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

    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    9.25% Floating
    ₹1,000 to ₹1,500+ applicable tax
    -
    7 Years
    Response Time Within 30 minutes
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Eligibility Criteria
    9.20% Floating
    ₹1,000 to ₹1,500+ applicable tax
    -
    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 is Rated as "Excellent!" by 1009 Users

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    Car Loan BYTES FROM OUR KITCHEN

    SBI Bank is actively involved since 1973 in non-profit activity called Community Services Banking. All their branches and administrative offices throughout the country sponsor and participate in large number of welfare activities and social causes. Their business is more than banking because they touch the lives of people anywhere in many ways. Their commitment to nation-building is complete & comprehensive. SBI provide the best car loan scheme for you. Read on to learn about the eligibility and documentation requirements for the SBI Car Loan.


    You’re probably eligible for an SBI Car Loan if you are

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    SBI Car Loan Minimum Age

    At least 21 years old

    SBI Car Loan Maximum Age

    Less than 65 years old

    SBI Car Loan Eligible Employment Type

    Salaried or self-employed
    with regular income

    SBI Car Loan Minimum Income

    Earn more than the minimum
    income required


    Your SBI Car Loan amount eligibility is based on these factors

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    02
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    SBI Car Loan Minimum Salary

    Minimum income required
    Rs.2,50,000 per annum

    SBI Car Loan Maximum Loan to Value

    Loan capped @
    85% of the ex-showroom price

    SBI Car Loan EMI

    EMIs of other loans lower
    your eligibility


    Increase your eligible SBI Car Loan amount by these steps

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    SBI Car Loan Payoff Outstanding Credit Card Bills

    Pay off your credit card bills

    SBI Car Loan Maximum Tenure

    Choose longer tenure loan up to 7 years


    Documentation needed to apply for an SBI Car Loan

    • 1. Residence proof
    • 2. Photo ID and age proof
    • 3. Signed application form with photograph
    • 4. Last 6 months bank statement
    • 5. Documentation for salaried applicants:
      • Last 3 months salary – slips
      • Form 16 or Income Tax Returns
    • 6. Documentation for self-employed applicants:

      • Last 3 years Income Tax Returns with computation of Income
      • Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account

    SBI Car Loan Interest RatesUpdated on 18 Aug 2017

    SBI Car Loan Details
    Interest Rate Men : 9.25% Women : 9.20%
    Processing Fees Rs.1,000 to 1,500 + GST
    Pre Closure Charges Nil
    Loan Tenure 1 year to 7 years

    Overview About SBI Car Loans

    State Bank of India, a Fortune 500 company is one of the oldest financial establishments in India with services ranging from personal banking, NRI services, corporate banking to agricultural banking. SBI’s commitment to the society and its contributions towards nation building have earned recognition and rewards from across the globe. SBI has also evolved and adapted itself with the changing dynamics of technology and has become a leader in providing innovative banking solutions to its clientele. State Bank of India offers exciting car loan schemes with competitive interest rates, flexible repayment options and the longest loan tenure in the industry.

    Apply for Car Loan Online

    Why choose a SBI Car Loan?

    State Bank of India provides car loans to every segment of the population namely salaried professionals, self-employed professionals, partnership firms and agriculturists. SBI Car Loans are provided for multi utility vehicles, new passenger cars and SUVs. With such a wide variety of options, the SBI car loan scheme becomes a natural choice for an applicant wanting to buy a car of his/her choice.

    Features of SBI Car Loan

    State Bank of India provides one of the best car loans in India with a wide range of benefits. Customers opting for a SBI car loan can expect great value and return on their investment.

    Key features of a State Bank of India car loan are given below.

    • The State Bank of India car loan comes with no hassles regarding EMIs and gives a customer the lowest EMI payment option possible. The added advantage is that a customer does not have to pay any advanced EMI while availing a SBI car loan. Customers also have the flexibility of opting to pay their EMIs at any time during the month.
    • The interest rates offered are also the lowest ranging from 9.20% - 9.25% . The interest rate is calculated for a borrower based on the daily reducing balance.
    • SBI offers the longest repayment tenure with customers selecting periods of up to seven years (84 months) for repayment of their car loans.
    • State Bank of India does not charge any penalty for pre closure of a car loan.
    • The bank charges a processing fee of 0.51% of the loan amount, with a minimum requirement of Rs 1020/- up to a maximum of Rs 10200/-.
    • Customers availing a SBI car loan can also enjoy the benefit of an additional SBI life insurance cover.
    • The loan margin allowed by SBI for borrowers with a net annual income of up to Rs 10 lakhs is 15% of the on-road price of the car. For customers with a net annual income of more than Rs 10 lakhs, the loan margin is around 15% on the ex-showroom price or 20% on the on-road price of the car.
    • An overdraft facility is also available with SBI for borrowers.

