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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  • SBI Car Loan Eligibility Calculator is Rated as "Excellent!" by 1078 Users

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    SBI Car Loan Eligibility Calculator

    SBI Car Loan Eligibility Overview

    Do you wish to offer your family the comfort and convenience of a car, but is restricted from doing so because of financial constraints? Worried about entering a debt trap if you seek car financing from banks or other financial institutions? You’ll be relieved to know that there are affordable car loans with flexible terms and conditions which can provide a solution to this problem. SBI Bank provides one such car loan scheme, at highly lucrative interest rates and tenure options.


    The origin of State Bank of India (SBI) commenced with the amalgamation of Bank of Bombay, Bank of Bengal and Bank of Madras to form the Imperial Bank in 1921. SBI car loans are provided for purchase of new vehicles such as Multi Utility Vehicles (MUVs), passenger cars and SUVs. The Bank offers Personal Banking, Agricultural/Rural Banking, International Banking, NRI Services, Corporate Banking services and much more. One of its most sought-after personal banking product is the SBI Car Loan scheme.

    Apply for Car Loan Online

    SBI Car Loan Eligibility Criteria

    • The applicant should be at least 21 years old in order to apply for a car loan with State Bank of India.
    • He/she must not exceed the age of 65 years at the time of loan maturity.
    • Salaried Applicants
      • Any individual who is a regular employee of a Public Sector Undertaking, State / Central Government, Private Company or any reputed organization, is eligible to apply.
      • The applicant’s and/or co-applicant’s Net Annual Income together should be at least Rs. 3,00,000/-
      • The maximum loan amount that a salaried applicant is eligible for is 48 times of his/her Net Monthly Income.
    • Self-Employed Individuals
      • Any individual who falls under the following category, is eligible to apply: self-employed, Professionals, proprietary/partnership firms, businessmen, etc. who file IT returns.
      • The Gross Taxable income or the total profit earned annually by the applicant as well as the co-applicant (if any) should be at least Rs. 4,00,000/-
      • The maximum loan amount that a self-employed borrower can apply for is 4 times the Gross Taxable income or the Net Profit as stated in the Income Tax Returns, to which the depreciation value as well as repayment of all existing loans are added back
    • Agriculturists
      • Any individual who is involved in agriculture or any other allied activities, are eligible to apply.
      • The income criteria set for agriculturists is a Net Annual income of at least Rs. 4,00,000/- . This value can be arrived at by clubbing the income of the applicant and/or co applicant together as well.
      • The maximum loan amount that a agriculturist can apply for is 3 times of his/her Net Annual Income

    SBI Loyalty Car loan scheme

    • SBI Loyalty Car loan scheme is offered to SBI’s existing home loan borrowers and the Net Annual Income of applicant and/or co-applicant if any, together should be Rs. 2,00,000/-
    • Individuals who are regular employees of Public Sector Undertakings, State/Central Govt., private sector companies, corporations and reputed establishments .
    • Self-employed, Professionals, proprietary/partnership firms, Businessmen, and others who file IT Returns avail this car loan
    • Persons engaged in agricultural or related activities are also eligible to avail the car loan. in case of agriculturists, Income Tax return is not required.

    SBI Nano Youth Car Loan

    • SBI Nano Youth Car Loan scheme is offered to those who wish to purchase a TATA Nano and the eligibility criteria is as follows:
      • Students who attend college and fall within the age group of 18-25 years can apply. The parent who is the co-applicant, should not be aged above 55 years.
      • Youngsters who fall within the age group of 18 to 28 years is also eligible to apply.
      • College going students can only apply along with a co-borrower who can be either of the earning parents
      • Youngsters working for at least a year with a Public Sector Undertaking, State/Central Govt, Listed Private Sector Companies including IT Companies, Corporations, and any reputed establishment, is eligible to apply.
      • The Net Annual Income should be at least Rs.2.00 Lakhs or the Net Monthly income should not be below Rs.16,667/-. For a student, the parent who earns an income that meets the eligibility criteria can apply as the co-borrower.

    Factors Affecting SBI Car Loan Eligibility

    • Debt-to-Income Ratio: The debt-to-income ratio is a very important factor which is used used to analyze the repayment capacity of an applicant based on the proportion of his/her debts and the income earned by him/her annually.
    • CIBIL Score: SBI will check an applicant’s credit report and/or his/her CIBIL score which reflects the applicant’s financial history before commencing the processing of your car loan application. Financial records include all your present credits as well as your closed credit accounts, other payments and time period during which you have used credit actively. If you have a low credit score, chances that your loan application will be rejected by the Bank is high. On the other hand, if your CIBIL score is high, the Bank will consider you creditworthy and will review other factors to process your car loan application further.
    • Amount of loan and loan margin: If the applicant is willing to pay a high loan margin as downpayment for the car, then the loan amount will be considerably lower. The higher the applicant’s contribution towards financing the purchase of his/her car and the lesser the amount of loan, the higher the possibility of a loan approval by the Bank.
    • Loan Tenure: Lower the car loan tenure opted by the applicant, higher are the chances of receiving a loan approval from the Bank. This is because a lower term indicates faster repayment of the car loan and hence, the loan approval will be more favorable.
    • Age: Usually, an age criteria is set for car loan applicants, and those who fall within the age range are considered eligible by the Bank. However, it is important to note that applicants who fall close to the maximum age limit have lower chances of getting their loan approved unless they opt for a short loan tenure.

