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  • SBI Car Loan

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  • State Bank of India offers car loans to its customers with interest rates ranging between 9.00% and 9.70% and tenure of up to 7 years.

    SBI has waived off processing fees on car loans for the upcoming festival season and is offering lowest car loan interest rates starting @ 8.70%
    (Updated on 20th Aug’19)

    Key Features of SBI Car Loan

    • Competitive EMI and interest rates
    • Repayment tenure of 7 years
    • Provides financing on the On-Road price
    • Interest is computed based on Daily Reducing Balance
    • No Advance EMI
    • Optional Life Insurance Cover from SBI
    More
    We found 1 SBI Car Loan
    Bank Name
    Interest Rate Range/Lease rental range
    Processing Fee Range
    Loan Amount
    Tenure Range
    9.00% - 9.70% Floating
    ₹1,000 - ₹1,500 (+ GST)
    Up to 48 times monthly income
    Up to 7 years
    What you'll love
    Documents
    Perks
    Think about
    Eligibility Criteria

    Table of Contents



    SBI Car Loan Fees and Charges

    Charges SBI Car Loan Scheme
    Processing fee
    • NIL for most of the plans except for the SBI Certified Pre-Owned Scheme where the processing fee will be
      • If loan amount is up to Rs.6 lakh – Rs.1,000 + GST
      • If loan amount is more than Rs.6 lakh – Rs.1,500 + GST
    Vehicle search charges per search
    • Rs.50
    Pre-payment penalty
    • If pre-payment is done within 36 months of loan disbursement – 1% + GST
    Foreclosure charges
    • 3% + GST
    Financing
    • Up to 90% of the car’s ‘On-Road Price’

    SBI Car Loan Eligibility

    To be eligible for an SBI New or Used Car Loan, applicants must adhere to the below-mentioned car loan eligibility criteria:

    • Applicant/individual must be aged between 21 years and 65 years.
    • The applicant must be either a Central/State Government employee, a professional or self-employed individual, or an individual who is engaged in agricultural and allied activities.

    Factors Affecting SBI Car Loan Interest Rates

    SBI offers high-value car loans to its customers with the interest rates offered for new and used car loans ranging between 9.00% and 9.70%. The interest rate that you are eligible for will be dependent on various factors, some of which have been mentioned below:

    1. Income-to-Debt Ratio – This is one of the primary factors that lenders take into consideration while determining the rate of interest. It basically is an indicator of the amount of money you owe to different entities. It is always recommended to have a low income-to-debt ratio as it denotes your capacity to make EMI payments on a monthly basis, without any delays.
    2. Market Fluctuations - Interest rates tend to change along with the performance of the market. Inflation also plays a major part in determining the interest rates. If the inflation rate goes up, then rates might increase and if the inflation rate goes down, then car loan interest rates might decrease. Other market conditions might also affect interest rates offered by the lender from time to time. Hence, customers should be completely aware of the prevailing market conditions when they opt for a car loan.
    3. Vehicle’s Age – When you borrow a car loan, the vehicle being financed basically acts as a collateral for the entire tenure of the loan. In case you default on the payment of the EMI, the bank can hold onto your vehicle, in order to balance out the outstanding dues. This is the reason why lenders and banks take into consideration the model and age of the vehicle while determining the rate of interest.
    4. Applicant’s income and occupation – In addition to the credit score of the applicant, his/her income and occupation type are also taken into consideration while determining the rate of interest. Banks typically prefer applicants that have a steady source of income as it indicates their capacity to make repayments without defaults.
    5. Repayment tenure: The repayment tenure that is the time given to the applicant to repay their loan amount will also determine the interest rate levied on their loan amount. Longer the repayment tenure, higher will be the interest rate charged on the loan amount.
    6. Relationship with your bank: The applicant’s relationship with the bank will also determine the rate of interest levied on the bank. It is always recommended that the applicant avails a car loan from the bank where he/she holds a bank account. The bank finds it easier to provide loan to a person who has been a customer of the bank for a very long time. Hence, there is a very good chance that the applicant will get a car loan at a lower interest rate.

