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+ S.T.
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    7 Years
    Response Time Within 30 minutes
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    9.20% Floating
    ₹1,000 to ₹1,500+ S.T.
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    7 Years
    Response Time Within 30 minutes
    SPECIAL OFFER FOR WOMEN
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    Eligibility Criteria

    SBI Car Loan Eligibility Calculator is Rated as "Excellent!" by 976 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
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      SBI is very good, when I approached for the car loan, I didn't feel its a nationalized bank. Because they are more professional and they done fast process on my car loan. They approved the loan on road price of the car, this is for a tenure of 7 years and this comes with a rate of interest of 9.25% .and the loan amount was 3.50 lakhs.
      Was this review helpful? 0
      , kolkata
      Reviewed on Jun 20, 2017
    • SBI Car Loan
      "Good Response"
      0.5 4.0/5 "Great!"
      I had taken car loan from State bank of India. It was taken about four years back. The interest rate is 9.25%. I had not faced any issues with SBI during the loan process. They provided very good response for my loan application and the vehicle got delivered at the right time.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Jun 19, 2017
    • SBI Car Loan
      "Average"
      0.5 3.0/5 "Satisfactory"
      I had a car loan experience with SBI. I bought the loan four year ago. They have disbursed my car loan within time. Which is very quick and fast. The rate of interest is 10.45% which is nominal with Sbi car loan department. I am happy with the loan amount they have provided. Overall it is a satisfied service with SBI.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 18, 2017
    • SBI Car Loan
      "Fast Service"
      0.5 5.0/5 "Blown Away!"
      During the year of 2014, I had taken the car loan from SBI. The loan process was very good and the manager and staffs are very cooperative. They helped me a lot during the process and done with the loan process without any delay. Actually they sanctioned the loan in one day.
      Was this review helpful? 0
      , kolkata
      Reviewed on Jun 16, 2017
    • SBI Car Loan
      "Awesome Experience"
      0.5 5.0/5 "Blown Away!"
      SBI is very good, when I approached for the car loan, I didn't feel its a nationalized bank. Because they are more professional and they done fast process on my car loan. They approved the loan on road price of the car, this is for a tenure of 5 years and this comes with a rate of interest of 9.65% .
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 15, 2017
    • SBI Car Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I got a good deal from State Bank of India for the car loan. I got a rate of interest of around 8.50% and the process was also smooth. They have responded well on my car loan application they gave polite service My loan amount was Rs.5 lakhs for the tenure of four years and the processing charges were around rs1150.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jun 15, 2017
    • SBI Car Loan
      "Excellent banking services"
      0.5 4.5/5 "Excellent!"
      I got a good deal from State Bank of India for the car loan. I got a rate of interest of around 8% and the process was also smooth. The person who was handling my file was very attentive and there are options of part payments and preclosure with no charges as I needed. The loan letter has not reached me yet, they are a bit slow on that, but I am not too worried about that.
      Was this review helpful? 0
      , vadodara
      Reviewed on Jun 10, 2017
    • SBI Car Loan
      "Good. Can be quicker"
      0.5 4.0/5 "Great!"
      SBI is known as the father of all banks, but still I had to follow up with them for the car loan I had applied for. The main reason I wanted to take the loan is because they had a floating rate of interest, though it was a higher rate than OBC and the second reason was they had a part payment facility. So I can close my loan when I want too.
      Was this review helpful? 3
      , jaipur
      Reviewed on Jun 09, 2017
    • SBI Car Loan
      "Very Good service"
      0.5 5.0/5 "Blown Away!"
      State bank of India just took 2 days to disburse my car loan. I am happy about the loan amount. The rate of interest is nominal and it is doable with SBI. The customer service and the response part is good , I would say the service which was rendered by SBI is absolutely great.
      Was this review helpful? 2
      , thiruvananthapuram
      Reviewed on Jun 09, 2017
    • SBI Car Loan
      "Best offer in the market"
      0.5 5.0/5 "Blown Away!"
      I got good interest rate and best offer from SBI, I approached SBI through my showroom dealer, then loan process was completed smoothly without any hassle. I purchased Renault Duster they gave on road price of 12.92 lakhs,with the interest rate of 8.75% and it is really great.
