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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    We found 2 SBI Car Loan Eligibility Calculator

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    9.25% Floating
    ₹1,000 to ₹1,500+ applicable tax
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    7 Years
    Response Time Within 30 minutes
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    9.20% Floating
    ₹1,000 to ₹1,500+ applicable tax
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    7 Years
    Response Time Within 30 minutes
    SPECIAL OFFER FOR WOMEN
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    SBI Car Loan Eligibility Calculator is Rated as "Excellent!" by 998 Users

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    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.

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  • State Bank Of India Car Loan Reviews

    • SBI Car Loan
      "Super fast process & good deal on ROI"
      0.5 5.0/5 "Blown Away!"
      State Bank of India has been excellent in the process for the car loan. After I submitted my papers at the bank, it took a day to process the same. A super fast process and the interest rate was of 8.75% with nominal charges. The after loan services are also good.
      Was this review helpful? 2
      , bangalore
      Reviewed on Jul 13, 2017
    • SBI Car Loan
      "Best interest rate"
      0.5 5.0/5 "Blown Away!"
      Interest rate is around 9% fro the car loan with State bank of India. Actually I availed this loan about six months ago. Everything went good with the bank during the loan process. SBI Interest rate is the best one in the market. I got the loan on time from SBI.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Jul 12, 2017
    • SBI Car Loan
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      The car loan process with State bank of India was excellent, because they have processed it very quickly. The customer and the response was really good with SBI. Within 7 to 10 days they have disbursed my car loan . The required loan amount has been disbursed and I am happy about it. The rate of interest is nominal .
      Was this review helpful? 0
      , new delhi
      Reviewed on Jul 10, 2017
    • SBI Car Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I am an existing customer of SBI, I directly approached them they to take car loan. I have submitted last two year form 16, KYC documents and pay slip with blank cheque. I purchased Volkswagen Vento, worth Rs. 15lakhs, I have loan of Rs. 8.6 lakhs with the good floating interest rate.
      Was this review helpful? 0
      , kolkata
      Reviewed on Jul 07, 2017
    • SBI Car Loan
      "Good service with low interest rate"
      0.5 3.0/5 "Satisfactory"
      The car loan process with SBI is very simple. I have spent just 2 hours and submitted the required documents and within a hour time they have checked my eligibility and approved my car loan. With in 4 days the loan got disbursed and the cheque was given to the showroom itself. The rate of interest is very low when compared with other banks.
      Was this review helpful? 0
      , chennai
      Reviewed on Jul 07, 2017
    • SBI Car Loan
      "Good in charges"
      0.5 4.0/5 "Great!"
      For the car loan, State bank of India provided a good service. The charges are nominal with the bank. I am satisfied in the rate of interest and the tenure for the loan. The bank sanctioned the loan and they processed it without any hassles.
      Was this review helpful? 0
      , kolkata
      Reviewed on Jul 06, 2017
    • SBI Car Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I preferred SBI for the car loan because of the rate of interest. The bank quoted 8.65% of interest rate for the car loan and they done with the process in a fast manner. Post submitted my documents to the bank, they sanctioned the loan within a day. I got an excellent service from bankbazaar.
      Was this review helpful? 0
      , indore
      Reviewed on Jul 05, 2017
    • SBI Car Loan
      "Very good service with the best Interest rate"
      0.5 5.0/5 "Blown Away!"
      The state bank of India just took 2 days time to disburse my car loan. I got a friend in SBI branch so I have submitted my documents through my friend. I am happy about the loan amount. The required loan amount has been disbursed. The rate of interest is low with SBI . I am happy with the car loan service with state of India.
      Was this review helpful? 0
      , indore
      Reviewed on Jul 05, 2017
    • SBI Car Loan
      "Quick and fast service"
      0.5 4.0/5 "Great!"
      It was an easy process to apply for the car loan with SBI. I have applied car loan through state bank of India net banking immediately, I got OTP to my mobile and I have met the nearest SBI branch, which I have selected and they gave a call and I have submitted the required documents. Within a day time, I got the disbursement with SBI. The rate of interest is on the lower side when compared with ICICI bank. I am very much satisfied with the loan amount.