    How to Increase Your Eligibility for SBI Car Loan

    Some of the ways through which you can increase your eligibility for SBI Car Loan are given below:

    • Have a good credit score: It is important to maintain a good credit score in order to improve your eligibility for SBI Car Loan. It I always recommended that you maintain a credit score of 750 and above as it gives the lender the impression that you will be able to repay the loan on time.
    • Shorter tenure: It is always recommended that you go for a shorter tenure while availing a car loan. Shorter tenure also means that a lower interest rate will be levied on the loan amount. The chances of your loan getting approved is higher if you go for a shorter repayment tenure as it means that you will have to pay back the loan amount quicker.
    • Apply for a lower loan amount: It is easier for a bank to approve your loan if your loan amount is low. This means that not only will a lower rate of interest be charged on the loan amount but since the loan amount is low, the bank finds it comfortable allowing you to avail the car loan.
    • Maintain a low debt-to-income ratio: The bank checks debt to income ratio before allowing to avail a car loan. If there is a significant balance between your income and your expenses, then the chances of you availing a car loan at a lower interest rate increase.

    Car Loan Schemes Provided by SBI

    The list of car loan schemes provided by SBI is given below:

    • SBI New Car Loan Scheme: This scheme is suitable for those who wish to purchase a new car for themselves. The repayment tenure is up to 84 months and the applicant is also offered an optional SBI Life Insurance Cover.
    • Certified Pre-owed Car Loan Scheme: This scheme is for those who wish to purchase a pre-owned car for themselves. The minimum loan that one can avail is Rs.3 lakh and the maximum loan amount being Rs.10 lakh. The repayment tenure can be either 5 years, or 8 years minus the age of the vehicle.
    • SBI Loyalty Car Loan Scheme: Customers who have availed a home loan from SBI have the option of availing this scheme and purchase a car of their choice. The repayment tenure under this scheme is 7 years, and the minimum income criteria the applicant will have to fulfil is Rs.2 lakh.
    • SBI Assured Car Loan Scheme: If a customer has opened a fixed deposit account in a branch of SBI, then he/she can avail this car loan scheme. The repayment tenure ranged between 3 years and 7 years depending on the loan amount. The margin under this scheme is 100% of the fixed deposit or the on-road price of the vehicle. The minimum loan amount one can avail is Rs.2 lakh.
    • SBI Car Loan Lite Scheme: Businessmen, agriculturists, and self-employed people under ‘Tatkal Tractor Scheme’ who are engaged in business which provides them income but have no proof to show for the same can apply for this scheme. The maximum loan amount that one can avail under this scheme is Rs.4 lakh, and the maximum repayment tenure is 5 years.

    How to Calculate EMI on SBI Car Loan

    Before you avail a car loan from SBI, you may want to know how much amount you will be paying towards the loan each month. This is simply known as EMIs or equated monthly instalments and it offers an easy way to repay your car loan. By calculating the EMI, you will be able to budget your monthly expenses better.

    You can calculate the EMI for your car loan by using the below-given formula:

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

    In the above formula, E denotes the EMI, P the principal amount, r the interest rate and n the number of years or tenure of the loan.

    You can also calculate the EMI by using the EMI Calculator tool wherein you just need to enter the loan amount, interest rate, repayment tenure, processing fee, etc. The tool will calculate the EMI and display it to you.