    Perfect Car Loan Deals for you

    Apply for a SBI Car Loan on BankBazaar.com

    Customers can apply for a SBI car loan on Bankbazaar.com without any hassles in a simple process. Anyone looking to apply should follow the below given steps to finish their application process.

    • On the Bankbazaar home page, access the navigational menu located at the top of the page. A separate section for loans is available here. A customer should open up the loans drop down menu and select car loans as his/her desired option. Under the car loan feature, the entire list of banks offering car loans have been listed. Here, choose the link which reads as SBI car loan. This link will lead you to the SBI car loan webpage which will feature the next steps to be taken.
    • On the SBI car loan page, customers can find details on State Bank of India, check their eligibility criteria for loans, search for the different types of car loans that SBI offers, get the SBI car loan amount eligibility, tips to improve their eligibility and also the required documentation to be submitted while applying for a SBI car loan.
    • Customers can easily apply for a SBI car loan on this page using the ‘Apply now’ feature after checking all the eligibility criteria.
    • After submitting an application online, customers will receive an instant e-approval from Bankbazaar. Then the application will be transferred to the State Bank of India for further processing and a bank executive will get in touch with the customer within a short period of time. Customers can also track their applications through SMS alerts and mail.

    SBI Car Loan Interest Rates

    A car loan is sanctioned by a lender to help the borrower purchase the car of their dreams. There are a number of banks that provide car loans at attractive rates. State Bank of India has a number of great deals when it comes to car loans which are tailor made to cater to the needs and requirements of the people. Here is a list of loans that have been made available by SBI:

    Loan Scheme Name Time period Interest Rates for Men (p.a.) Interest Rates for Women (p.a.)
    Car loan For the full time period 9.25% 9.20%
    Combo loan scheme For the full time period 9.25% 9.20%
    Certified pre-owned car loan For the full time period 12.65% 12.65%
    NRI Car Loan For the full time period 9.25% 9.20%
    SBI Assured Car For the full time period 9.25% 9.20%
    SBI Loyalty NRI car loan, car loan, combo loan 9.15% 9.10%
    Two-wheeler For the full time period 17.25% 17.25%
    Super Bike For the full time period 11.65% 11.65%

    With rates like these, it is not a tough task to pay back a car loan for any citizen who’s capable of pickup a car.

    SBI follows the system of MCLR (Marginal Cost Based Lending Rate) to determine the applicable interest rate for car loans as per the mandate by RBI. The bank maintains a single slab of interest rate applicable for all term options.

    Note: The above mentioned interest rates are subject to change as per the revised GST rates.

    SBI Marginal Cost Based Lending Rate (MCLR) for New Borrowers
    Benchmark MCLR rate 9.15%
    SBI Car Loan Scheme 9.75% (MCLR + 0.60%)
    SBI Combo Loan Scheme 9.75% (MCLR + 0.60%)
    NRI Loan Scheme 9.75% (MCLR + 0.60%)
    Pre-owned Car Loan 13.15% (MCLR + 4.00%)

    Women borrowers get a concession of 0.05% on the existing rate for all car loans schemes from SBI.

    Note:The MCLR is subject to periodic revision as per bank’s credit policy and RBI’s quarterly reviews. Make sure to confirm with the bank on prevailing rates at the time of applying and choose the terms accordingly.

    SBI Car Loan Eligibility

    • SBI car loans can be easily availed by individuals above the legal age of 21 up to an age of 65 years.
    • Salaried professionals can apply as a single applicant or as co-applicants with a combined net annual income of Rs 3, 00,000/-. State and Central Government employees, Public Sector and Private sector employees qualify as salaried professionals for SBI car loans. The loan amount that will be sanctioned for a salaried employee will be 48 times more than the net monthly income.
    • Self-employed businessmen, proprietary or partnership firms with a net profit or gross taxable income of Rs. 4, 00,000/- per annum are also eligible to apply for a SBI car loan. If there are co-applicants in this case, then the income of the co-applicant can be clubbed with the applicant’s income details. For self-employed professionals, the bank generally sanctions a loan amount up to four times more than the net profit or gross taxable income as per Income Tax Returns (ITR) after the addition of depreciation. The payment pattern of a customer with regards to other loans would also be considered while approving a SBI car loan.
    • SBI also provides car loans for persons involved in agriculture and other allied activities. The net annual income of an applicant and a co-applicant in this case should come up to Rs. 4, 00,000/- for obtaining an approval from the bank. State Bank of India sanctions car loans up to three times more than the net annual income for agricultural applicants.

