interest Rate on my SBBJ Car Loan

    You can calculate the interest payable on your SBBJ loan easily online. Follow these simple steps to figure out all the details of your potential loan.

    • Log onto BankBazaar.com and click on the menu tab on the right hand side.
    • Under the tab “Finance Tools” click on EMI calculator.
    • Enter the details of your loan such as the principal, interest rate, processing fee and whether you intend to make prepayments.
    • Click on calculate and view the details of your loan.
    • You will receive a computation of the interest payable, the total loan amount you will repay and the processing fees.
    • You can also view the amortization schedule to see a monthly analysis and breakdown of each EMI during the tenure of your loan.

    Calculate the interest on your State Bank of Bikaner and Jaipur car loan using this formula: E = P*r*[(1+r)^n/(1+r)^n-1)]

    Therefore, EMI = Principal X Rate of interest on a monthly basis X (1+rate of interest on a monthly basis) to the power of the loan tenure divided by [(1+rate of interest on a monthly basis) to the power of the loan tenure – 1]

    E = EMI

    P = Principal amount

    R = Rate of interest per month

    N = Number of years

    For instance, if you take a car loan from SBBJ for Rs. 8 lakhs for 4 years, the rate of interest is 9.85%.

    According to the calculator, your EMI will be Rs. 20232 and the interest payable will be Rs. 1,71,159. Your processing charges will be a flat Rs. 500. Totally, you will pay back Rs. 9,71,659.

    An amortization schedule depicts your loan in accordance to each EMI you pay. The following table only depicts the earlier amount for an SBBJ loan sanctioned in October 2016 for the purchase of a new car taken for Rs. 8 lakhs for a tenure of 4 years. The rate of interest is 9.85%.

    Year Principal Paid Interest Paid Total Payment Outstanding loan balance
    2015 Rs. 41,335 Rs. 19,362 Rs. 60,697 Rs. 7,58,665
    2016 Rs. 1,75,860 Rs.66,930 Rs. 2,42,790 Rs. 5,82,805
    2017 Rs. 1,93,985 Rs. 48,802 Rs. 2,42,787 Rs. 3,88,819
    2018 Rs. 2,13,982 Rs. 28,811 Rs. 2,42,793 Rs. 1,74,839
    2019 Rs. 1,74,838 Rs. 7,253 Rs. 1,82,091 Rs. 0

    Factors affecting SBBJ Car Loan Interest Rates

    Income - To be eligible for an SBBJ car loan, you should be earning at least Rs. 3 lakhs net annual income if you are a salaried employee. Whether you have a salary account with SBBJ is not of any concern when determining your loan approval. If you are self-employed, a professional, proprietor or a partnership firm, you need to show a net profit or gross taxable income of Rs. 4 lakhs. Agriculturists need a minimum net annual income of Rs. 4 lakh. Your income will determine your loan amount. A low income bracket will generally be more risky for banks as they are not well assured that you can repay the loan. A higher income bracket will make you a favourable customer and can fetch you better interest rates and terms on your car loan.

    Credit Score – CIBIL score plays a very important role when it comes to loan approvals. If you have a low score, it would mean that you are not a credit-worthy customer and could possibly default on the SBBJ car loan. This could jeopardise your chances of getting a car loan. If you manage to get a car loan, the bank may impose stricter rules on your loan including higher interest rates. So maintaining a good credit score comes in handy when you apply for loans.

    Debt-to-income ratio – If you hold prior debt such as a credit card balance, or a personal or home loan, this means you are already paying EMIs from your salary. This would eat into the eligible income. The more debt you have, the more liabilities you have, and banks will be reluctant to give you a loan as you may not be able to handle repaying so many EMIs. Generally banks let your total debt constitute up to 40-60% of your net income. A high debt-to-income ratio will be unfavourable and could mean higher interest rates.

    Down Payment – Down payments play a serious role in your loan process. A large down payment is always welcomed. This means you have a lesser loan amount to clear during the tenure of your loan. So you have already paid a big chunk of the price of the car. You will be in a better position to bargaining for better terms on your loan including lower interest rates.

    Car model and age – If you were to default on your loan and the bank realizes that you cannot repay the loan, they will have no choice but to resell the car you purchased. As with all commodities, some lose their value quicker than others. For car models that retain their value, banks can recover a good sum from reselling it to cover the outstanding loan amount due. With used cars, SBBJ provides loans for cars up to 5 years old. A second hand car in good working condition will have a greater value. These factors can also determine your interest rates.

    How CIBIL scores affect SBBJ Car Loan Interest rates

    CIBIL scores have come to be quite important in the credit world today. When you seek a loan to buy a house or a car or the like, banks will enquire into your CIBIL score to find out your creditworthiness. CIBIL is the Credit information Bureau of India Limited. Based on your credit behaviour, banks send reports to CIBIL as per the regulations and methods laid down by the Board. CIBIL then maintains a record of every credit customer’s history. You become a credit customer when you take a loan, a credit card, an overdraft or basically borrow money from a bank or financial institution. A good score will fetch you a better loan in terms of interest rates, norms, and processing. A low CIBIL score could mean that you have defaulted on payments on your credit card or loan in the past. It also analyses spending pattern and repayment behaviour such as paying only the minimum amount due on your credit card. This will negatively affect your SBBJ car loan to the point that you may be rejected for a car loan.

