SBI Car Loan Eligibility Calculator

State Bank of India offers car loans at attractive interest rates with a maximum repayment tenure of 7 years. To get the SBI car loan approval, customers have to meet the eligibility criteria which is based on the age and income of the applicant and certain other factors as per the terms and conditions set by SBI.

SBI Car loan Eligibility Table

SBI offers a number of car loan schemes for customers depending on their requirement and financial ability. The car loan schemes are SBI New Car Loan Scheme, Certified Pre-Owned Car Loan, SBI Loyalty Car Loan Scheme, SBI Assured Car Loan Scheme, and the SBI Car Loan Lite Scheme. Listed below in the tables are the eligibility criteria for each scheme:

*SBI offers financing up to 90% of the on-road price of the car through the SBI New Car Loan Scheme

Factors affecting the SBI Car Loan Eligibility

Listed below are the key factors that affect the SBI Car Loan eligibility:

• Income of the individual

SBI takes into consideration the income of the individual prior to approving the car loan. By assessing the net annual income of the individual, SBI decides whether the individual will be able to repay the car loan.

• The EMI/NMI (Net Monthly Income) Ratio

Depending on the car loan scheme chosen by the applicant, SBI takes into consideration the debt-to-income ratio to ensure the individual will be able to pay the monthly installments and will not face financial strain due to the EMI amount.

• The credit score of the individual

To be eligible for the car loan, the applicant should have a good credit score. Anything above 750 is regarded as a good credit score.

• The age of the applicant

The age of the applicant is also one of the main factors that affect the SBI car loan eligibility. Most SBI car loan schemes have a minimum and maximum age cut-off, with the minimum age being 21 years old and the maximum age set at 65 years old.

• The loan tenure chosen by the applicant

The smaller the loan tenure chosen by the applicant, the better are the chances of the car loan application being approved.

Documents required for SBI Car Loan Eligibility

Listed below are the documents required for the various car loan schemes offered by SBI:

SBI New Car Loan Scheme

Listed below are the documents salaried, self-employed and individuals engaged in agricultural activities have to submit:

• Salaried Individuals
  • Last 6 months’ bank statements.
  • 2 recent passport-size photographs.
  • Identity proof – Aadhaar card, Passport, Voter ID card, etc.
  • Address proof – Utility bills, Ration Card, Aadhaar card, etc.
  • Latest salary slip.
  • Form 16.
  • IT Returns of the last 2 years.
• Self-employed individuals
  • Identity proof – Aadhaar card, Passport, Voter ID card, etc.
  • Address proof – Utility bills, Ration Card, Aadhaar card, etc.
  • Last 6 months’ bank statements.
  • 2 recent passport-size photographs.
  • Latest salary slip.
  • Form 16.
  • Establishment registration certificate.
  • Audited balance sheet.
  • IT Returns of the last 2 years.
• Individuals engaged in agricultural activities
  • 2 recent passport-size photographs.
  • Last 6 months’ bank statements.
  • Identity proof – Aadhaar card, Passport, Voter ID card, etc.
  • Address proof – Utility bills, Ration Card, Aadhaar card, etc.
  • Government approved proof of agricultural activity

SBI Certified Pre-Owned Car Loan

Those applying for the SBI Certified Pre-Owned Car Loan have to submit the following documents:

• Copy of the seller’s car registration certificate.
• Copy of the car insurance certificate of the seller.
• Sale agreement between the seller and buyer.
• Undertaking certificate between the car dealer and SBI.
• Hypothecation clearance certificate by the financier of the vehicle.
• Correspondence form from the insurer regarding change of name of the insured person and the financier.

SBI Loyalty Car Loan Scheme

Customers applying for the SBI Loyalty Car Loan Scheme have to submit the following documents:

• Last 6 months’ bank statements.
• 2 recent passport-size photographs.
• Identity proof – Aadhaar card, Passport, Voter ID card, etc.
• Address proof – Utility bills, Ration Card, Aadhaar card, etc.
• Latest salary slip
• Form 16
• IT returns of the last 2 years
• Housing loan certificate
• Authorization letter from the borrower to the bank to retain title deeds till completion of the car loan.

SBI Assured Car Loan Scheme

Customers applying for the SBI Assured Car Loan Scheme have to submit the below-listed documents:

• Identity proof – Aadhaar card, Passport, Voter ID card, etc.
• Address proof – Utility bills, Ration Card, Aadhaar card, etc.
• Last 6 months’ bank statements.
• 2 recent passport-size photographs.
• Necessary documents for charge on FD by the bank.

FAQs

1. Is it possible to apply for a car loan although I already have a home loan with SBI?

Yes, you can apply for car loan from SBI though you already have a home loan with them. That said, you can’t apply for 2 loans in the same category, like the SBI Car Assured Car Loan Scheme and the SBI New Car Loan scheme.

2. I have applied for the SBI New Car Loan scheme, but I’ve changed my mind and would rather go for the SBI Certified Pre-Owned Car Loan. Is it possible to make this change?

If SBI has approved the loan for the New Car Loan scheme and you have changed your mind, a representative will call you before the loan is disbursed to your bank account. You can inform the executive that you are not interested in the SBI New Car Loan Scheme. That said, you will have to make a fresh application for the SBI Certified Pre-Owned Car Loan.

3. How do I know if my loan is approved once I have submitted the application form and all the relevant documents?

You can check the status of your loan application on the website of State Bank of India using your application reference number that would have been mailed to your Email ID. Otherwise, once the loan is approved by SBI, you will receive an SMS on your registered mobile number that the loan has been approved and the loan amount will be processed shortly.

4. Is it safe to apply for a car loan online? How do I do it?

It is safe and a lot more convenient if you apply for the car loan online. Visit the website of SBI, choose the car loan scheme you wish to apply for and click on ‘apply’. Enter the necessary details and upload your documents. If you are having trouble with the process, contact the customer care unit of SBI and they will guide you through the process of applying for a car loan.

5. Can I negotiate on the interest rate offered on the car loan?

If you wish to negotiate the car loan interest rate, you will have to visit the bank branch of SBI.