    While applying for a SBI car loan, customers need to submit the completed application form along with a list of required documents namely – borrower’s bank account statement for the last six months, two passport size photographs, copies of passport or voter’s id or pan card, a proof of residence, latest salary slip for employed professionals and proof of office address for self-employed individuals. IT Returns form and Form 16 for the previous two years are also required for both salaried and self-employed individuals.

    SBI Car Loan EMI Calculator

    The main menu on the Bankbazaar home page contains finance tools which can help a customer calculate the EMI that he/she will be paying while availing a SBI car loan. Our Car Loan EMI calculator is designed to efficiently calculate the SBI EMI payment details in a matter of seconds. Customers have to follow a simple process to instantly calculate their SBI car loan EMIs.

    1. On the main menu, a customer is required to select the ‘Finance Tools’ drop down menu, which opens up to the EMI calculator option. Selecting this link will take you to the Car loan EMI calculator option specifically leading you to the calculator page.
    2. There are separate ruler scales available on the calculator page donating the ranges of the ‘loan amount’ and ‘tenure’ that can be selected by customers.
    3. Customers need to enter a few details to calculate the EMI to be paid for a SBI car loan. The first detail that has to be entered is the required loan amount and the tenure of the SBI car loan taken. The pre-populated values can be changed to suit the customer’s details.
    4. Then the interest rate charged by State Bank of India for car loans has to be entered along with the processing fee charged for SBI car loans. The default value is already populated in the field and can be changed accordingly.
    5. Clicking on ‘calculate’ will give a customer details of his SBI car loan EMI payments along with the breakup of the total interest that will be due.

    On a rare instance, if customers face any issues or problems while navigating through this page, please feel free to get in touch with our customer care team.

    1. How can a customer track his SBI Car Loan application status online?

      Applicants can track their SBI car loan applications made through Bankbazaar by receiving update via SMS to the registered number and mails to the registered email ID. You can also check the SBI car loan application status online through the official website of State Bank of India.

    2. From where can I get the SBI car loan application form?

      Eligible applicants can apply for the SBI car loan online by visiting the official website of State Bank of India or by visiting the Bankbazaar website and filling the SBI car loan online application form.

    3. Can I view my SBI car loan statement online?

      Yes, SBI car loan statements can be viewed online by visiting the SBI online banking portal and logging in to your Net Banking account.

    4. What all costs are covered by the loan margin amount?

      The costs covered using the loan margin amount is the “On-Road” price includes Insurance charges, Registration fees, and Total Service Package, Extended Warranty, Cost of Accessories and/or Annual Maintenance Contract.

    5. What are the foreclosure charges levied on the SBI car loan?

      State Bank of India levies zero penalty fee on the preclosure of car loans.

    6. Is it possible to get a reimbursement from SBI, on the cost of a car purchased using own finance?

      Yes, borrowers are eligible to get a reimbursement of the amount spent by them to finance the purchase of the car, as long as it is a new car or a car which is less than three months old.

    7. How can I get more information related to SBI Car Loans?

      In order to get more information related to SBI car loans, customers can reach out to any branch of State Bank of India or call the dedicated SBI customer care service through the toll-free number which will be available at the Bank’s website or on BankBazaar.

    8. While providing finance based on “on-road” price, what all costs are considered?

      Costs that come under “On-Road” price includes Insurance charges, Registration fees, and Total Service Package/ Extended Warranty/ Cost of Accessories and or Annual Maintenance Contract.

    9. What is the income eligibility criteria for farmers or those involved in agricultural activities to avail the SBI New Car Loan?

      Only farmers or those involved in agricultural activities who have an annual income of at least Rs. 4,00,000. The applicant can also have a co-obligor to the car loan application in order to reach the minimum income criteria.

    10. What is the income eligibility criteria for professionals to avail the SBI New Car Loan?

      Professionals and Businessmen have to earn an annual income of at least Rs. 4,00,000. The applicant can also have a co-obligor to the car loan application in order to reach the minimum income criteria.

