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.
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.
At least 21 years old
Less than 65 years old
Salaried or self-employed
with regular income
Earn more than the minimum
Minimum income required
Rs.2,50,000 per annum
Loan capped @
85% of the ex-showroom price
EMIs of other loans lower
Pay off your credit card bills
Choose longer tenure loan up to 7 years
|Interest Rate||Men : 9.30% Women : 9.25%|
|Pre Closure Charges||Nil|
|Loan Tenure||1 year to 7 years|
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.
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.
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:
|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.
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.
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.
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.
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.
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.
Yes, SBI car loan statements can be viewed online by visiting the SBI online banking portal and logging in to your Net Banking account.
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.
State Bank of India levies zero penalty fee on the preclosure of car loans.
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.
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.
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.
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.
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.
Salaried applicants must submit their Form 16 or latest salary slip and latest 2 years’ IT Returns, as income proof.
Identity proof documents that have to be submitted by the applicant are: PAN Card, Passport, Driver’s License, Voter's ID card, etc.
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.
SBI New Car Loan applicants are eligible to receive 85% of the On-Road price of the vehicle as auto loan.
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
SBI Combo Loan Scheme
NRI Car Loan Scheme
SBI Loyalty Car Loan Scheme
SBI Nano Youth Car Loan Scheme
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.
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.
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.
Under the SBI Combo Loan Scheme, a salaried borrower can avail up to 48 times his/her net monthly income as loan amount.
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.
The maximum repayment tenure on an SBI car loan is 84 months.
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.
There is no loan margin applicable on 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.
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.
The maximum repayment period is 7 years under the SBI Loyalty Car Loan Scheme.
No, there is no penalty on foreclosure of the 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.
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.
For the takeover of a car loan from another bank (balance transfer), the documents to be submitted to SBI are:
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