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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 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 New Car Loan Scheme | |
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Age Criteria |
Minimum: 21 years old Maximum: 65 years old |
Income |
|
Max. Loan Amount |
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*SBI offers financing up to 90% of the on-road price of the car through the SBI New Car Loan Scheme
SBI Certified Pre-Owned Car Loan | |
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Maximum age of the car |
8 years |
Income Criteria |
|
Loan amount |
Minimum – Rs.3 lakh Maximum – Rs.10 lakh |
EMI/NMI (Net Monthly Income) Ratio |
50% for cars up to Rs.5 lakh 70% for cars up to Rs.10 lakh |
SBI Loyalty Car Loan Scheme (For SBI Home loan borrowers) | |
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Age Criteria |
Minimum: 21 years old Maximum: 65 years old |
Income Criteria |
Minimum net annual income of Rs.2 lakh |
SBI Assured Car Loan Scheme | |
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Age Criteria |
Minimum: 18 years old Maximum: No Limit |
Loan amount |
Minimum: Rs.2 lakh Maximum: No Limit |
SBI Car Loan Lite Scheme | |
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Age Criteria |
Minimum: 21 years old Maximum: 65 years old |
Income Criteria |
Minimum net annual income of Rs.2.5 lakh |
Loan amount |
Maximum: Rs.4 lakh |
EMI/NMI (Net Monthly Income) Ratio |
50% for cars up to Rs.10 lakh 60% for cars above Rs.10 lakh |
Check here: How to Apply for SBI Bank Car Loan Online?
Listed below are the key factors that affect the SBI Car Loan eligibility:
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.
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.
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 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 smaller the loan tenure chosen by the applicant, the better are the chances of the car loan application being approved.
Listed below are the documents required for the various car loan schemes offered by SBI:
Listed below are the documents salaried, self-employed and individuals engaged in agricultural activities have to submit:
Those applying for the SBI Certified Pre-Owned Car Loan have to submit the following documents:
SBI Loyalty Car Loan Scheme
Customers applying for the SBI Loyalty Car Loan Scheme have to submit the following documents:
SBI Assured Car Loan Scheme
Customers applying for the SBI Assured Car Loan Scheme have to submit the below-listed documents:
Click here : SBI Bank Car Loan Customer Care Number
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.
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.
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.
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.
If you wish to negotiate the car loan interest rate, you will have to visit the bank branch of SBI.
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