If you really think about it, it's easier getting a loan for a car than a loan for bus fare!
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 is Rated as "Excellent!" by 1145 Users

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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 service"
      0.5 5.0/5 "Blown Away!"
      I have applied for a car loan with State bank of India.The loan amount is three lakhs,rate of interest is nominal as compered to others.The tenure is for seven years.The monthly EMI is 6000 I had to submit documents to process the request.The loan request processed within 7 days.
      Was this review helpful? 1
      , kochi
      Reviewed on Dec 13, 2017
    • SBI Car Loan
      "Average service"
      0.5 1.0/5 "Really Bad"
      I have taken a Car Loan with State Bank of India.The loan amount is 5 lakhs,tenure is for 5 years.I planned to make a part payments to outstanding amount however its not possible to reduce the EMI whereas they will reduce the tenure,i am not satisfied at all with the service.The customer service is not up to the mark.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Dec 13, 2017
    • SBI Car Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      The car loan service was good with the State bank of India and I got the car loan around 3 years ago. The customer support is good with the state bank of India. I have got the car loan up to 75% which was helpful, the rate of interest is low with the State bank of India , when compared with others.
      Was this review helpful? 2
      , bangalore
      Reviewed on Dec 12, 2017
    • SBI Car Loan
      "Best service"
      0.5 5.0/5 "Blown Away!"
      I have applied for a car loan with State Bank of India.the loan amount is 4 lakhs,rate of interest is 9.65% nominal as compared to others.The tenure is for one year.I have deducted processing fees of Rs 6000.I have submitted documents,they have processed the loan within 2 weeks.EMI amount is debited from my salary account.
      Was this review helpful? 2
      , ernakulam
      Reviewed on Dec 11, 2017
    • SBI Car Loan
      "Better service"
      0.5 5.0/5 "Blown Away!"
      I have taken car loan from SBI and it was overall a good loan experience with SBI. The loan amount was for Rs 5 lakhs with the rate of interest of 9.70% which is proper rate. The process was quite fast and my loan amount was approved within the given time. Customer service was good and they responded on time. There are no charges on foreclosure and part payment. It was overall a good service from SBI.
      Was this review helpful? 4
      , gurgaon
      Reviewed on Dec 07, 2017
    • SBI Car Loan
      "Best service"
      0.5 5.0/5 "Blown Away!"
      My car loan experience was good with SBI, the loan amount was for Rs 5 lakhs with the low rate of interest when compared to other banks. The process was quite fast and my loan amount was approved within one day. Customer service was good and they responded on time. Overall it was a good service from SBI.
      Was this review helpful? 1
      , pune
      Reviewed on Dec 07, 2017
    • SBI Car Loan
      "Good service"
      0.5 3.0/5 "Satisfactory"
      I have taken a car loan with State Bank of India.The loan amount is five lakhs.Rate of interest is 9% nominal as compared to other banks.They had processed the loan within 15 days but it was too long documentation process.The EMI is paid through an ECS.
      Was this review helpful? 2
      , bhubaneshwar
      Reviewed on Dec 07, 2017
    • SBI Car Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      My car loan experience was good with SBI, the loan amount was for Rs 6 lakhs with the rate of interest which is nominal when compared to other private banks. The process was very smooth, it took 3 days for the loan amount to get approved. Customer service was good, they provided door step service to collect the documents and there was a good coordination. My loan amount was approved based on Ex-showroom price and there is no charges on foreclosure and part payment.
      Was this review helpful? 3
      , mumbai
      Reviewed on Dec 06, 2017
    • SBI Car Loan
      "Recommedable"
      0.5 5.0/5 "Blown Away!"
      I got my car loan from State bank of India. The approved loan amount was 3 lakhs. The monthly EMI is 8000 for a tenure of 5 years. But within 9 to 10 months i have closed the car loan with the full amount. The pre closure charges was 1700. Its recommendable to others.
      Was this review helpful? 3
      , new delhi
      Reviewed on Dec 06, 2017
    • SBI Car Loan
      "Very good"
      0.5 5.0/5 "Blown Away!"
      My car loan was taken 2 years back . The loan amount was 5 lakhs and the interest rate was 9-10% which was avergae in the market .the loan process was very easy here and they have sanctioned the loan with in a day of time.Here no processing fee here so My overall experience was very good and I would like to recommend to others.
