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

    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.

    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
      "Car loan with lowest interest rate and easy repayment"
      0.5 5.0/5 "Blown Away!"
      I have bought my car loan from State bank of India. I have done the pre-closure and they have not charged anything extra money for that. I have got the loan in the year of 2018. They have provided me a car loan with the percentage of 9.25% and the documentation process was very easy.
      Was this review helpful? 0
      , thiruvananthapuram
      Reviewed on Jan 22, 2019
    • SBI Car Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have been holding my car loan with state bank of India , the loan amount they have give me was sufficient for me ,they have given me up to 4,00,000 as an limit, but there service is up to the mark, they took long procedure to get loan, the rate of interest they have charged me is less comparing to other bank they have charged me up to 7.5%,and they have not charged me processing fee, and there is no hidden charges , the loan is on time.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 21, 2019
    • SBI Car Loan
      "SBI provides loan with lower interest"
      0.5 4.0/5 "Great!"
      I have purchased a Maruti WagonR car by using the SBI car loan. They have provided me a loan within 2 days. They have collected the all the documents and the next day they have given a cheque directly to the dealer and i have got the car on the same day. They have given me a interest rate of 11.5% which is less compared to other bank. I have selected the tenure period of 3 years and i have pre-closed in 1.5 years.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Jan 20, 2019
    • SBI Car Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      It has been quite a good experience i had with this car loan and the loan amount which they had provided has been sufficient as well. The interest rate with them was around 9.25% which was nominal when compared with the market rate. The charges which they had made has been nominal as well, and even their customer support has been responsive as well.
      Was this review helpful? 4
      , bhubaneshwar
      Reviewed on Jan 17, 2019
    • SBI Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have been taken my car loan with State bank of India, they have given me sufficient loan amount, and i am satisfied with the loan amount , and the rate of interest they have charged me up to 9.45% which is bit high compare to other bank,i have asked for 9 % but its okay, and the processing fee they have charged me was nominal,overall service is good.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jan 17, 2019
    • SBI Car Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I took my car loan in State Bank of India by last year. The charges are normal. I have spend down payment nearly 1L out of 7L. The branch is near to my residence so will never contact the customer service. The process was immediate and it was completed within 2 days.
      Was this review helpful? 2
      , hyderabad
      Reviewed on Jan 12, 2019
    • SBI Car Loan
      "Super Fast Service"
      0.5 5.0/5 "Blown Away!"
      Within two hours of time, SBI have approved my car loan. The actual on road price of the car is around Rs. 5 lakhs. But I requested the loan amount of Rs. 3.95 lakhs, the process was very instant and easy, the bank gave me the interest rate around 9.85% its low.
      Was this review helpful? 7
      , kanpur
      Reviewed on Jan 05, 2019
    • SBI Car Loan
      "Got the loan on time"
      0.5 4.0/5 "Great!"
      My car loan was purchased from SBI. I bought this loan in January 2018. Dealer has selected the SBI car loan options. I was taken the loan amount of Rs. 6 lakhs. I have been paying the EMI of Rs. 50000. I have selected the tenure period of 4 years. Documentation process was really fine.
      Was this review helpful? 6
      , chennai
      Reviewed on Jan 03, 2019
    • SBI Car Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      My personal loan experience was good with SBI, the loan amount was based on my requirement and the process was smooth. I am happy with the customer support and their response was good. Rate of interest was nominal and i have taken this car loan for 5 years.
      Was this review helpful? 5
      , bangalore
      Reviewed on Jan 03, 2019
    • SBI Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      It was a good experience with car loan from SBI, they give loans at very nominal interest rate when compared to other banks. Customer service was very good and they followed up on time. Loan amount was sufficient and the tenure period for this loan is 7 years.
      Was this review helpful? 3
      , pune
      Reviewed on Jan 03, 2019
    • SBI Car Loan
      "Good in Service"
      0.5 5.0/5 "Blown Away!"
      I had applied for a car loan with SBI and i am satisfied with the service which received. The interest rates compare to market rate it is very much reasonable. I have also experienced the customer service and i feel like they are pretty much good in customer handling.
      Was this review helpful? 6
      , noida
      Reviewed on Dec 29, 2018
    • SBI Car Loan
      "Good Car loan"
      0.5 5.0/5 "Blown Away!"
      I have got a car loan from State bank of India. The flexibility of the loan services from SBI, i have selected this loan. The processing fee was convenient and the interest rates very less when i compared to other banks. I have done the pre-closure for this loan with no charges. The service from State bank of India is fine.
      Was this review helpful? 4
      , chennai
      Reviewed on Dec 29, 2018
    • SBI Car Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have been holding car loan with State bank of India from past 1 year, the loan amount they have given me was sufficient, and the rate of interest they have charged me was bit high, and for processing fee they have charged me up to 1200-1300 it is nominal,overall service is good.
      Was this review helpful? 1
      , pune
      Reviewed on Dec 27, 2018
    • SBI Car Loan
      "Very Good loan"
      0.5 5.0/5 "Blown Away!"
      I bought my car loan from State bank of India. 3 years ago, i have got this loan. I pay the EMI amount of Rs.10,800 for the loan amount of Rs. 6.5 lakhs. I have chosen the tenure period of 7 years. The documentation process was quite simple and easy.
      Was this review helpful? 2
      , bangalore
      Reviewed on Dec 24, 2018
    • SBI Car Loan
      "Good service"
      0.5 4.5/5 "Excellent!"
      I have taken car loan through STATE BANK OF INDIA , they offered sufficient loan amount to me . I receive my loan within few days the process was very prompt with this bank . . The tenure period is good and rate of interest it is nominal in the market .
      Was this review helpful? 2
      , chennai
      Reviewed on Dec 22, 2018
    • SBI Car Loan
      "Good in Service"
      0.5 4.0/5 "Great!"
      I was looking for car loan and thats when i went applying with SBI as i have a savings account in SBI. While applying there was not much documentation work and my request was processed on time. When it comes to interest charges, it is pretty much high. Hence the settlement of my loan has been done.
      Was this review helpful? 8
      , bangalore
      Reviewed on Dec 19, 2018
    • SBI Car Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I had taken this loan a long time and the experience with them has been simple and smooth. The loan amount which they had provided has been sufficient and the interest rate with them has been nominal when compared with the market rate. The charges which they had made also has been nominal.
      Was this review helpful? 3
      , new delhi
      Reviewed on Dec 19, 2018
    • SBI Car Loan
      "Best Financial Service"
      0.5 5.0/5 "Blown Away!"
      State bank of India is giving good service for the car loan where they took some week time for the approval and documentation . Am pretty happy with the service where they have explained the terms and conditions . Am making the payment through Ecs mode. Where they have given good rate of interest where they charges nominal processing fees of Rs 750.
      Was this review helpful? 4
      , ahmedabad
      Reviewed on Dec 16, 2018
    • SBI Car Loan
      "Good Financial service"
      0.5 4.5/5 "Excellent!"
      I have taken car loan from the state bank of India . They have give good rate of interest and am happy with it . They took only 1 week for the approval and documentation . There charges some nominal amount for processing fees . Overall am satisfied with my car loan.
      Was this review helpful? 4
      , mumbai
      Reviewed on Dec 12, 2018
    • SBI Car Loan
      "GOOD BANKING"
      0.5 5.0/5 "Blown Away!"
      I have taken the personal loan with the STATE BANK OF INDIA where the process is very quick and very fast process. The loan amount is satisfactory also the rate of interest is 8.75% also there is a pre closer charges applicable and 5 years to repay the loan.
      Was this review helpful? 1
      , chennai
      Reviewed on Dec 12, 2018
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