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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    We found 2 SBI Car Loan Interest Rates

    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    9.25% Floating
    ₹1,000 to ₹1,500+ S.T.
    -
    7 Years
    Response Time Within 30 minutes
    What you'll love
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    Perks
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    Fees & Charges
    Eligibility Criteria
    9.20% Floating
    ₹1,000 to ₹1,500+ S.T.
    -
    7 Years
    Response Time Within 30 minutes
    SPECIAL OFFER FOR WOMEN
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Eligibility Criteria

    SBI Car Loan Interest Rates is Rated as "Excellent!" by 976 Users

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    Overview About SBI Car Loan

    State Bank of India is a leading public sector bank that offers a wide range of financial services to various individuals, corporates and more. It was nationalized in 1956 and has its headquarters in Mumbai, Maharashtra. It currently has over 16000 branches across India including 57 Zonal Offices and 14 regional hubs. Among its various popular personal finance products, it also offers prospective borrowers car loan schemes at attractive interest rates. Its various car loan schemes include: SBI New Car Loan Scheme, SBI Loyalty Car Loan Scheme (for its existing home finance borrowers), SBI Nano Youth Car Loan Scheme for purchase of TATA Nano car, etc.


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    SBI Car Loan Interest Rates 2017

    SBI Car Loan interest rates are calculated based on monthly reducing balance. The Bank offers the lowest available interest on its car loan schemes. It has a very attractive interest rate exclusively for women. The car loan is offered for the purpose purchase of new Cars/used cars, Multi Utility Vehicles (MUVs) and Semi Utility Vehicles (SUVs).

    SBI Car Loan Interest Rates 2017 Table

    Interest Rate For Women - 9.20% For Men - 9.25%
    Maximum Loan Amount For borrowers who earn Net Annual Income less than Rs. 10 lakhs: Maximum 85% of ‘on road price’ of the car. For borrowers who earn Net Annual Income of Rs. 10 lakhs and above: Maximum 80% of ‘on road price’ or 85% of ‘ex showroom price’ of the car, as chosen by the borrower.
    Minimum & Maximum Car Loan Tenure Minimum Tenure - 12 months Maximum Tenure - 84 Months (7 years)
    Processing Fees/Charge 0.51% of the loan amount subject to Minimum of Rs.1020/- and maximum of Rs. 10200/-
    Pre-Closure Charges Nil
    EMI per Lakh (for a 7 year loan tenure at 9.85% interest) Rs. 1,652*

    *Estimated value of EMI, when paid in advance.

    How to calculate my SBI Car Loan Interest Rate

    If you wish to estimate the amount of EMI on your car loan amount to plan your loan budget, you can either use the BankBazaar car loan EMI calculator or manually calculate the EMI using the following formula:

    EMI (E) = [P x r x (1+r)^n]/[(1+r)^n-1]

    Where “E” is EMI, “P” is the principal amount of the loan, “R” is the rate of interest and “n” is the loan tenure. “R” is the interest rate applicable per month. Hence, in order to get the monthly interest rate (in percentage), the formula used on the annual interest rate is 9.25/(12 x 100).

    For example: If you take a car loan for Rs. 5,00,000 at an interest rate of 9.25% with a loan tenure of 7 years, an estimate of the total interest payable would be Rs. 1,93,999/-, and the total payment made by you at the end of the loan term will be Rs. 6,93,999.

    In the following exemplification, we can get an idea of how EMI is calculated for a loan amount of Rs. 4 lakhs for a loan term of 3 years at an interest rate of 9.25%. EMI per month is calculated from Oct 2016 to Sept 2018.

    The first three months the projection will be as follows:

    EMI Principal Interest Amount Total Payment (Principal + Interest) Balance Due
    Oct 2016 Rs. 9,595 Rs. 3,283 Rs. 12,879 Rs. 3,90,405
    Nov 2016 Rs. 9,674 Rs. 3,205 Rs. 12,879 Rs. 3,80,730
    Dec 2016 Rs. 9,754 Rs. 3,125 Rs. 12,879 Rs. 3,70,977

    The following projection shows the total yearly EMI and repayment schedule for the loan term of 3 years, beginning from October 2015:

    Year Principal Interest Amount Total Payment Balance Due
    2015 Rs. 29,023 Rs. 9,613 Rs. 38,636 Rs. 3,70,977
    2016 Rs. 1,23,479 Rs. 31,065 Rs. 1,54,545 Rs. 2,47,498
    2017 Rs. 1,36,206 Rs. 18,338 Rs. 1,54,545 1,11,291
    2018 Rs. 1,11,291 Rs. 4,617 Rs. 1,15,909 Rs. 0

    In this scenario, loan EMI per moth would be around Rs. 12,879 and the Total Interest Payable would be Rs. 63,634. Therefore, the total payment that you will have to make by the end of the loan tenure is Rs. 4,63,634.