    11. What are the income proofs that have to be submitted by salaried applicants?

      Salaried applicants must submit their Form 16 or latest salary slip and latest 2 years’ IT Returns, as income proof.

    12. What are the identity proof documents that have to be submitted by the applicant?

      Identity proof documents that have to be submitted by the applicant are: PAN Card, Passport, Driver’s License, Voter's ID card, etc.

    13. What are the address proof documents that have to be submitted by the applicant?

      Any one of the following documents can be submitted by the applicants, as address proof: Driving License, Passport, Voters ID card, Ration card, Life Insurance policy, Electricity bill or Telephone Bill.

    14. How much finance can you avail on the SBI New Car Loan?

      SBI New Car Loan applicants are eligible to receive 85% of the On-Road price of the vehicle as auto loan.

    15. Are there any special benefits for women availing the car loan schemes from SBI?

      Yes, women can get lower interest rate on the SBI car loan schemes than regular customers. Generally, the rate is .05% lesser than the regular interest rate.

      SBI Car Loan Scheme

      Interest Rate for Female Borrowers

      Interest Rate for Male Borrowers

      SBI Car Loan Scheme

      9.80%

      9.85%

      SBI Combo Loan Scheme

      9.80%

      9.85%

      NRI Car Loan Scheme

      9.80%

      9.85%

      SBI Loyalty Car Loan Scheme

      9.55%

      9.60%

      SBI Nano Youth Car Loan Scheme

      10.05%

      10.10%

    16. What does the SBI Combo Loan Scheme offer?

      With the SBI Combo Loan Scheme, an eligible applicant can avail loans to procure both a car and a two-wheeler for a loan quantum up to 85% of the on-road price of the same.

    17. What is the income eligibility criteria for salaried individuals to avail the SBI Combo Loan Scheme?

      Salaried individuals have to earn an annual income of at least Rs. 3,00,000 to avail the SBI Combo Loan Scheme. The applicant can also have a co-obligor to the car loan application in order to reach the minimum income criteria.

    18. What is the income eligibility criteria for self-employed individuals to avail the SBI Combo Loan Scheme?

      Salaried individuals have to earn an annual income of at least Rs. 4,00,000 to avail the SBI Combo Loan Scheme. The applicant can also have a co-obligor to the car loan application in order to reach the minimum income criteria.

    19. What is the loan quantum that can be availed by a salaried borrower under the SBI Combo Loan Scheme?

      Under the SBI Combo Loan Scheme, a salaried borrower can avail up to 48 times his/her net monthly income as loan amount.

    20. How does CIBIL score affect your SBI car loan application?

      Like all other lenders, SBI also checks the CIBIL score of the applicant while processing his/her car loan application. Only if the CIBIL score is high, the loan application will be approved by the Bank.

    21. What is the maximum tenure for repayment that you can avail on the SBI car loan application?

      The maximum repayment tenure on an SBI car loan is 84 months.

    22. What is the loan margin available on the SBI Combo loan scheme?

      Applicants who earn a Net Annual Income not more than Rs. 10 lakh are eligible for a loan margin of 15% of 'On Road Price' of car. Applicants who earn a Net Annual Income of over Rs. 10 lakh are eligible for a loan margin of 15% of ex-showroom price of car or 20% of "On-road price", whichever is chosen by the borrower.

    23. What is the loan margin available on the SBI Loyalty Car Loan Scheme?

      There is no loan margin applicable on the SBI Loyalty Car Loan Scheme.

    24. I am 20 years old. Can I apply for a car loan under the SBI Loyalty Car Loan Scheme?

      No, you have to be at least 21 years old in order to be eligible for the SBI Loyalty Car Loan Scheme.

    25. What is the minimum income eligibility criteria for the SBI Loyalty Car Loan Scheme?

      The applicant must earn a the minimum income of at least Rs. 2,00,000 in order to fulfill the eligibility criteria for the SBI Loyalty Car Loan Scheme.

    26. What is the maximum repayment period under the SBI Loyalty Car Loan Scheme?

      The maximum repayment period is 7 years under the SBI Loyalty Car Loan Scheme.

    27. Is prepayment penalty levied on foreclosure of the loan under the SBI Loyalty Car Loan Scheme?

      No, there is no penalty on foreclosure of the loan under the SBI Loyalty Car Loan Scheme.