    How to Increase your SBI Car Loan Eligibility

    You can increase your SBI Car Loan eligibility by following a few simple rules. Since one of the most important factors in being considered a creditworthy applicant is having a good Credit History/ CIBIL Score, make sure that all your dues are paid on time and that you have a healthy mix of both secured and unsecured loans in your credit report. This ensures that the Bank views you as a customer with good repayment capacity and the probability of getting the application for a car loan approved is higher.

    Another important thing to keep in mind is that a joint account, or any transaction for which you are a co-signatory or guarantor are also important to your credit score. Defaulted payments in any of these accounts can reflect on you poorly since you are held equally liable to them. Hence, do a monthly as well as annual review on such accounts.

    SBI Car Loan Eligibility Calculator

    Why wait in queues or wait for the Bank’s executives to fill you in on your car loan eligibility and other related factors, when there is a simple solution to the problem. Online car loan eligibility calculator tools are readily available in order to shed light on whether you are eligible for a SBI car loan or not. The tool is faster and more convenient than all other methods of checking your eligibility. In order to make this analysis, all you have to do is enter valid information about the car of your choice and it’s price ( Invoice value, on-Road price, etc.), your date of birth to calculate your eligibility based on age, source of income (salaried/self-employed), income, etc. and click on the “calculate” tab. You will be redirected to a page which reflects your eligibility, the loan tenure as well as amount of loan you are eligible for, etc.

