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
At least 21 years old
Less than 65 years old
Salaried or self-employed
with regular income
Earn more than the minimum
Your SBI Car Loan amount eligibility is based on these factors
Minimum income required
Rs.3,00,000 per annum
Loan capped @
85% of the ex-showroom price
EMIs of other loans lower
Increase your eligible SBI Car Loan amount by these steps
Pay off your credit card bills
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 11 Feb 2016
|Interest Rate (Monthly reducing balance)|| For Women - 9.80% |
For Men - 9.85%
|Processing Fees||0.50% of loan amount +ST, Min: Rs. 950 +ST, Max Rs. 9100+ST|
|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.
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 10.40% to 10.45%. 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.
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
SBI provides the lowest rates of interest for new car loans in the industry. For all types of loan tenures, SBI offers a fixed rate of interest with a base rate of 10.00% per annum. SBI applies an interest rate of 10.45% for men, which is 0.45% above the base rate for car loans and an interest rate of 10.40% for women which is 0.40% above the base rate.
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.
- 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.
- 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.
- 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.
- 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.
- 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.
SBI Car Loan FAQs
How can a customer track his SBI Car Loan status online?
SBI car loan customers can track applications made on Bankbazaar.com through SMS alerts and mails. SBI car loan status can also be checked online through the State Bank of India portal.
Where is the SBI car loan application form available?
Customers can apply for a car loan online through the Bankbazaar website or the SBI website using the online SBI car loan application form.
Is the SBI car loan statement available online?
Yes, borrowers can get their SBI car loan statements online through the SBI online banking portal.
What are the different costs covered in the loan margin amounts issued by SBI?
The loan margin amount covers the on-road price of the car including the cost of registration, Annual Maintenance Contract, insurance and extended warranty, Total Service Package and also the cost of accessories.
What are the SBI car loan prepayment charges that are levied on a borrower?
State Bank of India charges zero penalty on pre closure of car loans.
Does SBI reimburse the cost of a car purchased by own sources?
Yes, State Bank of India does reimburse finance for cars purchased through own sources, provided the car is not more than three months old. The rate of interest charged is the same as applicable to a new car.
How does a customer get in touch with Customer care for more details on SBI Car Loans?
Our friendly customer care executives will be available at xxxxxxxxxx and will be happy to help customers with any queries regarding SBI car loans.
News About SBI Car Loan
SBI to reintroduce processing fees and hike service charges
Posted on 06th January 2016
Bringing in the New Year will also bring back SBI processing charges on Home Loans and Car Loans. Services charges will also rise on a number of services that include deposit lockers, select SBI debit card issuances and transaction declines due to insufficient account balances. Annual rent of SBI safe deposit lockers (not inclusive of service tax) will be increased by 12.35% to 35% in metro and urban areas. Semi-urban and rural areas will see a 5% to 19% hike depending on the size of the locker. ATM transaction declines due to insufficient balance will be charged at Rs. 22.90 instead of Rs. 17. Certain debit cards will carry an issuance fee. Gold cards will cost Rs. 114.5 and Platinum cards will cost Rs. 343.6. Home loan processing fees will be charged at 0.35% of the loan amount + service tax. The processing fees are subject to a minimum of Rs. 2,000 and a maximum of Rs. 10,000 + service taxes. Car loan processing fees will be charged at 0.50% of the loan amount + service tax. The processing fees are subject to a minimum of Rs. 950 and a maximum of Rs. 9,100 + service taxes.
The State Bank of India launches “SBI INTOUCH” Branch in Visakhapatnam
Posted on 30th December 2015
India’s largest lender, the State Bank of India, recently launched an INTOUCH branch at Visakhapatnam, the first of its kind in Andhra Pradesh. The “INTOUCH” branch will provide self-service banking facilities for customers including instant account opening where a customer can open an account in as less as 15 minutes. SBI is also planning to launch five more INTOUCH branches in Andhra Pradesh at Tirupati, Kakinada, Vijayawada and Rajahmundry apart from the newly inaugurated one in Visakhapatnam.
