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 Calculator

    We found 2 SBI Car Loan Eligibility Calculator

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    Interest Rate Range
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    9.25% Floating
    0.50%
    -
    7 Years
    Response Time Within 30 minutes
    What you'll love
    Documents
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    Think about
    Fees & Charges
    Eligibility Criteria
    9.20% Floating
    0.50%
    -
    7 Years
    Response Time Within 30 minutes
    SPECIAL OFFER FOR WOMEN
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Eligibility Criteria

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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.

    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
      "Good Service"
      0.5 3.0/5 "Satisfactory"
      I had taken car loan from State bank of India. I do not remember the interest rate for the loan. But the entire process went good with SBI without any issues. I am happy with SBI for the car loan. Documentation process went good with the bank. Their entire service is fine.
      Was this review helpful? 1
      , erode
      Reviewed on May 25, 2017
    • SBI Car Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      Loan amount I have opted for 5 lakhs and the bank has given me 5.5 laks Documentation was less with State bank of India as well as within 1 days car loan got disbursed. Within short span of time. almost all formalities were completed and the communication was so good with their customer service team works good as well.
      Was this review helpful? 1
      , pune
      Reviewed on May 25, 2017
    • SBI Car Loan
      "High interest rate for used car"
      0.5 3.0/5 "Satisfactory"
      Once I submitted my car loan application with State bank of India. Actually I was looking for used car. For used car, SBI quoted very high rate of interest. For new car, the interest rate is around 8 - 9%. Since the rate of interest is very high for used car, I just dropped the application.
      Was this review helpful? 0
      , visakhapatnam
      Reviewed on May 25, 2017
    • SBI Car Loan
      "Good Process"
      0.5 5.0/5 "Blown Away!"
      Two years back, I had taken a car loan from State bank of India. Interest rate is 9.85% which is very normal. And the process went smooth with SBI. They were supportive throughout the process and their service was satisfactory. I am happy with SBI for the car loan.
      Was this review helpful? 2
      , navsari
      Reviewed on May 22, 2017
    • SBI Car Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      Response given by State Bank Of India for my car loan process was very fast. They are very quick in their process. I am happy that my loan got sanction with SBI BANK I have my hosing loan from there.The process was also completed within 3 days. The rate of interest was 9% and on top of all that there is no processing fee for the same its nil.
      Was this review helpful? 0
      , nanded
      Reviewed on May 21, 2017
    • SBI Car Loan
      "Satisfied service"
      0.5 4.5/5 "Excellent!"
      I had a car loan experience with SBI. I bought the loan a year ago. They have disbursed my car loan within 6 to 7 days. Which is very quick and fast. The rate of interest 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
      , bangalore
      Reviewed on May 19, 2017
    • SBI Car Loan
      "Sarkari bank"
      0.5 3.5/5 "Pretty good"
      I had taken the car loan from the State bank of India because of the additional perks like nil foreclosure charges and nil part payment charges. It took around two weeks of time to get the loan disbursement. They had provided the funds and it was as per my convenience also they have provided me a longer tenure too.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 18, 2017
    • SBI Car Loan
      "Need to customer centric"
      0.5 3.0/5 "Satisfactory"
      When I have applied for the car loan through online portal with State bank of India, they have promised they will send some executive to collect my documents, but then no one turned up, which is very disappointing with them. The response part has to be focused a lot with SBI. The service need to be improved with SBI. They need to stick on their promises.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 18, 2017
    • SBI Car Loan
      "Best Offer in the Market"
      0.5 5.0/5 "Blown Away!"
      Normally with Nationalized bank its hassle to get the loan, SBI also have lot of loan process, but I had submitted proper documents and I had taken the car loan. There i s no customer service, but still they disbursed the amount on time to the dealer. SBI interest rate is low when compared to other banks.