      Was this review helpful? 0
      , gurgaon
      Reviewed on Jul 05, 2017
    • SBI Car Loan
      "Attractive deal on the ROI"
      0.5 5.0/5 "Blown Away!"
      State Bank of India has been great in the car loan process. The documentation is normal and I got the loan on time. The deal was very attractive on the rate of interest. It was around 8.5% and the processing charges was a minimal amount of Rs. 400
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 04, 2017
    • SBI Car Loan
      "Good Experience with SBI"
      0.5 4.5/5 "Excellent!"
      SBI gave me good experience on the car loan, through my friend I have taken the car loan. Bank took only four to five days to sanction the loan. I have purchased Maruthi ignis car, SBI offered requested amount with the interest rate of 8.9% it has part payment without any charges.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jul 04, 2017
    • SBI Car Loan
      "Good option in the market"
      0.5 5.0/5 "Blown Away!"
      SBI gave me flexible interest rate and within a week they done RTGS payment to my account. I took the loan of Rs. 6.35 lakhs this is for a tenure of seven years. They offered me 8.7% of interest, it is least in the market and there are no preclosure charges which are applicable.
      Was this review helpful? 0
      , pune
      Reviewed on Jul 04, 2017
    • SBI Car Loan
      "Very good services"
      0.5 5.0/5 "Blown Away!"
      I have taken my car loan from State Bank of India. The process was quick and overall a good experience as I got a good deal on the interest rate and processing charges. It was a zero fee and the interest rate was of 9.98%. The disbursement was on time as well.
      Was this review helpful? 0
      , dehradun
      Reviewed on Jul 03, 2017
    • SBI Car Loan
      "EXCELLENT"
      0.5 5.0/5 "Blown Away!"
      SBI has formed a simple and smooth process for my car loan the documentation part was simple and they offered me a rate of 8.5%. The processing charges was 3000. I am happy that the loan amount provided and it was as per my requirement Overall a smooth process.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jul 03, 2017
    • SBI Car Loan
      "Very Good service"
      0.5 5.0/5 "Blown Away!"
      State bank of India car loan services were really great. The car loan got disbursed within 2 days of time, which is really helpful when it comes to SBI. The rate of interest is low, when compared with others. The customer service and the response was very good with Sbi. I am completely happy with the loan amount too.
      Was this review helpful? 0
      , panipat
      Reviewed on Jul 01, 2017
    • SBI Car Loan
      "Excellent deal"
      0.5 5.0/5 "Blown Away!"
      State bank of India offered me a good deal on the car loan. The rate of interest was of 8.75% and there were zero processing charges. I would not be charged when I want to foreclose the loan as well. The after loan services are also good and smooth.
      Was this review helpful? 0
      , kolkata
      Reviewed on Jun 30, 2017
    • SBI Car Loan
      "Very Good service"
      0.5 5.0/5 "Blown Away!"
      The State bank of India approved a car loan with the lowest interest rate of 8.25%. I got the loan within 4 days of time. I am happy about the loan amount. They were ready to give the 100% loan amount but I got it with 80% . The customer service and the response was good with Sbi, the executives came and collected my documents. I am happy about the service.
      Was this review helpful? 1
      , madurai
      Reviewed on Jun 29, 2017
    • SBI Car Loan
      "Its Good"
      0.5 4.0/5 "Great!"
      I submitted all my softcopy documents to the dealer to avail SBI car loan. They have forwarded it to the bank. SBI took 15 days to process the loan because there was one document which was pending from my end, hence it got delay. I got the amount of Rs.10 lakhs for the tenure of 5 years, I am very happy about the interest rate which was around 9.1% and it is very low.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 29, 2017
    • SBI Car Loan
      "Very Good service"
      0.5 4.0/5 "Great!"
      The response was good with State bank of India and In concern to my car loan application they have came to my place and done everything. Then I got the best interest rate in the market , the executive was also very helpful and I am happy about the SBI service.
      Was this review helpful? 1
      , kolkata
      Reviewed on Jun 29, 2017
    • SBI Car Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      The car loan service with State bank of India was really good. Within 2days of time SBI has disbursed my car loan. The rate of interest is low with SBI, when compared with others. I am happy with the loan amount. They approved the loan amount more than my expectation . I got Wagon R car with the SBI car loan. The service provided by SBI on my car loan is very much satisfactory.
      Was this review helpful? 2
      , ahmedabad
      Reviewed on Jun 27, 2017
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