The branch will provide an interactive digital portal through which the customer can apply for loan products online including car loan, education loan and personal loan. This new branch also has a self-service kiosk where customers can apply for debit cards instantly and also getwealth management advice and financial advice through remote expert module. This tech zone can also be used to learn more about the internet banking and the branch also includes an ATM, recycler, passbook printer and electronic cheque drop machines.
On account of Chennai Floods, SBI Waives penalty on EMI Defaults for Chennai Residents
Posted on 29th December 2015
After the unprecedented deluge in Chennai and the damage that it has caused to property and assets, India’s largest lender, State Bank of India has come to a decision to waive off the penalty on non-payment and late payment of Equated Monthly Instalments for the month of November and December for car loans. The same has been extended to other loan products including personal loans and home loans. State Bank of India has also decided to waive off the processing fee for loans that Chennai residents might seek to repair and recoup from the losses and damage due to heavy rains. Loan products including Xpress credit loan, pension loan, home loan top up and gold loan will be offered by SBI at no extra cost.
The bank will also offer special soft loans to existing car loan borrowers for car repairs. This special loan will have a quantum of up to 10% of original loan and for customers holding SBI account, salary advance of three months net salary will be offered. Customers can choose from flexible repayment terms to pay back the loan.
To make things more easy for all SBI customers. SBI General and SBI Life are also setting up help-desks to make sure that all SBI customers are offered proper guidance to file their claims easily.
SBI Reduces Car Loan Interest Rates Following Reduction in Repo Rates by RBI
Posted on 12th October 2015
RBI has cut down repo rates by 50 basis points and in light of this regulation, State Bank of India has reduced its interest rate on loans by 40 basis points. It is the first bank to lower its EMIs once RBI announced its decision. Since the Bank’s car loans are directly affected by changes in the base rate, car loan borrowers can benefit from this new development. The rate cut, which is effective from this month onwards, will be enforced on other loan providers such as ICICI Bank, HDFC Bank, etc. as well.
Women Drivers Rejoice- SBI Car Loans Get Cheaper by 0.25%
Posted on 10th June 2015
India’s largest public sector bank, State Bank of India (SBI) is adding an irresistible twist to its popular 'Her Ghar' home loan scheme that is, as the name specifies, exclusive to women borrowers. Ladies who have availed this loan are eligible for a discount of 25 basis points on the interest rate when they apply for a SBI Car Loan. This plan is aptly called ‘Her Ghar Her Car’ loyalty scheme and allows the lady borrower to enjoy a new car at a reduced interest rate of just 10% per annum. The applicable interest rate for non ‘Her Ghar’ borrowers will continue to be 10.25% per annum.
Apply for SBI Car Loans Online with OCAS
Posted on 9th June 2015
India’s largest public sector bank, the State Bank of India, has put forth some confident steps in the online loan application arena with the launch of Online Customer Acquisition Solution (OCAS). Patrons can now apply for all the loans on offer from SBI, including the popular car loans, through this interactive online platform. OCAS is a full-fledged solution that helps the prospective customer analyse his/her loan eligibility, get a personalized quote, receive an instant e-approval upon completing the requisite online form, followed by the upload of all necessary documents. Next, officials from SBI will contact the prospective customer and chalk out the remaining formalities. SBI hopes that OCAS will not only reduce the overall loan application to confirmation time, improve its base of loan aspirants and also, change the way the common man views public sector banking in India.
Lower Interest Rates Offered by SBI Loans
Posted on 12th May 2015
P.Rajendra Prasad, State Bank of India’s Regional Manager, inaugurated the bank stall at the Chekuri Gardens Home Expo. While addressing the people there, he said that SBI was at the top with respect to providing car loans and housing loans, at easy instalments and lower rates of interest. He added that women availing these loans will be entitled to 0.5 percent added discount. Indeed, this move from SBI, in light of interest rate cuts affected by RBI earlier, will sufficiently attract the undivided interest of the common Indian man, especially when it comes to popular banking products such as car loans.