    Tips on Andhra Bank Car Loan Interest Rates

    • SBBJ car loan interest rate is one of the lowest offered by banks currently. You can get a car loan at interest rates of 9.85% p.a.
    • SBBJ interest rates on used car loans are much higher at 15.95%-16.20% p.a.
    • When you opt for a used car loan, pick a car that is in good working condition, and if possible, below three years old. This will fetch you better interest rates.
    • Applying for a car loan online and visiting an SBBJ branch to avail of a car loan will fetch you the same interest rates of 9.85%. There’s no difference in the interest rate in person unless you can bargain for a better rate.
    • If you avail of the car loan during the SBBJ campaign period, you could get a flat Rs. 250 off on your processing fees. The campaign runs till 31st December 2016.
    • SBBJ’s processing fee is a flat Rs. 750 otherwise.

    Car Loan Reviews

    • State Bank of Bikaner Jaipur Car Loan
      "Two best features"
      0.5 4.0/5 "Great!"
      The two key elements of SBBJ Car loan is nothing but maximum loan amount followed by maximum tenure. The process was very smooth no hassle as such. The biggest advantage was SBBJ was able to provide the maximum tenure therefore I decided to take loan from SBBJ.
      Was this review helpful? 2
      , jaipur
      Reviewed on Sep 10, 2016
    • State Bank of Bikaner Jaipur Car Loan
      "Good for interest rate offer"
      0.5 5.0/5 "Blown Away!"
      I bought a Chevrolet car and it was from the showroom that I got my auto loan financed by State Bank of Bikaner and Jaipur. Their initial rate of interest was 10.12% but on offer price it was reduced to 9.8% which was very much affordable. I had to just go for my signatures on the documents and the rest was taken care of by the bank executive. I paid around Rs.1.75 Lakhs and signed some documents and on the 3rd day I got my car.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 01, 2016
    • State Bank of Bikaner Jaipur Car Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      On the same day of my approach for the car loan to SBBJ bank they sanctioned 80 % of the amount . The process was very smooth as i have the account with them. Documents were also collected in one day. Interest rate charged was 9.85% interest rate.
      Was this review helpful? 0
      , jaipur
      Reviewed on Apr 21, 2016
    • State Bank of Bikaner Jaipur Car Loan
      "Excellent Services"
      0.5 5.0/5 "Blown Away!"
      Normally we think that nationalized banks are slow in their process. But it was not the case with SBBJ bank. I have taken my car loan from them. It was an excellent process. They completed the loan within two days. I also got a very reasonable rate of interest. And the processing charges was zero too. Overall a satisfactory experience.
      Was this review helpful? 0
      , alwar
      Reviewed on Apr 20, 2016
    • State Bank of Bikaner Jaipur Car Loan
      "Pretty happy and satisfied !"
      0.5 5.0/5 "Blown Away!"
      I have taken a car loan from State Bank of Bikaner and Jaipur. The customer service they offered and their responsiveness was awesome. It was a very smooth and swift process. The loan processing and documentation was hassle free and the loan amount was disbursed quickly as well.They did waive off the processing fee as well.
      Was this review helpful? 8
      , new delhi
      Reviewed on Mar 22, 2016
    • State Bank of Bikaner Jaipur Car Loan
      "The best car loan"
      0.5 5.0/5 "Blown Away!"
      First of all, there is no processing fee for SBBJ Car loan. There is no foreclosure charges. The interest rate offered by them is the least in the market which is 9.85% flatFirst of all, there is no processing fee for SBBJ Car loan. There is no foreclosure charges. The interest rate offered by them is the least in the market which is 9.85% flat. They have offered the loan for a period of 48 months. The loan amount is 3 lakhs. I visited the branch with complete documents and within 2 hours the loan was approved. They have offered the loan for a period of 48 months. The loan amount is 3 lakhs. I visited the branch with complete documents and within 2 hours the loan was approved
      Was this review helpful? 0
      , kota
      Reviewed on Nov 14, 2015
    • State Bank of Bikaner Jaipur Car Loan
      "Good rates"
      0.5 5.0/5 "Blown Away!"
      It was a nice experience with State Bank of Bikaner and Jaipur and I have got the car loan within 24hours.The interest rate applied was a good rate and I can make the repayment after the 6months without any charges applied and comfortable mode.The charges applied was quite less.
      Was this review helpful? 1
      , jaipur
      Reviewed on Nov 12, 2015
    • State Bank of Bikaner Jaipur Car Loan
      "Quick Processing!"
      0.5 5.0/5 "Blown Away!"
      I took my car loan with State bank of Bikaner and Jaipur. Within 2 days, my loan application is approved and the loan amount is also disbursed. Required documents like salary certificates, form 16 and bank statements were collected for the loan process.
      Was this review helpful? 0
      , kolkata
      Reviewed on Nov 02, 2015
    • State Bank of Bikaner Jaipur Car Loan
      "The Best Bank..."
      0.5 5.0/5 "Blown Away!"
