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 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.

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    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
      "Everything is excellent expect Customer Service"
      0.5 5.0/5 "Blown Away!"
      Before four years I have purchased VOLKSWAGEN vehicle by SBI car loan. I paid the down payment amount around Rs. 1 lakh remaining 5.6 lakhs paid through EMI. Everything is fine in SBI, but whenever I call their customer care for the query related to car loan, they dont have any information they always ask the customer to visit to their home branch, that part should work on it.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Aug 19, 2017
    • SBI Car Loan
      "GOOD SERVICE"
      0.5 4.0/5 "Great!"
      Got car loan with State bank of India for a interest rate of 8.5%, which was very low comparatively. The documentation process was very good and smooth They have responded well on my car loan application they gave polite service.The loan amount got disbursed within a weeks time.over all it was a good service
      Was this review helpful? 0
      , gurgaon
      Reviewed on Aug 18, 2017
    • SBI Car Loan
      "Swift Service"
      0.5 5.0/5 "Blown Away!"
      This is the known fact that the SBI is the best place for the lowest interest rate. I had taken the car loan, for which, they provided the lowest interest rate, and I am sure that I cannot get this rate from any other bank. Furthermore, they had completed the process in just two days. Actually the bank has done everything in a good manner because I went through a car dealer. It was a pleasant surprise that I had got my loan from SBI in two days but this happened because of the dealer. I just submitted my documents to the dealer and the rest of the loan process was taken care by the dealer. It was a hassles free service.
      Was this review helpful? 0
      , chennai
      Reviewed on Aug 16, 2017
    • SBI Car Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      The car loan service with State bank of India was really good. Within 10 days 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 .The service provided by SBI on my car loan is very much satisfactory.
      Was this review helpful? 0
      , bangalore
      Reviewed on Aug 07, 2017
    • SBI Car Loan
      "Good car loan process but be more responsI ve"
      0.5 4.0/5 "Great!"
      My first car loan was with SBI it was also good it was a new car immediately they financed it. I did not receive any kind of reminders for EMI how ever it was good overall. I did not even receive a welcome kit or a welcome call too when my loan was confirmed.
      Was this review helpful? 0
      , udaipur
      Reviewed on Aug 07, 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 8.65% and the process was also smooth. As I had submitted all the required documents in one go the loan got approved I had applied for 2.50 lakhs and this is for a tenure of 6 years.
      Was this review helpful? 0
      , gurgaon
      Reviewed on Aug 06, 2017
    • SBI Car Loan
      "Nice Service"
      0.5 5.0/5 "Blown Away!"
      I took car loan from State bank of India about four years ago. I do not remember about the interest rate but they sanctioned the loan on time. But now the interest rate is high with SBI for the loans. Customer service is better. But then for my car loan, they provided a good service.
      Was this review helpful? 0
      , bangalore
      Reviewed on Aug 05, 2017
    • SBI Car Loan
      "Nice Service"
      0.5 5.0/5 "Blown Away!"
      I took car loan from State bank of India about four years ago. I do not remember about the interest rate but they sanctioned the loan on time. But now the interest rate is high with SBI for the loans. Customer service is better. But then for my car loan, they provided a good service.
      Was this review helpful? 0
      , bangalore
      Reviewed on Aug 05, 2017
    • SBI Car Loan
      "GOOD SERVICE"
      0.5 4.0/5 "Great!"
      Got car loan with State bank of India for a interest rate it depends on the cibil score how good it is processing fee they have charged is around 1000 rupees and the tenured is for 5 years of time. SBI took around 24 hours to disburse my car loan. The documentation process was very good and smooth. Overall the service is really good with SBI
      Was this review helpful? 0
      , new delhi
      Reviewed on Aug 03, 2017
    • SBI Car Loan
      "Very Good service"
      0.5 5.0/5 "Blown Away!"
      The State bank of India has disbursed my car loan within 7 days of time. The customer service was average with SBI. They were done most of the paper works by themselves. The SBI has taken care of end to end process in regards with my personal loan application. All my queries were answered by SBI executives. There is no additional charges and there is no Fore-closure charges and the rate of interest was the best which I got from SBI.
      Was this review helpful? 0
      , chennai
      Reviewed on Aug 02, 2017
    • SBI Car Loan
      "Moderate Service"
      0.5 4.0/5 "Great!"
      SBI is good in offering services especially when it comes to loan, on the same lines it is not that great, because they are taking too much time for document collections and approvals. Except the loan services, other banking service are good with SBI.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Aug 02, 2017
    • SBI Car Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      The State bank of India has approved my car loan within a day time. The customer service and the response was average with SBI. I would like to suggest that the customer service can be improved with SBI in future. The rate of interest is the same with Dena , in fact I would say it is much lower. Therefore I am very much contented with their service.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Aug 02, 2017
    • SBI Car Loan
      "Very good service"
      0.5 5.0/5 "Blown Away!"
      It has been a year now since I had taken a car loan from SBI. The rate of interest for the loan was around 9.45%. I am banking with SBI for a long time now. I did not face any problem with the bank till date. Even they are good in providing customer service too.
      Was this review helpful? 1
      , nagpur
      Reviewed on Aug 01, 2017
    • SBI Car Loan
      "Very good service"
      0.5 5.0/5 "Blown Away!"
      I got a car loan from State Bank of India. They have disbursed my loan within a span of 3 days . The customer service and the response is really excellent with SBI. The rate of interest is low when compared with other banks. I would like to recommend SBI car loan services to others.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Jul 30, 2017
    • 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
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