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 Interest Rates

    We found 2 SBI Car Loan Interest Rates

    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    9.25% Floating
    0.50%
    -
    7 Years
    Response Time Within 30 minutes
    What you'll love
    Documents
    Perks
    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

    SBI Car Loan Interest Rates is Rated as "Excellent!" by 940 Users

    Car Loan BYTES FROM OUR KITCHEN

    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.


    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 - 9.60% For Men - 9.65%
    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 9.85/(12 x 100).

    For example: If you take a car loan for Rs. 5,00,000 at an interest rate of 9.85% 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 9.85%. 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.

    Perfect Car Loan Deals for you

    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
      "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.
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      , 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.
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      , 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.
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      , 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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