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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 car loan 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
    PA PL OTP
    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 SBI car loans ranging between 9.00% and 9.70%. The SBI Car Loan 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 SBI Car Loan 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
      "Good Loan Service"
      0.5 4.5/5 "Excellent!"
      There is no hidden charges for my car loan and I have chosen SBI because the showroom dealer has suggested me this bank. Documentation process was smooth and i have given the down payment of Rs. 1 lakh. I pay the EMI amount of Rs. 10000 approximately. Total cost of the car is 7 lakh. I have selected the duration of 7 years.
      Was this review helpful? 0
      , sonepat
      Reviewed on Feb 24, 2020
    • SBI
      SBI Car Loan
      "Good service"
      0.5 3.0/5 "Satisfactory"
      I have taken car loan directly through SBI. The car model was 2019 and the name of this car was Volkswagen Vento .The rate of interest and the processing fee was very high and there was no processing fee .I have got all the details about the loan process very clearly and paying the premium on EMI basis .I have closed this loan successfully without any discrepancy.
      Was this review helpful? 2
      , kochi
      Reviewed on Feb 10, 2020
    • SBI Car Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I haven taken car loan from SBI. Everything was done on time and car was delivered on time .The rate of interest was bit high and the car model was MARUTI Suzuki Baleno .The loan amount got sanctioned on time .The loan process was clearly shared by the agent .I am satisfied with the service so far.
      Was this review helpful? 3
      , mumbai
      Reviewed on Jan 12, 2020
    • SBI Car Loan
      "Documentation process can be improved"
      0.5 5.0/5 "Blown Away!"
      I went to SBI branch directly to apply the car loan and I have done all the paper work as well. I can make the part payment through online because of this reason i have selected this bank. I don't find any issue so far and the overall process got completed in a single day. I took the loan 2 to 3 years before and the loan is still going on.
      Was this review helpful? 2
      , chennai
      Reviewed on Jan 08, 2020
    • SBI Car Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      The interest rate is low, no part payment or fore closure charges. It is very flexible so I have taken a loan from SBI. Bank offered me with 13L, complete price of the car, but i have opted only for 10L with the rate of interest 9.1%. It took only 3 days to process the loan.
      Was this review helpful? 4
      , bangalore
      Reviewed on Jan 08, 2020
    • SBI Car Loan
      "Very Good Service"
      0.5 4.0/5 "Great!"
      I have taken car loan directly through SBI directly .The car model was Maruti Suzuki Wagnor .Still this loan is active and there was no difficulties faced so far .The rate of interest and the processing fee was nominal.I have submitted the documents on proper time and the service was satisfied .
      Was this review helpful? 3
      , new delhi
      Reviewed on Dec 20, 2019
    • SBI Car Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      I have taken car loan directly through State Bank oF India .The car model was Maruti Wagnor.The loan amount was sanctioned on time without any hassle .The rate of interest and the processing fee was nominal .The agent gave a clear picture about the loan process .There was no drawbacks faced while submitting the documents .
      Was this review helpful? 3
      , bangalore
      Reviewed on Dec 17, 2019
    • SBI Car Loan
      "Very Good Loan Service"
      0.5 4.5/5 "Excellent!"
      For SBI car loan, they have charged me a interest rate of 9% which can be reduced hence i'm not happy with the loan. SBI is better and good for its loan service. I had applied the loan amount of Rs. 10 lakhs and for the other car loan its 2.5 lakhs. They have not taken more time to sanctioned my loan because they have disbursed the loan in 2 to 3 days.
      Was this review helpful? 3
      , navi mumbai
      Reviewed on Nov 25, 2019
    • SBI Car Loan
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I have taken car loan directly through SBI .The car model is Hyundai Accent and got the loan amount on exact time frame .Each and every details about the loan process was clearly shared by the agent .The rate of interest was very less and got the loan amount on time without any delay. Still this loan is active and not yet faced any issues until I got the loan.
      Was this review helpful? 3
      , jaipur
      Reviewed on Nov 23, 2019
    • SBI Car Loan
      "Fast approval loan"
      0.5 5.0/5 "Blown Away!"
      Taken my car loan 4 months back. I have bought the loan amount of Rs. 10 lakhs and they have sanctioned the loan immediately and the documentation process was simple and good. Within 1 day, they have processed the loan. They have provided me a interest rate of 8% and i have chosen the duration of 120 months.
      Was this review helpful? 13
      , hyderabad
      Reviewed on Nov 12, 2019
    • SBI Car Loan
      "Low Interest rates"
      0.5 5.0/5 "Blown Away!"
      Bought my car loan from State bank of India its because of less interest rate when i compared with others. I got the loan amount of Rs. 3 lakhs and i haven't paid any down payment. I have paid the EMI amount of Rs. 10000 per month. I have selected the tenure period of 3 years.
      Was this review helpful? 9
      , new delhi
      Reviewed on Nov 10, 2019
    • SBI Car Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      I have state Bank Of India car loan,the rate of interest was very nominal .I have got the loan amount sanctioned on time without any delay .Each and every details was clearly shared by the agent .I have submitted the required documents and i am comfortable with the service.
      Was this review helpful? 5
      , chennai
      Reviewed on Nov 09, 2019
    • SBI Car Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      I have taken a car loan with SBI on 11 months before which was suggested by my friend who he is an agent. EMI paying for 11,600 rupees. They have given for 7 lakhs and 13 thousands tenure of 7 years. Within one week loan got sanctioned. The car model is TATA Nexon.
      Was this review helpful? 15
      , goalpara
      Reviewed on Oct 28, 2019
    • SBI Car Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      From SBI taken a car loan on 2 months before, through showroom suggested for this loan. With interest of 9.5% nominal. They have given for 5 lakhs tenure period of 7 years. IDV of 5.5 lakhs with some discounts given for 5 lakhs. For a processing fee of 2 thousands.
      Was this review helpful? 11
      , hyderabad
      Reviewed on Oct 23, 2019
    • SBI Car Loan
      "Average Loan"
      0.5 4.0/5 "Great!"
      3 years back, i have taken the car loan from State bank of India. I called the customer care service of SBI, but they don't have a access to check the auto loan details when i ask the outstanding balance and asked me to check in the net banking or need to visit the branch.
      Was this review helpful? 13
      , bangalore
      Reviewed on Oct 20, 2019
    • SBI Car Loan
      "It's good"
      0.5 4.0/5 "Great!"
      I have a car loan with SBI because am having a salary account which is easy to get approved. The interest rate is as per market rate and there is no much difference compared to others. They did not charge me any processing fee. I opted for 7years but I have cleared my dues on 4years without any foreclosure charges.
      Was this review helpful? 9
      , new delhi
      Reviewed on Oct 18, 2019
    • 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? 16
      , agra
      Reviewed on Oct 11, 2019
    • 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? 17
      , 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? 13
      , 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? 15
      , visakhapatnam
      Reviewed on Sep 28, 2019
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