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    SBI Car Loan Eligibility Calculator

    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.

    State Bank Of India Car Loan Reviews

    • SBI Car Loan
      "GOOD"
      0.5 5.0/5 "Blown Away!"
      I have taken my car loan with the STATE BANK OF INDIA. I have been using since 2015 and it is very comfortable by using the loan. The rate of interest is 8.5% at the beginning and from January it is 9.5%. The loan amount is satisfied. I have got quickly the loan for my car.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 13, 2018
    • SBI Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      The loan experience has been good with them. Where the whole process in getting this loan has been smooth and easy. The rate of interest has been okay with them and the loan amount which they had provided has been satisfactory as well. There has not been any issues faced and it went well.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 11, 2018
    • SBI Car Loan
      "Very good"
      0.5 4.0/5 "Great!"
      My car loan was taken with SBI 5 years back. The loan mount was 6 lakhs and the interest rate was satisfactory .The customer service and responses was up to the mark.The processing fee was nominal. They have sanctioned the loan with the committed time.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 08, 2018
    • SBI Car Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      It has been a very good loan experience with them, where the whole process has been very easy. It took just two days in getting this loan. The loan amount had been satisfactory and they had been offering a good interest rate as well. Their customer support also had been good so far.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jun 08, 2018
    • SBI Car Loan
      "Easy to get"
      0.5 4.0/5 "Great!"
      I have not chance to go through their banking statement. The interest rates very less like 9.75 for the new car buyers. They have their own rules and term and conditions. It was one time payment and processing fee was less compared to other banks. I got car loan of Rs. 6 lakhs and I'm making the EMI of Rs. 10000.
      Was this review helpful? 0
      , pune
      Reviewed on Jun 05, 2018
    • SBI Car Loan
      "Very good service"
      0.5 4.0/5 "Great!"
      The loan experience had been very good, the process has been fast in getting this loan and there has not been any delay. The rate of interest which they have been offering also had been very good and i can say it was not too high. The loan amount which they had offered also had been satisfactory.
      Was this review helpful? 0
      , kochi
      Reviewed on Jun 04, 2018
    • SBI Car Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      It has been a good experience in taking this loan, three months back i have closed this loan amount. The rate of interest of them has been good as well, and the process has went pretty good. Even the loan amount which they had provided has been satisfactory as well.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 04, 2018
    • SBI Car Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      Got the car loan from the STATE BANK OF INDIA around a year. The customer support service and the response is good from the STATE BANK OF INDIA . The required loan amount has been given and I am satisfied with it. The rate of interest and the charges are average here and I am satisfied with it as well.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 01, 2018
    • SBI Car Loan
      "Car loan from SBI"
      0.5 5.0/5 "Blown Away!"
      From SBI i have taken a car loan and the approved loan amount was 5 lakhs. The rate of interest was 10.3%. The monthly EMI comes around 10200. There was some processing fee. Within 7 days i got the loan amount approved from SBI bank.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 26, 2018
    • SBI Car Loan
      "Satisfactory"
      0.5 4.0/5 "Great!"
      I have also taken a car loan with State bank of India. The process was good and I received the loan on time. The documentation process is also on time. The rate of interest is around 8% and the processing charges are normal. The after loan services are also good.
      Was this review helpful? 0
      , mumbai
      Reviewed on May 25, 2018
    • SBI Car Loan
      "Good Service Very low charges"
      0.5 4.0/5 "Great!"
      I took to loans form SBI. The car loan was for 6 Lacs, the application and the processing took bit longer. The interest rate is very low with the SBI. Processing is time consuming which is the only drawback with them. It took almost a month to receive the cheque.
      Was this review helpful? 0
      , kolkata
      Reviewed on May 24, 2018
    • SBI Car Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      The overall experience i had with them had been very good so far. The rate of interest which they have charging was low comparing with the market. The whole process had been very quick and there has not been any kind of issues so far with their services.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 24, 2018
    • SBI Car Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      Got the car loan from the State bank around 6 years ago. They have disbursed the loan amount within the time frame. The customer support service and the response is good from the State bank of India,. They required loan amount has been given . The rate of interest and the charges are average here.
      Was this review helpful? 0
      , new delhi
      Reviewed on May 22, 2018
    • SBI Car Loan
      "Very good service with no charges! "
      0.5 5.0/5 "Blown Away!"
      I took a car loan from SBI, believe me I got the loan amount with in a day. It must be because of the job profile. I got the loan for 7 Lakhs cleared the loan with in 2 Months. There were no part payment charges , Pre-closure charges and No processing charges. SBI is the best for car loans and their interest rate is also competitive.
      Was this review helpful? 0
      , chennai
      Reviewed on May 21, 2018
    • SBI Car Loan
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I took a car loan from the SBI, all the aplication and documentation was done at the branch. I got the loan credited to my account with in a span of seven day. The whole process was smooth and hassle free. I never had any issues with their services.
      Was this review helpful? 0
      , new delhi
      Reviewed on May 20, 2018
    • SBI Car Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      I have taken a car loan with SBI and my loan experience was good, the loan amount was for Rs 4 lakhs with nominal interest rate when compared to other banks. The process was quick and i received my loan amount on time. Customer service was good and the tenure for this loan is 5 years.
      Was this review helpful? 0
      , new delhi
      Reviewed on May 18, 2018
    • SBI Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have taken a car loan with SBI and my loan experience was good, the loan amount was less than Rs 3 lakhs with nominal interest rate when compared to all other banks. There are no charges on foreclosure and part payment options are available. Customer service was good and the tenure period for this loan is 5 years.
      Was this review helpful? 0
      , indore
      Reviewed on May 16, 2018
    • SBI Car Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      I have taken a car loan with SBI and my loan experience was good, the loan amount was based on my requirements and the rate of interest was nominal when compared to other banks. My loan was approved based on the ex-showroom price. Customer service was good and the tenure period for this loan is 5 years.
      Was this review helpful? 0
      , new delhi
      Reviewed on May 15, 2018
    • SBI Car Loan
      "Good service"
      0.5 3.5/5 "Pretty good"
      I have taken a car loan with SBI and my loan experience was good, the loan amount was more than 5 lakhs with nominal interest rate when compared to all other banks. My car loan was approved on the on-road price. They charge 3.9% of the principal amount for preclosure and the customer service was good.
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 14, 2018
    • SBI Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      It was a good experience banking with them so far, i can say they are not up to the mark where all the services which they have been providing is average. During the process of taking this loan they have collected the documents at the door steps which was convenient.
      Was this review helpful? 0
      , new delhi
      Reviewed on May 13, 2018
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