    SBI Car Loan EMI Calculator

    Comparison for Car Loan Interest Rates of Top Banks with Lowest EMI for 7 Years

    Name of the Bank Interest Rate (p.a.) Lowest EMI per lakh for 7 years
    State Bank of India 9.00% and 9.70% Rs.1,609
    HDFC Bank 10.35% to 11.10% Rs.1,642
    Axis Bank 9.25% onwards Rs.1,622
    ICICI Bank 9.30% - 12.85% Rs.1,624
    YES Bank 9.75% onwards Rs.1,647
    Canara Bank 8.80% - 9.45% Rs.1,599
    Punjab National Bank 8.90% - 9.35% Rs.1,604
    Central Bank of India 7.05% Rs.1,512

    How to apply for SBI Car Loan

    There are two ways through which you can apply for an SBI Car Loan online:

    1. Through BankBazaar.com: You can visit the BankBazaar’s official website and follow the process given below:
      • Visit the BankBazaar’s official website.
      • Click on the ‘Loans’ tab, and under it click on ‘Car Loan’s.
      • You will be directed to a separate page where you will be shown the list of car loans offered by various banks including SBI.
      • You can click on ‘Explore’ to know more in detail regarding the features and benefits of the car loan scheme.
      • Once you are sure that the car loan scheme offered by SBI is suitable for you, you can click on ‘Apply Now’.
    2. Applying by visiting the official website of the bank: You can visit the official website of SBI and apply for a car loan of your choice. You will have to upload the necessary documents and once the bank verifies it and is satisfied that all the documents submitted by you is correct, the loan amount will be disbursed to your bank account instantly.

    Documents Required for SBI Car Loan

    The applicant must submit the below-mentioned documents alongside the completed application form:

    Salaried Individuals:

    • Bank account statement for the preceding 6 months
    • 2 passport size photos
    • Proof of address
    • Identity proof
    • Proof of income: Latest pay slips, Form 16
    • Income Tax Returns or Form 16 for the preceding 2 years

    Non-Salaried/Businessmen/Professionals:

    • Bank account statement for the preceding 6 months
    • 2 passport size photos
    • Proof of address
    • Identity proof
    • Proof of income: Income Tax Returns for the preceding 2 years
    • Form 16 for the preceding 2 years
    • Audited Balance Sheet
    • P&L statement for preceding 2 years
    • Sales Tax Certificate
    • Partnership Copy

    Individuals Engaged in Agricultural and Allied Activities:

    • Bank account statement for the preceding 6 months
    • 2 passport size photos
    • Proof of identity
    • Proof of address
    • Direct agricultural activity
    • Allied agricultural activity (poultry, dairy, plantation, horticulture): Evidential proof of the activities running must be provided

    FAQs

    What are the different makes of vehicles financed by SBI?

    SBI finances all makes of new and used cars. The used car being financed, however, must not exceed 5 years in age. The applicant can choose any make or model for financing.

    What are the factors based on which the EMI is calculated?

    The car loan EMI is computed considering factors such as loan tenure chosen by the applicant. The EMI will be higher if a shorter tenure is chosen as compared to a long tenure.

    What is the security that needs to be furnished with respect to SBI Car Loan?

    A certain charge on the financed vehicle is submitted to the Local Transport Authorities. Your spouse will have to be the guarantor in case his/her income has also been considered for determining the loan amount. Other securities may be mandated, varying from one applicant to another.

    Can my spouse be a co-borrower?

    Yes. Your spouse can join in on the car loan as a co-borrower. In that case, his/her income will be included.

    What are the elements included in the ‘On-Road Price’ of the vehicle?

    The following elements are included in the ‘On-Road Price’ of the financed vehicle:

    • Registration charges
    • Insurance and extended warranty
    • Annual maintenance contract
    • Cost of accessories
    • Total service package

    Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.