    28. Who can avail a car loan under the SBI Loyalty Car Loan Scheme?

      This scheme is available only to existing SBI home loan borrowers who are self-employed, businessmen, professionals, individuals employed under the central government, state government, corporations, public sector/ private sector, individuals involved in farming and allied activities, etc.

    29. Does SBI offer the provision for life insurance along with the car loan?

      Yes, while applying for an SBI car loan, the applicant can choose to opt for the life insurance plan offered by SBI Life Insurance Company Ltd.

    30. For the takeover of a car loan from another bank (balance transfer), what are the documents to be submitted to SBI?

      For the takeover of a car loan from another bank (balance transfer), the documents to be submitted to SBI are:

      • Original Sanction letter of the lender.
      • Account statement by the lender.
      • RC Book
      • Copy of Insurance.
      • Foreclosure letter.
      • List of documents held by the lender
      • Letter undertaking the issue of NOC by the present lender (financial institution or bank).

    News About SBI Car Loan

    • Suzuki Sport to be meet launch date set for October

      Posted on 11th August 2017


      Japanese manufacturer, Suzuki, will soon officially launch the all new Swift Sport. The launch is set to happen at the 67th IAA Frankurt Motor Show. The new model comes with a number of impressive new features like all new interiors, a powerful engine to power the vehicle, and black housing to take care of any problems that could arise with fog. The Swift Sport comes with 17-inch alloy wheels and an all new, slick looking diffuser along with chrome-tipped exhaust ends. The cabin of the car is styled to a fiery red and black overtone which exudes a sense of sportiness. The new Swift Sport will be launched in October this year.

    • Production Commences for Volkswagen Tiguan, Launch To Happen Soon

      Posted on 11th April 2017


      Volkswagen brings some good news for SUV enthusiasts in India. Reports are in that the German automaker’s Indian division is has already started the production of Volkswagen’s much anticipated Tiguan SUV. The launch of the VW Tiguan, which was first showcased at the Auto Expo 2016, will once again usher Volkswagen into the SUV segment of the Indian automobile market. Production has begun at Volkswagen’s Aurangabad facility in Maharashtra and the launch is expected to happen in the coming few months. The SUV is expected to be priced around the range of Rs 25 lakh and will take on other equally competent rivals such as the Honda CR-V and the Hyundai Tucson.

      The model of the Tiguan which is being produced for India is a second generation model, based on VW's MQB platform. Under the hood, this VW SUV comes fitted with a 2.0-litre diesel engine which delivers 150PS of power and torque at 340Nm. The SUV is also set to feature Volkswagen's '4Motion' all-wheel drive’, 4 driving modes and a 7-speed dual-clutch automatic transmission.

      The international model of the Tiguan comes with multiple safety enhancing features like 7 airbags, Hydraulic Brake Assist, EBD and Anti-braking System. On the exterior, the SUV comes with LED headlamps (with LED DRLs) and alloy wheels. The interiors of the Tiguan feature split folding (40:20:40) rear seats, an 8-inch touchscreen infotainment system, 3-zone climatronic air-conditioning and a panoramic sunroof.

    • Honda Launches WR-V, bookings opened

      Posted on 5th April 2017


      Honda recently launched the Honda WR-V, a cross hatchback based on the Jazz. The car has been priced slightly higher than the Jazz but has the features to back it up. The WR-V is available in two variants powered by either a 1.2l petrol engine (90PS) or a 1.5l diesel engine (100PS). The engines are mated to a 5-speed manual transmission churning out mileage of 17.5 kmpl and 25.5 kmpl respectively. Unfortunately, there is no petrol-CVT variant available.

      The front of the car gets a facelift from the Jazz and has a more sporty look. The wheelbase has been increased by 25mm and the ground clearance has been raised to 188mm. A few bonus features include a sunroof, 16-inch alloys and LED daytime running lamps.

      Bookings for the car have already been opened at dealerships across the country with a price tag of Rs.7 lakh to Rs.10 lakh (ex-showroom).

    • Mercedes To Showcase the AMG GT-based Concept Sedan At Geneva Moto Show

      Posted on 13th March 2017


      Long rumored to be working on a car which derives its inspiration from the AMG GT’s platform, Mercedes recently launched a teaser of their new concept sedan which derives inspiration from AMG GT. The concept sedan will be showcased at the Geneva Motor Show. Designed to appear like a stretched version of the AMG GT coupe, if the GT concept sedan materializes and hits the market, it will be competing against other greats like the Porsche Panamera and the BMW M6 Gran Coupe.