SBI Plans to Focus More on Auto Loans
Posted on 1st April 2015
In tandem with rapid growth in the auto sector, State Bank of India has decided to focus more on auto loans. The bank has also tied up with Ola cabs, and launched a special finance scheme for the latter’s cab drivers. Under this scheme the Ola cab drivers/operators (who buy new cars and operate through Ola) can pay back their car loan by making payments on the Ola platform. These drivers-cum-entrepreneurs will get to enjoy lower down payments, easier documentation and faster loan approval.
Since the last two months, SBI has approximately been funding 2000 cars a day. The bank’s auto portfolio also witnessed an 18% growth in the last three months, compared to the corresponding period in the previous year. With cars becoming a basic necessity for the common man these days, car loans, as a product, have experienced rapid growth. All the leading banks offer lucrative car loan schemes. Before applying for a car loan consider referring to a robust third party website, like bankbazaar.com to get the best deal.
Car Financing Made Easy for Ola Cab Drivers
Posted on 27th March 2015
State Bank of India and rapidly expanding cab company Ola have tied up to launch a car financing scheme called ‘Ola Pragati’. This scheme enables the Ola cab drivers/operators (who buy new cars and operate through Ola) to pay back their car loan by making payments on the Ola platform. The payments will be made on a daily basis. As these drivers find it difficult to make monthly repayments of their loan, the Ola Pragati scheme has been tailor-made to simplify car financing for them. The payments made by these drivers will be remitted to SBI by Ola. The daily payment system is also expected to lighten the interest burden on the borrower.
Apart from SBI, there are various other banks which offer car loans for new and pre-owned cars to salaried and self–employed individuals. The interest rates are mostly affordable. You can refer to a third party website like bankbazaar.com for a comparative study of the car loans offered by different banks.
SBI Eases Lending Norms for Car Loans
Posted on 20th March 2015
State Bank of India, the biggest consumer lending institution in the country has relaxed eligibility norms for car loans applicants. The bank is cashing on the optimistic market sentiments buoyed by increase in car sales figures during February 2015. Car sales in India grew by 6.85% in February.
Salaried applicants with a minimum annual income of Rs.3 lakhs are now eligible to apply for a car loan with SBI. Earlier, the lower limit was Rs.4 lakhs. For self-employed & agriculturists, this figure has been lowered from Rs.6 lakhs to 4 lakhs.
By simplifying the income eligibility conditions, the bank expects to add further impetus to its loan portfolio which stood at ₹ 32,178 crore as of December 2014. Owing to spiraling defaults, the bank had raised eligibility conditions in August 2013 that included qualification limit on income.
SBI Car Loan Daily Installments
Posted on 6th March 2015
State Bank of India, the largest Indian banking and financial services company is piloting a new model of car loan offering which allows cab drivers to borrow loans at low interest rates and payback on a daily installment basis. The standard repayment model is by means of Equated Monthly Installments(EMIs).
This arrangement is likely to add impetus to penetration of loan products further into the urban entrepreneurship space. SBI has tied up with a cab aggregator startup major in selected cities to offer car loans at nominal interest rates on a daily installment basis to drivers associated with this cab service provider. Not only does this system help the bank to mitigate risk by understanding the nuances of an emerging market, but also helps aspiring car drivers in realising their dream of becoming car owners. A win win situation.
State Bank of India organizes Traders Meet
State Bank of India has been a forerunner in providing innovative banking schemes that cater to the needs of the trading community. SBI recently conducted a traders’ meet to explain the services the bank offers to the business fraternity. The main aim of this meeting was to explain about the banking services provided by SBI exclusively for traders. SBI’s different services namely Rent Plus, Asset Backed loan for real Estate and Electronic Dealer Financing greatly benefits the traders. SBI has also been providing loans for different sections of the society at very affordable interest rates and low processing charges.