      State bank of Bikaner and Jaipur is the best. I got very less interest rate for my car loan. I have a good relationship with the manager. They were also offering other loans. I got this car loan processed in a very short period. EMI dates are comfortable. They allow part payments and fore closure.
      Was this review helpful? 0
      , bangalore
      Reviewed on Sep 02, 2015
    • State Bank of Bikaner Jaipur Car Loan
      "Good"
      0.5 5.0/5 "Blown Away!"
      My Car loan experience with State Bank of Bikaner and Jaipur was not that good. It was my salaried account with this bank and they did not collect any processing charges for the application. The customer service offered was very bad and also there was no proper response from the bank.
      Was this review helpful? 1
      , jaipur
      Reviewed on Jul 23, 2015
    • State Bank of Bikaner Jaipur Car Loan
      "Very Good"
      0.5 5.0/5 "Blown Away!"
      I have taken a Car Loan from State Bank of Bikaner and Jaipur in 2015. The tenure period is 5 years. I have bought a commercial vehicle. The response was really good from the bank as they processed the loan within 7 days after submitting the documents. The processing fee they collected is only Rs 750, interest rate is 13.75% which is less since the loan is for commercial vehicles. Part payment option is available and no charges for pre-closure.
      Was this review helpful? 1
      , jaipur
      Reviewed on Jul 22, 2015
    • State Bank of Bikaner Jaipur Car Loan
      "Good"
      0.5 3.0/5 "Satisfactory"
      When I applied for a car loan from State bank of Bikaner and Jaipur the experience was good. They were really quick in processing and were very supportive for availing the loan. The manager is really good. After the loan disbursed the response must be improved. The rate of interest was 11.25% which was reasonable. There was no processing fees. It took 4 days got the loan.
      Was this review helpful? 2
      , udaipur
      Reviewed on Jan 10, 2015
    • State Bank of Bikaner Jaipur Car Loan
      "Great"
      0.5 4.0/5 "Great!"
      My overall experience of availing a car loan from State bank of Bikaner & Jaipur in the month of Jun'2014 was great. It was directly from the showroom I had availed the car loan. They sanctioned my loan on the very next day of documentation and my vehicle was delivered within a week. They offered me the lowest rate of interest and processing fee as well.
      Was this review helpful? 1
      , kolkata
      Reviewed on Oct 14, 2014
    • State Bank of Bikaner Jaipur Car Loan
      "Outstanding service"
      0.5 5.0/5 "Blown Away!"
      I have taken two car loans from State bank of Bikaner & Jaipur and the loans are still running. It is a very good bank and within just two days they approved my loan and delivered the car. Bank people are very nice and they don't harass and the best part is the verification is done by the bank personnel itself. I was recently looking for a personal loan which I would have taken it from this bank If I've had a salary account with them.
      Was this review helpful? 0
      , noida
      Reviewed on Aug 07, 2014
    • State Bank of Bikaner Jaipur Car Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      State Bank of Jaipur car loan the processing fees is zero and the interest rate is lowest and there is no prepayments charges and foreclosure they don't charge for it, the processing was very good and they created the account in one day and they gave the loan amount in the same day.
      Was this review helpful? 0
      , chandigarh
      Reviewed on Aug 02, 2014
    • State Bank of Bikaner Jaipur Car Loan
      "Excellent services"
      0.5 4.5/5 "Excellent!"
      I took a Car Loan from SBBJ. There services are awesome. First time in my life i saw that is is much more better that a private back. They hardly took 1 day to approve my loan and gave me a sanction letter hand to hand. Never created any problem and it is almost 10 months now... GREAT JOB!!!!!!!
      Was this review helpful? 1
      , new delhi
      Reviewed on Jul 08, 2014
    • State Bank of Bikaner Jaipur Car Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I was very happy on receiving the car loan from State bank of Bikaner & Jaipur in the month of Feb'2014. It was good banking with them because they processed my loan in just 2 hours on collecting very less documents. The way they treat the customers is very good and the executives are very helpful. Rate of interest is quite good and the processing fees was just rs500. I already recommended the bank to some of my friends.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jun 13, 2014
    • State Bank of Bikaner Jaipur Car Loan
      "Wonderful job done"
      0.5 4.0/5 "Great!"
      I took the Car loan from State Bank of Bikaner as there was good customer interaction and I felt satisfied about it. I wanted to specify about the interest rate which was low compared with other banks. I went directly to the bank got the draft and submitted to the dealer and the overall process completion was 2 days. Overall experience was wonderful.
      Was this review helpful? 1
      , new delhi
      Reviewed on May 26, 2014
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