      Was this review helpful? 4
      , bangalore
      Reviewed on Dec 05, 2017
    • SBI Car Loan
      "Very good"
      0.5 5.0/5 "Blown Away!"
      My car loan was taken 2 years back . The loan amount was 5 lakhs and the interest rate was 9-10% which was avergae in the market .the loan process was very easy here and they have sanctioned the loan with in a day of time.Here no processing fee here so My overall experience was very good and I would like to recommend to others.
      Was this review helpful? 1
      , bangalore
      Reviewed on Dec 05, 2017
    • SBI Car Loan
      "Better"
      0.5 4.0/5 "Great!"
      I have closed the car loan with the State bank of India and the rate of interest was lesser one. They have disbursed the loan amount within a week of time. Everything is fine one with the State bank of India and am really happy with them.
      Was this review helpful? 2
      , ghaziabad
      Reviewed on Dec 04, 2017
    • SBI Car Loan
      "Good Experience"
      0.5 5.0/5 "Blown Away!"
      My car loan is running with SBI currently, they gave me 8.95% for new car loan. I purchased RENAULT brand car worth Rs. 4 .45 lakhs, I took the loan amount of Rs. 3 lakh, remaining I paid as a down payment. They gave me part payment, foreclosure, balance transfer option.
      Was this review helpful? 1
      , faridabad
      Reviewed on Dec 04, 2017
    • SBI Car Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I am very much happy about the service of sbi car loan service as I already have my salary account with sbi the documents part was very easy and simple also there was a concession in the interest rate they quoted me it was a excellent service from sbi car loan service.
      Was this review helpful? 3
      , pune
      Reviewed on Dec 01, 2017
    • SBI Car Loan
      "GOOD"
      0.5 5.0/5 "Blown Away!"
      It was a good customer service from the STATE BANK OF INDIA as i took a car loan from the bank . the bank gave me 9.45% the rate of interest , floating and i got a full approval on the amount i ashed for .the money got disbursed within 2 working days to the dealer .there was no processing fee charged for the loan . i took the loan in 2015 and it is going on . over experience is good .
      Was this review helpful? 2
      , alwar
      Reviewed on Dec 01, 2017
    • SBI Car Loan
      "Unhappy with the bank"
      0.5 1.0/5 "Really Bad"
      Though I am doing one lakh of transactions at State Bank of India. I was disappointed when I visited the bank for a car loan. The branch manager has not responded well and it was not a good experience. So I went ahead with another bank for this loan.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Nov 27, 2017
    • SBI Car Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      My car loan experience with SBI was good, the loan amount was for Rs 7.4 lakhs with the rate of interest of 8.5% which is less when compared to other banks. The process was very smooth and the loan amount was approved within the stipulated time. Documents were submitted paper less. Customer service was good and they followed up on time. There are no charges on preclosure and part payment. My loan amount was approved based on the on-road price.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Nov 27, 2017
    • SBI Car Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      It was a immediate response from sbi for my car loan service ,I use to get regular update regarding my my loan process the documents part was easy. They offered me a interest rate of 8.56 which was comfortable for me it was a excellent experience with sbi car loan service.
      Was this review helpful? 0
      , pune
      Reviewed on Nov 25, 2017
    • SBI Car Loan
      "Best service"
      0.5 5.0/5 "Blown Away!"
      It was a great experience taking a car loan with SBI, the loan amount was for for Rs 5.4 lakhs with the rate of interest of 8.85% which was the best rate in the market. The process was quite smooth ans easy, it took 4-5 days for the loan amount to get approved. Customer service was good, they provided door step service to collect the documents. My car loan was approved based on the on road price.
      Was this review helpful? 0
      , bangalore
      Reviewed on Nov 24, 2017
    • SBI Car Loan
      " Good Experience"
      0.5 3.0/5 "Satisfactory"
      SBI is the best option for the loan product, I took the car loan from them. They gave me the interest rate around 8.5%, they have fulfilled my need to purchase my dream car. Processing fee was also nominal, part payment and foreclosure option is available.
      Was this review helpful? 0
      , bhubaneshwar
      Reviewed on Nov 23, 2017
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