    • Honda Opens Bookings for the New Cross-Hatch Model WR-V

      Posted on 9th March 2017


      Honda announced that it has opened bookings for the new cross-hatch WR-V from today. The car can be booked at any of the Honda dealerships in the country for Rs.21,000. The actual sales will begin from March 16th. The crossover has some of the features of Honda Jazz and it’s powered by the same 90PS 1.2 litre petrol and 100PS 1.5 litre diesel engines. However, the WR-V has some basic differences, such as a slightly raise ground clearance, a sunroof, and an updated infotainment system.

    • Maruti Launches the Limited Edition of Swift Dzire

      Posted on 7th February 2016


      Maruti Suzuki has launched the ‘Allure’ edition of Swift Dzire, giving it a slightly new appearance, both on its interior and exterior. Swift Dzire has been one of the leading models of Maruti in terms of sales. The new Swift Dzire comes as a limited edition and has additional accessories than the current one. Allure edition is available is six colors and it has not been modified mechanically. It continues with the 1.2 litre K-series VVT petrol engine and 1.3 litre. The new model features side skirts, bumper protectors, a front center armrest, and door sill guards. A Nertz infotainment system is something that customers can opt as an additional feature.

    • ‘Hope Loans’ from SBI at lower interest rates

      Posted on 24th October 2016


      State Bank of India launched a special financing scheme for customers who want to avail loans at lower interest rates. Home Loans from SBI will be offered at reduced rates owing to the drop in the MCLR (Marginal Cost of Lending Rate). This drop in MCLR will bring down the effective interest rate for home loans for women to 9.25%, and 9.30% for men. While the interest rate for auto loans would drop to 9.65%. Apart from the reduction in interest rates of SBI car loan, the processing fee has also been waived.

      SBI has announced that for all auto, home, and personal loans granted till 31st December, 2016, the bank will make a generous monetary contribution to recognised NGOs, associated with education, health, shelter, and environment of the country. Through Hope Loans, SBI intends to boost the confidence of the customers in associating with SBI to bring hope for the underprivileged.

    • SBI Will Soon Launch New Loan Schemes For 7th Pay Commission Beneficiaries

      Posted on 26th September 2015


      While the Central Government is planning to implement the 7th pay commission on wage hike, State Bank of India has swiftly moved to grab the opportunity to attract the beneficiaries with their new loan schemes. Many automobile companies like Maruti and Hyundai feel that the wage hike will increase the repaying capacity of the beneficiaries and automobile loans will boost sales. Banks are targeting the funds which will be released by the government towards wage hike which is about Rs. 85,000 Crore. SBI Shaurya scheme which will now allow the beneficiaries to avail home and car loans at low interest rates. Under this scheme, the borrower can pay higher equated monthly instalments while they are in service and reduces the EMI amount post-retirement. SBI Managing Director, Rajnish Kumar stated that they will be launching SBI privilege scheme for non-defence government employees with reduced interest rate. He confirmed that the age limit of the borrowers is increased from 70 to 75 years and the interest rate will be 10 bps lower. The maximum loan tenure remains 30 years. The Chairman of SBI, Arundhati Bhattacharya, stated that the bank will also focus on mobilizing the deposits.

    • Lenders geared to introduce policies to tap pay commission jackpot

      Posted on 25th August 2015


      SBI BSE 3.21 percent, India’s biggest public bank as well as its major competitors are all geared to unveil financial initiatives to encourage public and defense staffs for better August remunerations to take loans/advances and use it to purchase vehicles or properties. PNB BSE 0.86 percent is also in the playground to utilize the salary hike season to their benefit. SBI has already slackened the eligibility criteria by making the age bar a bit more flexible by increasing it by 5 years. They have also done away with prepayment penalties and also brought down the rates considerably.

    • SBI Among The First To Slash Retail Loan Rates

      Posted on 11th May 2016


      State Bank of India, the nation’s leading banking institution has taken the lead in the race to slash interest rates. The bank has announced a 0.05% drop in interest rates for all its retail loan products, namely personal loans, education loans, home loans and car loans. The revised rates of interest will be applicable from May 1, 2016. Following this move, SBI currently offers the cheapest retail loans in the country at the moment.

      This cut in loan interest rates has taken place as a result of the drop in the Marginal Cost-based Lending Rate or MCLR for 1 year. All retail loans are associated to the MCLR which also dropped from 9.20% (in April) and is currently set at 9.15%, effective from May 1 onwards.