    SBI Car Loan Reviews

    • SBI Car Loan
      "Cheap and best"
      0.5 5.0/5 "Blown Away!"
      SBI has provided me a cheap and best loan service so i bought the car loan with them. They sanctioned the loan in 3 days. The interest rates are 8.9% which is a nominal one. SBI car loan was closed 2 years before. I have fore-closure the loan for that they have not taken any charges.
      Was this review helpful? 5
      , agra
      Reviewed on Oct 11, 2019
    • SBI
      SBI Car Loan
      "Floating interest rates"
      0.5 5.0/5 "Blown Away!"
      My car loan was taken from SBI its because of the floating interest rates. They have sanctioned the loan in 4 to 5 days. I took the loan 7 years back hence i have no idea about the processing fee and down payment. The interest rate was convenient for me. I have received the NOC letter as well once i closed the loan.
      Was this review helpful? 10
      , bangalore
      Reviewed on Oct 08, 2019
    • SBI Car Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      From SBI I have taken a car loan on 5 months before which was processed through showroom. I have provided some required documents and they have sanctioned a loan within 2 days. The amount was sufficient for the tenure period of 5 years. The rate of interest and processing fee are nominal. The car model is Mahindra CUV300 it is around 12 lakhs.
      Was this review helpful? 10
      , itanagar
      Reviewed on Oct 04, 2019
    • SBI Car Loan
      "Good"
      0.5 5.0/5 "Blown Away!"
      The services and rate of interest is good with State Bank of India interms of car loan. I have purchased Grand i10 in 2015, the loan process was very simple. They have provided me 80% funding and made down payment of 1L. The loan duration is 7years for 7L.
      Was this review helpful? 13
      , visakhapatnam
      Reviewed on Sep 28, 2019
    • SBI Car Loan
      "SBI Loan service is good"
      0.5 4.0/5 "Great!"
      My car loan was taken from SBI because the interest rate is less and the processing fee was nominal. They have not deducted any hidden charges. I applied the loan amount of Rs. 4.5 lakhs and they have sanctioned the loan in 2 days. I have been paying the EMI amount of Rs. 7500 for the tenure period of 7 years.
      Was this review helpful? 12
      , chennai
      Reviewed on Sep 25, 2019
    • SBI Car Loan
      "Good"
      0.5 5.0/5 "Blown Away!"
      I have purchased Eco4 car through State Bank of Indiaby doing a down payment of 75K and the total car value is 17L. The loan experience was good and it was completed before 2 years ago. The rate of interest is reasonable. The tenure period was 3 years.
      Was this review helpful? 18
      , faridabad
      Reviewed on Sep 17, 2019
    • SBI Car Loan
      "HYUNDAI"
      0.5 5.0/5 "Blown Away!"
      I am having a good experience with State Bank of India on car loan process. They have provided me only 75% funding to purchase the car but HDFC BANK is doing preapproved loan upto 90%. I got a good response and the service. The interest rate is very very good on that time. I have purchased a HYUNDAI VERNA.
      Was this review helpful? 14
      , hyderabad
      Reviewed on Sep 14, 2019
    • SBI Car Loan
      "Documetation base approval"
      0.5 5.0/5 "Blown Away!"
      When i took the loan from SBI, the banking people were excellent. The employees are very friendly and giving confidence to the customer. Whenever i went to the branch, the manager is treating me as a important individual. The given interest rate is nominal. I got the loan amount of Rs. 3.75 lakhs. I have pre-closed the loan with zero charges.
      Was this review helpful? 12
      , hyderabad
      Reviewed on Sep 10, 2019
    • SBI Car Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      I have taken a car loan with SBI bank on last year. Through showroom I got an chance to taken a loan from SBI. The amount which was offered sufficient for the tenure period of 5 years. The rate of interest and processing fee are nominal. I bought a car model for swift.
      Was this review helpful? 16
      , secunderabad
      Reviewed on Aug 17, 2019
    • SBI Car Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I have taken a car loan with State Bank of India because they given for a nominal interest rate than other banks, which was applied directly to showroom. The process was smooth and received loan on time. I have bought for Maruthi 800 for the tenure period of 5 years. The amount paying for 6300 rupees.
      Was this review helpful? 10
      , visakhapatnam
