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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  • State Bank Of India Car Loan Reviews

    • SBI Car Loan
      "Good "
      0.5 3.0/5 "Satisfactory"
      My car loan is from State Bank of India. The process to get the loan was average as it involved a lot of paper work. They need to be more proactive. The interest rate and processing fees are the best as they are the only bank who reduces the rate when it drops in the market.
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      , hyderabad
      Reviewed on Sep 21, 2017
    • SBI Car Loan
      "Average "
      0.5 3.0/5 "Satisfactory"
      The car loan process took one month to complete. I took the loan from State Bank of India and I had to visit the bank much to complete my process. The documentation was much more. The only good thing was the interest rate was around 7% and the processing charges are normal.
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      , bangalore
      Reviewed on Sep 20, 2017
    • SBI Car Loan
      "Its Good"
      0.5 5.0/5 "Blown Away!"
      I had a car loan with SBI, they charged 11% per annum. I have taken the principal amount of Rs. 4.5 lakhs with the tenure of seven years. I purchase Ford Figo before six years. I am really satisfied with them, SBI is loan is still continuing without any hassles.
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      , rajkot
      Reviewed on Sep 20, 2017
    • SBI Car Loan
      "Average"
      0.5 3.0/5 "Satisfactory"
      I have closed the car loan with the State bank of India and the rate of interest is very high on that time. I would like to say that the response is good one with the State bank of India and the loan amount of disbursed within a month of time.
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      , bangalore
      Reviewed on Sep 20, 2017
    • SBI Car Loan
      "Good feedback"
      0.5 5.0/5 "Blown Away!"
      My feedback for SBI is very good as I had taken a car loan from them. The processing is very fast and it is very easy to approach them. SBI took around 2 days of time to process the loan. Interest rate offered by SBI was 10% approximately and the processing fee charged was 8k.
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      , hyderabad
      Reviewed on Sep 19, 2017
    • SBI Car Loan
      "Best product and services customer"
      0.5 5.0/5 "Blown Away!"
      SBI as a nationalized bank offers more beneficial loans with good policies indulged in it with out any charge .The rate of interest is also okay when compared to others in the market and also we could see it as a good competitor .The customer services are also good where everything now a days made online .
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      , chennai
      Reviewed on Sep 18, 2017
    • SBI Car Loan
      "EXCELLENT"
      0.5 5.0/5 "Blown Away!"
      My perception of SBI, was not that good but. 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.4.5 lakhs for the tenure of seven years and the rate of interest they have offered me is 8.75%
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      , pune
      Reviewed on Sep 18, 2017
    • SBI Car Loan
      "Happy Service from SBI"
      0.5 5.0/5 "Blown Away!"
      I found SBI is good, their customer service is very nice helped on the car loan and also they gave me 12% of interest it is satisfactory. I took amount Rs.6 lakhs to purchase ford car, SBI gave me the tenure of five year. I am completely fine with their service.
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      , guwahati
      Reviewed on Sep 15, 2017
    • SBI Car Loan
      "Fair enough"
      0.5 5.0/5 "Blown Away!"
      I have closed the car loan with the State bank of India and the interest rate is around 12%. I would like to say that the customer service is fair enough one and they have provided around 80% of the cost of car as loan to me .
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      , jodhpur
      Reviewed on Sep 14, 2017
    • SBI Car Loan
      "Rate of interest should be disclosed to the customer"
      0.5 4.0/5 "Great!"
      Rate of interest was little high in SBI for the car loan but my loan tenure was not changed according to the EMI. Right now SBI offered me the interest rate around 9.45% it has the tenure for five years, for the amount of Rs. 5 lakhs, I would like to suggest them to give proper update about the interest.
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      , kolkata
      Reviewed on Sep 13, 2017
    • SBI Car Loan
      "EXCELLENT"
      0.5 5.0/5 "Blown Away!"
      I am very much glad that I must say, State bank of India has exceeded my expectations with the service rendered by them, they have offered me the car loan and the interest rate was minimal. Loan amount got disbursed within short time and the services were good with them. Response is also a good one with them and I can say its up to my expectation. The loan amount I have opted is 7 laksh with tenured for 5 years of time
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      , mohali
      Reviewed on Sep 13, 2017
    • SBI Car Loan
      "EXCELLENT"
      0.5 5.0/5 "Blown Away!"
      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 short. Actually the bank has done everything in a good manner because I am very good customer to the bank and the loan I had taken the loan during the year 2015 for 7 laksh with rate of interest of 10.60% and it is for 5 years tenure but I have cleared the loan and I have sold the car.
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      , mohali
      Reviewed on Sep 13, 2017
    • SBI Car Loan
      "Smooth Process"
      0.5 5.0/5 "Blown Away!"
      My car loan experience with State bank of India is really good and I had received prompt service from the bank as my wife is working over there. Everything went good with the loan and I got this loan on time. Also the bank provided more benefits and the entire service is good.
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      , new delhi
      Reviewed on Sep 07, 2017
    • SBI Car Loan
      "Perfect service"
      0.5 4.0/5 "Great!"
      The State bank has disbursed my car loan within 3 days of time. The show room executives has taken care of my whole Car loan process. The rate of interest is lower than others. The processing fee and the charges are very low when compared with others. The requested loan amount has been disbursed.
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      , pune
      Reviewed on Sep 06, 2017
    • SBI Car Loan
      "Fair Service"
      0.5 5.0/5 "Blown Away!"
      Last year I had taken the car loan from State bank of India. I got this loan with the interest rate of 10 - 11%. A good thing is that the bank approved and disbursed the loan on the given time. There was no delay at any stage. Also I did not face any issues with the bank.
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      , pune
      Reviewed on Sep 05, 2017
    • SBI Car Loan
      "Very Good service"
      0.5 5.0/5 "Blown Away!"
      A year ago I got a car loan experience with State bank of India. There customer support executives has disbursed my loan in the promised time period. The requested loan amount has been disbursed and I am satisfied with the loan amount. The rate of interest is low when compared with other banks.
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      , pune
      Reviewed on Sep 05, 2017
    • SBI Car Loan
      "Approachable car loan with SBI"
      0.5 4.0/5 "Great!"
      I took car loan from STATE BANK OF INDIA. Actually I only paid 25000 as my down payment rest of the amount was paid by the bank. It might be almost 95% of payment done by the bank. The loan amount approved was 5.17 lakhs with a tenure of 10 years. The EMI I was paying rs5472 which includes 12% rate of interest.
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      , pune
      Reviewed on Sep 05, 2017
    • SBI Car Loan
      "Very Good service"
      0.5 3.0/5 "Satisfactory"
      It was an hassle free service with State bank in regards to my car loan . They have disbursed the loan amount within 7 days of time. The customer service gave good response in regards to my car loan application . The rate of interest is nominal with Sbi.
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      , ludhiana
      Reviewed on Sep 04, 2017
    • SBI Car Loan
      "EXCELLENT"
      0.5 5.0/5 "Blown Away!"
      Loan amount I have opted for 3 lakhs and the bank has given me full amount Documentation was less with State bank of India as well as within 2 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.
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      , surat
      Reviewed on Aug 31, 2017
    • SBI Car Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      My car loan got disbursed by SBI within 2 to 3 days of time. The customer service gave good response in terms of my car loan disbursement,. The rate of interest is high when compared with others. The required loan amount has been disbursed and I am happy with the loan amount.
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      , bhilai
      Reviewed on Aug 31, 2017
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    SBI Car Loan Eligibility Calculator is Rated as "Excellent!" by 1042 Users

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    Car Loan BYTES FROM OUR KITCHEN

    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.

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