      Was this review helpful? 0
      , pune
      Reviewed on May 16, 2017
    • SBI Car Loan
      "Improve your Customer Service"
      0.5 4.0/5 "Great!"
      SBI don't have good customer support, but still service is good they done the car loan disbursement on time. I asked for the lesser amount so they mentioned 80% of loan at on road of the car. I am fine the interest rate its nominal and their loan option is also good.
      Was this review helpful? 1
      , mumbai
      Reviewed on May 15, 2017
    • SBI Car Loan
      "The best"
      0.5 5.0/5 "Blown Away!"
      I have taken my car loan from State Bank of Bank and the process was excellent from them. They completed the deal on the said date and the bank was normal on the interest rate and processing charges. In all I faced no hassles and the after loan services has been smooth as well.
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 12, 2017
    • SBI Car Loan
      "Process should be simple"
      0.5 4.0/5 "Great!"
      SBI provides the best offer on loan products but documents process was very tough, they requested lot of papers to process my car loan like Form16 and other papers. It almost took around one month to arrange all the documents finally they disbursed the amount to the dealer.
      Was this review helpful? 0
      , godhra
      Reviewed on May 10, 2017
    • SBI Car Loan
      "Good "
      0.5 5.0/5 "Blown Away!"
      I got the car loan with the State bank of India and the interest rate is around 12.5%. I got the loan amount in my account within a month of time. Processing charges were around 2500 Rupees and they have provided around 80% of cost of car as loan.
      Was this review helpful? 0
      , pondicherry
      Reviewed on May 09, 2017
    • SBI Car Loan
      "Hassle free process"
      0.5 4.0/5 "Great!"
      SBI charged high rate of interest compared to axis, they offered the interest rate around 9.2% but AXIS offers around 9% on car loan, I took this car loan on February 2017, they done fast car loan process within three days of time and they disbursed the loan to the dealer.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 09, 2017
    • SBI Car Loan
      "Good Service"
      0.5 3.5/5 "Pretty good"
      State bank of India response and the follow up was very quick and prompt.The documentation process took a bit longer time, they took around 3 to 4 days to disburse my car loan. The rate of interest is very low when compared with banks. Overall I would say it is a best service with state bank of India.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on May 08, 2017
    • SBI Car Loan
      "Good Bank"
      0.5 5.0/5 "Blown Away!"
      Initially I applied with HDFC bank for a car loan but when I did not receive any response from them I moved to SBI where they had processed my loan application and disbursed the loan on time. Interest rate for my car loan is below 9%. The entire car loan process went good with SBI.
      Was this review helpful? 0
      , bareilly
      Reviewed on May 08, 2017
    • SBI Car Loan
      "GOOD SERVICE"
      0.5 4.0/5 "Great!"
      Within 7 days the car loan was disbursed from sbi bank by seeing all my documents they singed and approved the interest rate was offered was around 10.85% for this loan they have charges for 4k for documentation charges.
      Was this review helpful? 1
      , haldwani
      Reviewed on May 08, 2017
    • SBI Car Loan
      "Best offer in the market"
      0.5 4.5/5 "Excellent!"
      My perception of SBI, I thought they wont response to the customer's but in my case it was totally different. They have responded well on my car loan application they gave polite service. SBI interest rate and fee is low, compared to other competitor. My loan amount was Rs.3 lakhs for the tenure of five years.
      Was this review helpful? 0
      , pune
      Reviewed on May 08, 2017
    • SBI Car Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I had taken my car loan from State Bank of India and the process was smooth and easy The documentation process was smooth and easy with SBI. The rate of interest 8.25% and processing fee was 7850 and it is for 7 years It was overall good experience from sbi because my friend is working in SBI and he has taken care of everything.
      Was this review helpful? 0
      , kolkata
      Reviewed on May 07, 2017
    • SBI Car Loan
      "Good deal on ROI"
      0.5 2.0/5 "Expected more"
      The only good deal I received from State Bank of India for the car loan is the rate of interest which was of 8.75% and the processing charges was minimal. But the bank surely needs an improvement in the services. The after loan services has not been satisfactory.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 06, 2017
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