      Following the rate cut, SBI offers lowered interest rates for its various loan products. Home loans, under the general category, will now be available to women at the rate of 9.35% and at the rate of 9.40% for men. Personal loans will be offered at revised interest rates ranging from 12.55% to 16.65%, while education loans will be offered at an interest of 11.15% (for loans up to Rs 7.5 lakh) and at 10.85% (for loans above Rs 7.5 lakh).

      In the auto loans segment, SBI has shown considerable growth, by 22%, from the last year. Following the rate cut, auto loans will also be cheaper by 0.05% and are now being offered at a revised rate of 9.60% for women and at 9.65% for borrowers in the general category. For super bike enthusiasts, SBI has introduced a special super bike loan scheme with interest rates fixed at 12.15%.

      However, the processing fee for these loans will range between Rs 5,400 to Rs 17,800. For the rest of the car loan segments, processing fee has earlier been waived off but will now be applicable once again, at the rate of 2% of the loan amount of Rs 500. The EMI for a 7 year new car loan has been fixed at Rs 1647 for borrowers in the general category and at Rs 1645 for women borrowers.

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  • SBI Car Loan Reviews

    • SBI Car Loan
      "Swift Service"
      0.5 5.0/5 "Blown Away!"
      This is the known fact that the 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 just two days. Actually the bank has done everything in a good manner because I went through a car dealer. It was a pleasant surprise that I had got my loan from SBI in two days but this happened because of the dealer. I just submitted my documents to the dealer and the rest of the loan process was taken care by the dealer. It was a hassles free service.
      Was this review helpful? 0
      , chennai
      Reviewed on Aug 16, 2017
    • SBI Car Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      The car loan service with State bank of India was really good. Within 10 days of time SBI has disbursed my car loan. The rate of interest is low with SBI, when compared with others. I am happy with the loan amount. They approved the loan amount more than my expectation .The service provided by SBI on my car loan is very much satisfactory.
      Was this review helpful? 0
      , bangalore
      Reviewed on Aug 07, 2017
    • SBI Car Loan
      "Good car loan process but be more responsI ve"
      0.5 4.0/5 "Great!"
      My first car loan was with SBI it was also good it was a new car immediately they financed it. I did not receive any kind of reminders for EMI how ever it was good overall. I did not even receive a welcome kit or a welcome call too when my loan was confirmed.
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      , udaipur
      Reviewed on Aug 07, 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 8.65% and the process was also smooth. As I had submitted all the required documents in one go the loan got approved I had applied for 2.50 lakhs and this is for a tenure of 6 years.
      Was this review helpful? 0
      , gurgaon
      Reviewed on Aug 06, 2017
    • SBI Car Loan
      "Nice Service"
      0.5 5.0/5 "Blown Away!"
      I took car loan from State bank of India about four years ago. I do not remember about the interest rate but they sanctioned the loan on time. But now the interest rate is high with SBI for the loans. Customer service is better. But then for my car loan, they provided a good service.
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      , bangalore
      Reviewed on Aug 05, 2017
    • SBI Car Loan
      "Nice Service"
      0.5 5.0/5 "Blown Away!"
      I took car loan from State bank of India about four years ago. I do not remember about the interest rate but they sanctioned the loan on time. But now the interest rate is high with SBI for the loans. Customer service is better. But then for my car loan, they provided a good service.
      Was this review helpful? 0
      , bangalore
      Reviewed on Aug 05, 2017
    • SBI Car Loan
      "GOOD SERVICE"
      0.5 4.0/5 "Great!"
      Got car loan with State bank of India for a interest rate it depends on the cibil score how good it is processing fee they have charged is around 1000 rupees and the tenured is for 5 years of time. SBI took around 24 hours to disburse my car loan. The documentation process was very good and smooth. Overall the service is really good with SBI
      Was this review helpful? 0
      , new delhi
      Reviewed on Aug 03, 2017
    • SBI Car Loan
      "Very Good service"
      0.5 5.0/5 "Blown Away!"
      The State bank of India has disbursed my car loan within 7 days of time. The customer service was average with SBI. They were done most of the paper works by themselves. The SBI has taken care of end to end process in regards with my personal loan application. All my queries were answered by SBI executives. There is no additional charges and there is no Fore-closure charges and the rate of interest was the best which I got from SBI.
      Was this review helpful? 0
      , chennai
      Reviewed on Aug 02, 2017
    • SBI Car Loan
      "Moderate Service"
      0.5 4.0/5 "Great!"
