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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  • 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 Interest Rates is Rated as "Excellent!" by 1041 Users

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    SBI Car Loan Interest Rates

    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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