    Factors affecting SBI Car Loan Interest Rates

    Although the interest rate stipulated by the bank remains the same in most cases, there are various factors that can influence a SBI car loan interest rate. This could also affect the loan amount offered to a borrower as well as the amount of EMI to be paid per month. These in turn determines the amount that is given as a loan to the prospective customer, along with the EMI to be paid. Few of these factors are given below.

    • Reliable Guarantor or Co-Obligor - Having a reliable guarantor or co-obligor with substantial income and credit back-up can pave way for a better car loan decision on behalf of the bank. The spouse, parents, siblings or friends and relatives can act as a third-party guarantee on the car loan. This also enhances your opportunity of negotiating a lower rate of interest on the loan since the risk involved in lending the money is minimized.
    • Income - SBI analyzes an applicant’s debt-to-income ratio in order to evaluate their creditworthiness. If you have a well-balanced income outflow compared to your earnings, you are eligible for a car loan approval. In such a situation, you can negotiate with the bank for a lower rate of interest.
    • Loan Tenure - If the tenure you have chosen for your car loan is longer, it indicates higher risk of default payments to the bank. To negate this risk the bank might increase the interest rate applicable on the loan. By going for a lower loan tenure, the bank will be assured of quicker repayment so you can expect a lower interest rate.
    • Loan margin- The percentage of loan margin or down payment made by the prospective borrower also has substantial influence on his/her car loan interest rate. This is inversely proportional because the bigger the down payment the lower is the interest rate applicable on the car loan.
    • Existing Customers - Existing customers of SBI have a higher chance of getting their car loan applications approved at a lower rate of interest. Those who have already availed a home loan from SBI can quickly and easily avail a car loan under SBI car loan scheme called SBI Loyalty Car Loan Scheme. This also improves the chances for getting a lower interest rate on your car loan.
    • CIBIL Score - CIBIL score of an applicant is evaluated by SBI to better understand his/her repayment capacity. Only if an individual has a good credit score will he/she get a car loan approval and in this case, the bank will lower the rate of interest applicable on the loan that it sanctions to the customer.

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    How CIBIL Score Affects Your SBI Car Loan Interest Rates

    One of the initial methods used by leading Indian Banks like SBI for evaluating the creditworthiness of an applicant is to check out his/her credit score that is provided by CIBIL. The CIBIL TransUnion Score is a 3 digit number which ranges from 300 up to 900. A person having a CIBIL Score of 700-750 and above is considered an ideal CIBIL score by most banks, to approve a loan to. The credit history of a borrower is projected by his/her CIBIL score and this is an important factor that influences the interest rate levied on a car loan. Most NBFCs and banks and scrutinize the applicant’s CIBIL score while processing their loan applications and weigh this against other factors in order to come to a loan approval decision. Higher scores ensure greater probability of procuring car loans at an attractive rate of interest. Higher CIBIL scores portrays a lower risk on loan defaults and thus, borrowers with a high CIBIL score can avail loans more easily compared to those with low CIBIL scores.

    Key Points to Note About SBI Car Loan Interest Rates

    • SBI Car Loan Scheme offers maximum loan quantum of 85% of the ex-showroom price
    • Minimum annual income requirement to avail the loan is Rs.3,00,000.
    • Interest on car loan is calculated based on monthly reducing balance.
    • The Bank transfers the car loan value directly to the concerned dealer’s account by way of RTGS/NEFT facility or, if the account is maintained in SBI the amount is credited through CBS system.
    • Floating rate of interest is charged on the car loan on a daily reducing balance at monthly rest. This rate of interest might be revised from time to time if there are any changes in Base Rate or when the Bank extends the repayment period or reduces/increases the EMI as per its discretion.