20th February 2015
SBI Q3 Result Results Ascends to Rs.2,910 crores
State Bank of India, the country’s largest bank in terms of assets and revenues further upped the ante with a 30.24 % increase in net profit at Rs.2,910 crores during Q3(Oct - Dec 2014). Profit in Q3FY14 was Rs. 2,234 crores. The overall income at Rs 43,784 was up by 10.77 % in contrary to Rs 39,068 crore during the same quarter in the previous fiscal year.
The surge in profits was a result of boost in net interest income and fees coupled with reduction in employee costs. Operating profit stood at Rs 9,294 Crores during Q3FY15, up by 22% when compared to Rs.7,618 in the same quarter in FY14. However, this Mumbai headquartered bank failed to meet the analysts’ expectations mainly due to the spike in provision for bad loans which saw a massive increase of 26 %. The overall provision during Q3FY15 was Rs. 5,235 crores.
The Q3 results had a positive impact in the market with values of SBI shares heading northwards immediately after the Q3 results were published by the bank, bringing smiles to thousands of investors.
18th February 2015
SBI Car Loan Offer:Processing Fee Waiver on Loans for New Cars
To encourage car loans at the start of 2015, SBI has announced waiver of processing fees under its ‘New Car Loan scheme’ and ‘Combo Loan Scheme’. This promotional offer is applicable until 31st March 2015.
Under normal circumstances, a processing fee of 0.51% on the total loan amount is charged, subject to a minimum of Rs.1,020 and a maximum of Rs.10,200. Interest rates offered by SBI on the two abovementioned loans stand at 10.40% for women and 10.45% for men.
This fee waiver does not apply on loans for pre-owned or used cars. Under the schemes ‘Certified Pre-Owned Car Loan’ and ‘Used Vehicles’, a processing fee of 0.51% of the total loan amount is applicable. Interest rates on these schemes vary between 16% and 17.5%.
19th January 2015
Avail a Nissan Car with SBI Car Loan at just 10.40 percent
Now you can easily avail your favourite Nissan car with State Bank of India car loan. With both of them tied up for the car loan scheme, Nissan will have a wider reach with SBI’s 15,000 plus branches across anywhere in India.
The Managing Director, Nissan Motor, Arun Malhotra, India said that this is keeping in view the long term commitment of Nissan in India and making their products more reachable to the Indians. The new scheme will benefit both the Nissan and Datsun brands thanks to the wide range of car loan options from SBI to suit one and all.
On the other hand, SBI’s Anuradha Rao said that SBI too is happy to be a part of this partnership and attractive car loan scheme. It will be available across all 15,000 plus branches in India. The Nissan SBI car loan scheme will have a repayment tenure of 7 years and they have the one and only unique feature of Term Loan or as Overdraft. You can avail the car loan at 10.40% p.a for women and 10.45% p.a for men and there will be no processing charges.
9th December 2014
SBI Brings Down The Mallet On Car Loan Defaulters
In a move to reduce NPAs on its car loan portfolio, SBI recently announced measures to seize and auction defaulters’ cars. This has come off the back of a 1% increase in bad auto loans over the period June FY14 to June FY15.
SBI’s focus on its retail loan portfolio is a bid to ride over the recent slump in corporate credit due to an economic downturn over the past years.
Hoping to profit by bucking the trend of increased car loans over the last year, SBI aims to make most of its recoveries from its ‘self-employed’-borrowers segment whose repayment abilities have also been adversely affected in line with the economic slowdown.
No longer will auto-loan customers be able to win their way back into SBI’s favour by making up for pending installments. Cars will now be seized and auctioned off if the entire loan amount is not repaid within 7 days of receiving the first-default notice.
To drive the point home, so to speak, SBI has already identified 500 cars for seizure in Hyderabad alone. With many more on the anvil, it is time for auto-loan customers to sit up and take notice before they find themselves under SBI’s radar, or worse still, its auction mallet.
23rd September 2014