    State Bank Of India Car Loan Reviews

    • SBI Car Loan
      "excellent service"
      0.5 5.0/5 "Blown Away!"
      It was been a very good service from STATE BANK OF INDIA for my car loan service the rate of interest they offered for me is very comfortable for me ,even the customer service is good they have given a special attention during the process the service from STATE BANK OF INDIA is excellent.
      Was this review helpful? 0
      , pune
      Reviewed on Oct 20, 2017
    • SBI Car Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      SBI Car Loan they are providing lowest interest rate, everything is good, it is quick service, customer friendly and documentation and charges was nominal i have compared with other bank, i am fully satisfied with SBI, in just short times i got approval the person came took the document he called and informed about loan sanctioned.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Oct 19, 2017
    • SBI Car Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      The communication was good with State bank of India in regards to my car loan application. They just took 2 days to disburse my car loan amount. The customer support was prompt with state bank of India. The rate f interest is nominal and I can say low when compared with others banks rather it is best interest rate looking to others banks.
      Was this review helpful? 0
      , bangalore
      Reviewed on Oct 17, 2017
    • SBI Car Loan
      "Very good service"
      0.5 4.0/5 "Great!"
      Within 2 days of time the SBI has disbursed my car loan . The customer support is good with State bank of Interest. The rate of interest is nominal with sbi when compared with others. The required loan mount has been disbursed and I am satisfied with it.
      Was this review helpful? 0
      , new delhi
      Reviewed on Oct 17, 2017
    • SBI Car Loan
      "Excellent services"
      0.5 5.0/5 "Blown Away!"
      I have taken a car loan from State Bank of India and the bank has not charged me a processing fee. There is no insurance charges as well. Like wise the bank has offered me a 100% of loan amount and the interest rate is also normal for me. It was a excellent process too.
      Was this review helpful? 0
      , chandigarh
      Reviewed on Oct 17, 2017
    • SBI Car Loan
      "Perfectly fine"
      0.5 4.5/5 "Excellent!"
      I have got the car loan with the State bank of India and the interest rate is around 8.35%, also the customer service is good one for me with them. The loan amount got disbursed within two to three days of time. Everything is perfectly fine for me with them.
      Was this review helpful? 0
      , pune
      Reviewed on Oct 17, 2017
    • SBI Car Loan
      "Very Good service"
      0.5 4.0/5 "Great!"
      The car loan process was smooth with State Bank of India . The customer support is good with State Bank of India. The required loan amount has been disbursed and I am satisfied with it . The rate of interest is quite competitive with State bank of India car loans.
      Was this review helpful? 0
      , noida
      Reviewed on Oct 17, 2017
    • SBI Car Loan
      "excellent service"
      0.5 5.0/5 "Blown Away!"
      The service from STATE BANK OF INDIA for my car loan service was good during the documentation part they have collected all my documents from my door step which has been very much helpful for me also the interest rate they offered is also fine ,service of STATE BANK OF INDIA for my car loan service is good.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Oct 16, 2017
    • SBI Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I feel the process of SBI is not much fast compare to the other private banks in the market ,documentation part was easy they took only 1 hour to process my documents they have collected all the needed documents at my door step and some I have submitted in their branch I can say the service of SBI is excellent.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Oct 16, 2017
    • SBI Car Loan
      "not good not bad"
      0.5 3.0/5 "Satisfactory"
      My first car loan was taken with SBI 9 years back. The loan amount was 9 lakhs and the rate of interest was 9 % which was bit high than other banks. The loan process was not easy and Its tedious here . There is no proper response and they have delayed the process also. They have not provided door step service for collecting documents so my overall experience was not good not bad
      Was this review helpful? 0
      , karimnagar
      Reviewed on Oct 15, 2017
    • SBI Car Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      After closing my car loan application with HDFC Bank I applied for the car loan with State Bank of India. State Bank of India was very quick in collecting my documents and processing my car loan and also State Bank of India offered me the loan with 8% as rate of interest which is much lesser and no processing fees at all.
      Was this review helpful? 0
      , hubli
      Reviewed on Oct 14, 2017
    • SBI Car Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I applied for a car loan with State Bank of India after I closed my car loan application with HDFC Bank. My car loan application with State Bank of India got approved with a much lesser rate of interest which is 8.75% and there was no processing fees and 100% on road price loan amount received from them.
      Was this review helpful? 0
      , chennai
      Reviewed on Oct 14, 2017
    • SBI Car Loan
      "excellent service"
      0.5 5.0/5 "Blown Away!"
      I am very much happy with the service of SBI for my car loan service I feel the process is very fast with them from the date I applied each and formalities have been processed on time and even the rate of interest was fine I can say the overall service is excellent from SBI for my car loan service.
      Was this review helpful? 0
      , madurai
      Reviewed on Oct 11, 2017
    • SBI Car Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      From the date I apply for my loan till the process it was very a fast and good service from SBI ,already I have taken a loan from SBI so there was no need of documents for the loan process . Even the rate of interest they offer was fine which was 8.4%. I can say the overall service provided by SBI is excellent.
      Was this review helpful? 0
      , secunderabad
      Reviewed on Oct 10, 2017
    • SBI Car Loan
      "Easy process"
      0.5 5.0/5 "Blown Away!"
      I took Rs. 5 Lakhs as a car loan with State Bank of India, and felt the process was very good and efficient. The approved the process within few day, once the agent visited my house the rest of the process were all smooth as ice. They called me up and informed about the documents that I need to submit and all I did was that.
      Was this review helpful? 0
      , agra
      Reviewed on Oct 10, 2017
    • SBI Car Loan
      "Good account to use"
      0.5 4.0/5 "Great!"
      The banking service is average with SBI. I am banking with SBI fro more than 7years. I use the net banking which is easy to use and customer friendly. The customer service is average with State bank. I am satisfied banking with State Bank of India.
      Was this review helpful? 0
      , jammu
      Reviewed on Oct 10, 2017
    • SBI Car Loan
      "Better service"
      0.5 5.0/5 "Blown Away!"
      The car loan service was very good from SBI. The service charges and the processing fee was very low with Sbi car loan process. The customer service gave proper response in regards to my car loan. The rate of interest is nominal when compared with others.
      Was this review helpful? 0
      , delhi
      Reviewed on Oct 10, 2017
    • SBI Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have received the car loan within a week time from SBI. The rate of interest is low with SBI car loans when compared with other banks. The customer service is good with State Bank of India . I am satisfied with the loan amount. I would say I got good service from SBI in concern to my car loan.
      Was this review helpful? 0
      , pune
      Reviewed on Oct 09, 2017
    • SBI Car Loan
      "Good"
      0.5 4.0/5 "Great!"
      My car loan was taken with SBI. The loan amount was 6.5 lakhs and the rate of interest was 8.75% before and 9.25% which was satisfactory. They have sanctioned the loan with the committed time and the customer service was up to the mark. My overall experience was good
      Was this review helpful? 0
      , jaipur
      Reviewed on Oct 06, 2017
    • SBI Car Loan
      "Best Bank in India"
      0.5 5.0/5 "Blown Away!"
      Skoda Rapid on road price around Rs.10 lakhs , SBI sanctioned 90% of car loan but I took the amount of Rs. 6 lakhs, Remaining amount I paid as a down payment. SBI gave me good interest rate as per the market competitive they have processed my car loan.
      Was this review helpful? 0
      , nagpur
      Reviewed on Oct 05, 2017
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