      Reviewed on Aug 16, 2019
    • SBI Car Loan
      "Okay Okay"
      0.5 3.0/5 "Satisfactory"
      I have a car loan with State Bank of India because they gave me a lower interest rate than other banks. The customer service is average which they need to improve a lot. I bought Tiago and made down payment of 1.95L. The loan duration is 6 years..
      Was this review helpful? 7
      , new delhi
      Reviewed on Aug 13, 2019
    • SBI Car Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      I have taken a car loan with SBI bank on 6 months before which was applied directly through showroom. They have sanctioned the amount 6 lakhs for the tenure period of 5 years. The rate of interest and fee are nominal. So far no issue I faced for an EMI to pay. I bought a car for Hyundai i10.
      Was this review helpful? 4
      , visakhapatnam
      Reviewed on Aug 12, 2019
    • SBI Car Loan
      "Hassle free and quick loan experience"
      0.5 5.0/5 "Blown Away!"
      I am running my car loan with SBI, it was a hassle free experience they have sanctioned the required amount of the on road price of the car. The interest is very nominal around 9%, there was no difficult faced even I didn't contact the customer care. In a week time car was delivered.
      Was this review helpful? 3
      , bangalore
      Reviewed on Aug 11, 2019
    • SBI Car Loan
      "Satisfactory"
      0.5 3.0/5 "Satisfactory"
      I have taken car loan through State Bank of India since the showroom dealer referred .I have got a clear picture about the loan process ,I am not going to disclose the car model and the loan amount .I have got the loan amount very quickly .I am totally satisfied with the service .
      Was this review helpful? 0
      , bangalore
      Reviewed on Aug 10, 2019
    • SBI Car Loan
      "Convenient Banking"
      0.5 4.0/5 "Great!"
      I am banking with SBI for long term when I went for the car loan I linked this account for ecs purpose on monthly basis. The customer support is very good even they have Yono app we can manage everything in one. There is no reward points for the debit card transaction.
      Was this review helpful? 2
      , burdwan
      Reviewed on Aug 09, 2019
    • SBI Car Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      I have applied for State Bank Of India car loan which was applied through Online .I have got all the details about the loan process very clearly .The rate of interest and the processing fee was very high .I have applied for the loan amount of 2.4 lakhs for the tenure of 3 years .The car model was Nano Twist ,I am planing to close the loan since rate of interest was high .
      Was this review helpful? 0
      , kumbakonam
      Reviewed on Aug 08, 2019
    • SBI Car Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I have taken a car loan with SBI bank on 6 years before which was applied directly to bank. They have sanctioned the amount 4 lakhs for the tenure period of 7 years. The rate of interest and fee are nominal. They use to do auto debit from salary account for an EMI. I bought a car for swift 4th model.
      Was this review helpful? 1
      , pune
      Reviewed on Aug 07, 2019
    • SBI Car Loan
      "It's better"
      0.5 4.0/5 "Great!"
      My car loan is ongoing with State Bank of India and the process was easy. The interest rate is good and they have charged me a minimal processing fee. The loan has to repaid in 7 years. I have purchased Tiago Car and got 100% funding from the bank.
      Was this review helpful? 1
      , pune
      Reviewed on Aug 07, 2019
    • SBI Car Loan
      "Initial loan process has to be smooth"
      0.5 3.0/5 "Satisfactory"
      I have a car loan with State Bank of India, they have very tedious process. Its is very difficult to get the loan from them. The interest rate is good and once I get the loan then the process was easy. I made some down payment and they have provided me 80% funding. The loan tenure is 5 years.
      Was this review helpful? 0
      , bangalore
      Reviewed on Aug 06, 2019
    • SBI Car Loan
      "Need improvement on the customer's support"
      0.5 3.5/5 "Pretty good"
      Currently my car loan is running with SBI with the competitive rate, my loan amount was Rs. 4 lakhs for purchasing 2018 model, they took some processing fee it was minimal around 0.5%. The process was very smooth, I completed the documentation through showroom. It would be great if they improve their service.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Aug 03, 2019
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