      SBI is good in offering services especially when it comes to loan, on the same lines it is not that great, because they are taking too much time for document collections and approvals. Except the loan services, other banking service are good with SBI.
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      , hyderabad
      Reviewed on Aug 02, 2017
    • SBI Car Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      The State bank of India has approved my car loan within a day time. The customer service and the response was average with SBI. I would like to suggest that the customer service can be improved with SBI in future. The rate of interest is the same with Dena , in fact I would say it is much lower. Therefore I am very much contented with their service.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Aug 02, 2017
    • SBI Car Loan
      "Very good service"
      0.5 5.0/5 "Blown Away!"
      It has been a year now since I had taken a car loan from SBI. The rate of interest for the loan was around 9.45%. I am banking with SBI for a long time now. I did not face any problem with the bank till date. Even they are good in providing customer service too.
      Was this review helpful? 1
      , nagpur
      Reviewed on Aug 01, 2017
    • SBI Car Loan
      "Very good service"
      0.5 5.0/5 "Blown Away!"
      I got a car loan from State Bank of India. They have disbursed my loan within a span of 3 days . The customer service and the response is really excellent with SBI. The rate of interest is low when compared with other banks. I would like to recommend SBI car loan services to others.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Jul 30, 2017
    • SBI Car Loan
      "Super fast process & good deal on ROI"
      0.5 5.0/5 "Blown Away!"
      State Bank of India has been excellent in the process for the car loan. After I submitted my papers at the bank, it took a day to process the same. A super fast process and the interest rate was of 8.75% with nominal charges. The after loan services are also good.
      Was this review helpful? 2
      , bangalore
      Reviewed on Jul 13, 2017
    • SBI Car Loan
      "Best interest rate"
      0.5 5.0/5 "Blown Away!"
      Interest rate is around 9% fro the car loan with State bank of India. Actually I availed this loan about six months ago. Everything went good with the bank during the loan process. SBI Interest rate is the best one in the market. I got the loan on time from SBI.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Jul 12, 2017
    • SBI Car Loan
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      The car loan process with State bank of India was excellent, because they have processed it very quickly. The customer and the response was really good with SBI. Within 7 to 10 days they have disbursed my car loan . The required loan amount has been disbursed and I am happy about it. The rate of interest is nominal .
      Was this review helpful? 0
      , new delhi
      Reviewed on Jul 10, 2017
    • SBI Car Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I am an existing customer of SBI, I directly approached them they to take car loan. I have submitted last two year form 16, KYC documents and pay slip with blank cheque. I purchased Volkswagen Vento, worth Rs. 15lakhs, I have loan of Rs. 8.6 lakhs with the good floating interest rate.
      Was this review helpful? 0
      , kolkata
      Reviewed on Jul 07, 2017
    • SBI Car Loan
      "Good service with low interest rate"
      0.5 3.0/5 "Satisfactory"
      The car loan process with SBI is very simple. I have spent just 2 hours and submitted the required documents and within a hour time they have checked my eligibility and approved my car loan. With in 4 days the loan got disbursed and the cheque was given to the showroom itself. The rate of interest is very low when compared with other banks.
      Was this review helpful? 0
      , chennai
      Reviewed on Jul 07, 2017
    • SBI Car Loan
      "Good in charges"
      0.5 4.0/5 "Great!"
      For the car loan, State bank of India provided a good service. The charges are nominal with the bank. I am satisfied in the rate of interest and the tenure for the loan. The bank sanctioned the loan and they processed it without any hassles.
      Was this review helpful? 0
      , kolkata
      Reviewed on Jul 06, 2017
    • SBI Car Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I preferred SBI for the car loan because of the rate of interest. The bank quoted 8.65% of interest rate for the car loan and they done with the process in a fast manner. Post submitted my documents to the bank, they sanctioned the loan within a day. I got an excellent service from bankbazaar.
      Was this review helpful? 0
      , indore
      Reviewed on Jul 05, 2017
    • SBI Car Loan
      "Very good service with the best Interest rate"
      0.5 5.0/5 "Blown Away!"
      The state bank of India just took 2 days time to disburse my car loan. I got a friend in SBI branch so I have submitted my documents through my friend. I am happy about the loan amount. The required loan amount has been disbursed. The rate of interest is low with SBI . I am happy with the car loan service with state of India.
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      , indore
      Reviewed on Jul 05, 2017
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