    News About SBI Car Loan Intrest Rates

    • Skoda Octavia RS, Kodiaq Scout and Sportline Debut at Geneva Motor Show

      Posted on 14th March 2017


      The 87th Geneva Motor Show witnessed the Skoda Octavia RS 245 turning heads. The car made its debut as the most powerful production of the Octavia. The stunning design is matched with 245 PS of power backed by a 2.0 liter TSI petrol engine. The car can churn out 370 Nm of torque. It is fitted with a 7-speed a dual clutch automatic transmission. Drivers can get from 0 kmph to 100 kmph in 6.6 seconds and top out at 250 kmph. The car may never make it to Indian shores, but reports suggest otherwise. Skoda also showcased the Kodiaq Sportline, Kodiaq Scout, Rapid, Rapid Spaceback, Citigo, and the Fabia. The Scout is an SUV designed for off-roading with underbody protection at the front of the car and the rear. The car gets 19-inch alloys and comes in both petrol and diesel options.

    • Honda to Soon Launch Honda City Facelift in Indian Markets

      Posted on 7th February 2016


      As per reports, Honda is expected to launch the new edition of Honda City by February. The new Honda City Facelift was unveiled a few days back in Thailand. There have also been reports that bookings for the upgraded sedan has already begun in some select dealerships across India. Design wise, the car will have a more attractive exterior than the current model. It comes with an altered front bumper with smaller fog lamp, chrome front grilles, and new alloy wheels. On the interior, it has LED illumination for cabin, enhanced audio system, improved Bluetooth connectivity, etc. The brand new sedan is expected to be priced at Rs.8 lakhs for the base variant and Rs.14 lakhs for the higher end diesel variant.