      Was this review helpful? 1
      , mumbai
      Reviewed on Jun 09, 2017
    • SBI Car Loan
      "Excellent interest rate but can improve customer support"
      0.5 5.0/5 "Blown Away!"
      This is an overview about my SBI credit card, I got the car loan from State Bank of India for 8.25% interest rate and the process was very quick and simple with Sbi. The rate of interest is low, because I have maintained my credit score. The service offered by SBI is average, they need to work on the customer service in future. They have disbursed my loan with 3 to 4 days and I am satisfied with the loan amount.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jun 09, 2017
    • SBI Car Loan
      "Very good services"
      0.5 5.0/5 "Blown Away!"
      I had taken my car loan from State Bank of India and the process was very fast. The documentation was also easy and I got a good deal on the interest rate and processing charges. I got a rate of around 8% and change. Overall a satisfactory experience and no hassles faced till date.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 09, 2017
    • SBI Car Loan
      "Quick car loan"
      0.5 5.0/5 "Blown Away!"
      Everything is done by my show room, because it had a tie up with Sbi . The State bank is offering the car loan with the interest rate of 8.75% with diminishing interest rate. Within 24 hours they have disbursed my loan amount. I am happy about the loan amount and I got half of the vehicle amount using this loan . I am satisfied with the SBI car loan service.
      Was this review helpful? 0
      , erode
      Reviewed on Jun 08, 2017
    • SBI Car Loan
      "Better than others"
      0.5 5.0/5 "Blown Away!"
      It is an overview about my SBI car loan. I got the car loan from State bank of India and the interest rate was around 8.75%. They had provided a loan of 4 lakh Rupees, which was expected by me. Documentation procedures were compelted via mail itself. It was definitely a smooth process .
      Was this review helpful? 0
      , new delhi
      Reviewed on Jun 08, 2017
    • SBI Car Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      If you are looking out for car loan I would say you need to contact State bank as it is the best one to be approached. We can get the best interest rate to the market level. Interest rate would be very nominal when we compared with any other banks. The process should be done on time.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Jun 08, 2017
    • SBI Car Loan
      "Good services"
      0.5 4.0/5 "Great!"
      The process is on at State Bank if India for the car loan. It is a smooth sail and the documentation is also normal and the best is the interest rate. I got a rate of 8.25% and the processing charges was normal too. Good experience overall for the services.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 08, 2017
    • SBI Car Loan
      "Good Service"
      0.5 3.0/5 "Satisfactory"
      The process was very smooth and effective with respect to my car loan with State bank of India. Within 2 days of time SBI has disbursed my loan, I am happy with the loan amount with SBI. The rate of interest is high with SBI , they had offered me the car loan for 9.25% as an interest rate. Overall I am happy about the service and I can say it is the best service provided by SBI .
      Was this review helpful? 0
      , kochi
      Reviewed on Jun 08, 2017
    • SBI Car Loan
      "Great service"
      0.5 5.0/5 "Blown Away!"
      The State bank of India has offered me the car loan with 8.75% interest rate. The SBI is doing a good job in concern to my car loan and the documentation was done through online itself and it was very effective and very easy process as well. I got the loan amount of 12lakhs, as the loan amount was high, they took around 4 days for disbursement. I am very much happy with the service offered by SBI.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 08, 2017
    • SBI Car Loan
      "Good on ROI"
      0.5 4.0/5 "Great!"
      The documentation process was not too easy with State Bank of India. There were in need of too much of paper works. The rate of interest was of 8.65% which was a better deal when compared to ICICI Bank. The processing charges were normal too. The process could be more easier when it comes to car loan.
      Was this review helpful? 0
      , nagpur
      Reviewed on Jun 08, 2017
    • SBI Car Loan
      "Superb service"
      0.5 4.0/5 "Great!"
      The State Bank of India just took 15 minutes to process my car loan application, within 3 days my car loan has been disbursed with SBI. The rate of interest is low with the SBI, because my credit score was up to the mark, I got a quick and effective service from the state bank of India. To sum up ,I am satisfied with the service.
      Was this review helpful? 1
      , pune
      Reviewed on Jun 07, 2017
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