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  • Car Loan Reviews

    • SBI Car Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      SBI is very good, when I approached for the car loan, I didn't feel its a nationalized bank. Because they are more professional and they done fast process on my car loan. They approved the loan on road price of the car, this is for a tenure of 7 years and this comes with a rate of interest of 9.25% .and the loan amount was 3.50 lakhs.
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      , kolkata
      Reviewed on Jun 20, 2017
    • SBI Car Loan
      "Good Response"
      0.5 4.0/5 "Great!"
      I had taken car loan from State bank of India. It was taken about four years back. The interest rate is 9.25%. I had not faced any issues with SBI during the loan process. They provided very good response for my loan application and the vehicle got delivered at the right time.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Jun 19, 2017
    • SBI Car Loan
      "Average"
      0.5 3.0/5 "Satisfactory"
      I had a car loan experience with SBI. I bought the loan four year ago. They have disbursed my car loan within time. Which is very quick and fast. The rate of interest is 10.45% which 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.
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      , hyderabad
      Reviewed on Jun 18, 2017
    • SBI Car Loan
      "Fast Service"
      0.5 5.0/5 "Blown Away!"
      During the year of 2014, I had taken the car loan from SBI. The loan process was very good and the manager and staffs are very cooperative. They helped me a lot during the process and done with the loan process without any delay. Actually they sanctioned the loan in one day.
      Was this review helpful? 0
      , kolkata
      Reviewed on Jun 16, 2017
    • SBI Car Loan
      "Awesome Experience"
      0.5 5.0/5 "Blown Away!"
      SBI is very good, when I approached for the car loan, I didn't feel its a nationalized bank. Because they are more professional and they done fast process on my car loan. They approved the loan on road price of the car, this is for a tenure of 5 years and this comes with a rate of interest of 9.65% .
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      , chennai
      Reviewed on Jun 15, 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 8.50% and the process was also smooth. They have responded well on my car loan application they gave polite service My loan amount was Rs.5 lakhs for the tenure of four years and the processing charges were around rs1150.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jun 15, 2017
    • SBI Car Loan
      "Excellent banking services"
      0.5 4.5/5 "Excellent!"
      I got a good deal from State Bank of India for the car loan. I got a rate of interest of around 8% and the process was also smooth. The person who was handling my file was very attentive and there are options of part payments and preclosure with no charges as I needed. The loan letter has not reached me yet, they are a bit slow on that, but I am not too worried about that.
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      , vadodara
      Reviewed on Jun 10, 2017
    • SBI Car Loan
      "Good. Can be quicker"
      0.5 4.0/5 "Great!"
      SBI is known as the father of all banks, but still I had to follow up with them for the car loan I had applied for. The main reason I wanted to take the loan is because they had a floating rate of interest, though it was a higher rate than OBC and the second reason was they had a part payment facility. So I can close my loan when I want too.
      Was this review helpful? 3
      , jaipur
      Reviewed on Jun 09, 2017
    • SBI Car Loan
      "Very Good service"
      0.5 5.0/5 "Blown Away!"
      State bank of India just took 2 days to disburse my car loan. I am happy about the loan amount. The rate of interest is nominal and it is doable with SBI. The customer service and the response part is good , I would say the service which was rendered by SBI is absolutely great.
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      , thiruvananthapuram
      Reviewed on Jun 09, 2017
    • SBI Car Loan
      "Best offer in the market"
      0.5 5.0/5 "Blown Away!"
      I got good interest rate and best offer from SBI, I approached SBI through my showroom dealer, then loan process was completed smoothly without any hassle. I purchased Renault Duster they gave on road price of 12.92 lakhs,with the interest rate of 8.75% and it is really great.
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      , mumbai
      Reviewed on Jun 09, 2017
    • SBI Car Loan
      "Excellent interest rate but can improve customer support"
      0.5 5.0/5 "Blown Away!"
      This is an overview about my SBI credit card, I got the car loan from State Bank of India for 8.25% interest rate and the process was very quick and simple with Sbi. The rate of interest is low, because I have maintained my credit score. The service offered by SBI is average, they need to work on the customer service in future. They have disbursed my loan with 3 to 4 days and I am satisfied with the loan amount.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jun 09, 2017
    • SBI Car Loan
      "Very good services"
      0.5 5.0/5 "Blown Away!"
      I had taken my car loan from State Bank of India and the process was very fast. The documentation was also easy and I got a good deal on the interest rate and processing charges. I got a rate of around 8% and change. Overall a satisfactory experience and no hassles faced till date.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 09, 2017
    • SBI Car Loan
      "Quick car loan"
      0.5 5.0/5 "Blown Away!"
      Everything is done by my show room, because it had a tie up with Sbi . The State bank is offering the car loan with the interest rate of 8.75% with diminishing interest rate. Within 24 hours they have disbursed my loan amount. I am happy about the loan amount and I got half of the vehicle amount using this loan . I am satisfied with the SBI car loan service.
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      , erode
      Reviewed on Jun 08, 2017
    • SBI Car Loan
      "Better than others"
      0.5 5.0/5 "Blown Away!"
      It is an overview about my SBI car loan. I got the car loan from State bank of India and the interest rate was around 8.75%. They had provided a loan of 4 lakh Rupees, which was expected by me. Documentation procedures were compelted via mail itself. It was definitely a smooth process .
      Was this review helpful? 0
      , new delhi
      Reviewed on Jun 08, 2017
    • SBI Car Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      If you are looking out for car loan I would say you need to contact State bank as it is the best one to be approached. We can get the best interest rate to the market level. Interest rate would be very nominal when we compared with any other banks. The process should be done on time.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Jun 08, 2017
    • SBI Car Loan
      "Good services"
      0.5 4.0/5 "Great!"
      The process is on at State Bank if India for the car loan. It is a smooth sail and the documentation is also normal and the best is the interest rate. I got a rate of 8.25% and the processing charges was normal too. Good experience overall for the services.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 08, 2017
    • SBI Car Loan
      "Good Service"
      0.5 3.0/5 "Satisfactory"
      The process was very smooth and effective with respect to my car loan with State bank of India. Within 2 days of time SBI has disbursed my loan, I am happy with the loan amount with SBI. The rate of interest is high with SBI , they had offered me the car loan for 9.25% as an interest rate. Overall I am happy about the service and I can say it is the best service provided by SBI .
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      , kochi
      Reviewed on Jun 08, 2017
    • SBI Car Loan
      "Great service"
      0.5 5.0/5 "Blown Away!"
      The State bank of India has offered me the car loan with 8.75% interest rate. The SBI is doing a good job in concern to my car loan and the documentation was done through online itself and it was very effective and very easy process as well. I got the loan amount of 12lakhs, as the loan amount was high, they took around 4 days for disbursement. I am very much happy with the service offered by SBI.
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      , bangalore
      Reviewed on Jun 08, 2017
    • SBI Car Loan
      "Good on ROI"
      0.5 4.0/5 "Great!"
      The documentation process was not too easy with State Bank of India. There were in need of too much of paper works. The rate of interest was of 8.65% which was a better deal when compared to ICICI Bank. The processing charges were normal too. The process could be more easier when it comes to car loan.
      Was this review helpful? 0
      , nagpur
      Reviewed on Jun 08, 2017
    • SBI Car Loan
      "Superb service"
      0.5 4.0/5 "Great!"
      The State Bank of India just took 15 minutes to process my car loan application, within 3 days my car loan has been disbursed with SBI. The rate of interest is low with the SBI, because my credit score was up to the mark, I got a quick and effective service from the state bank of India. To sum up ,I am satisfied with the service.
      Was this review helpful? 1
      , pune
      Reviewed on Jun 07, 2017
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