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.
Mr. Sharma was tired of taking a cab every day. We helped him get his own car. Explore Car Loans
| Interest Rate | Men : 9.30% Women : 9.25% |
| Processing Fees | Nil |
| Pre Closure Charges | Nil |
| Loan Tenure | 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:
| 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.
A car insurance online plan gives you comprehensive coverage at an affordable cost. Have you found yours yet?
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.
Know more about SBI Car Loan Eligibility for taking Car Loan
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 |
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% |
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:
With the growth in economy and the increase in disposable incomes of salaried and self-employed individuals, more consumers are looking forward to purchasing automobiles for day-to-day commutes and weekend road trips. Banks and non-banking financial companies offer new and used car loans at competitive interest rates to lure potential buyers. You can get a car loan of up to 85-90% of the on-road price of the car to be purchased. For the remaining cost, you will have to make a down payment. Those who don't have sufficient funds to make a significant down payment can benefit from zero-down payment car loans. Post-demonetisation, some auto dealerships in the country offer 100% on-road finance for the purchase of new and used cars. A prospective buyer must have a good credit score and a clean credit report to warrant such as a loan. If you lack funds to make a down payment, work at improving your credit score. Find out what is the eligibility criteria for a zero-down payment car loan. Read More...
If you are an avid trekker or have a family of 5, then a hatchback car will prove useful as the foldable rear seats can accommodate more luggage/cargo. Here is a list of the best hatchback cars in the country from the top carmakers in the world. The cars that have made the list are top of the line models with stylish interiors and exteriors, standard safety features, and more cabin space. Hatchbacks come with both petrol and diesel engine options with a decent mileage. You may find a car that is within your budget as the price of the hatchbacks ranges from Rs.4 lakhs to Rs.10 lakhs. You can obtain a car loan to purchase a hatchback of your choice. Banks and NBFCs in India offer auto loans at competitive interest rates for the purchase of new cars as well as used cars not less than 3-5 years old. Are you in the market for a brand new hatchback? Take a look at the price, features, and specifications of the best hatchbacks available in India. Read More...
If you are planning to sell your old car or purchase a used car, it is important that you know how to estimate the value of a car. So, what are the factors used to determine the value of a car? Year of purchase, miles driven from the time of purchase, depreciation rate, and condition of the vehicle are some of the factors that affect the value of a car. Used car valuation can help you find out the resale value of your old car. There are online tools available for used car valuation which are easy to use. Once you enter the details of your car such as the make and model, geographical location, age, etc., the tool will give you an approximate price of the car. Find out how to get a better valuation for a car by following some useful tips such as car maintenance, healthy driving habit, and using genuine spare parts for replacement. Read More...
GST of 18% is applicable on all banking products and services from the 1st of July, 2017.
Following the success of the Tata Nexon and the Tata Tiago, Tata Motors is now planning on attaining even greater volumes by entering the entry hatchback market. The entry hatchback segment sits just below the Tiago, and though many argue that the Nano and the Indica have cemented Tata’s presence in the segment, that is not actually true. The CEO of Tata Motors, Guenter Butschek, says that there is a lot of potential for the entry hatchback market space. He said that there remains some market volume in the segment below the Tigor and the Tiago where the company has no dominant play yet, but insists that the company does plan on entering the market. Tata has already made a declaration to move to just 2 platforms for all of its products – Omega and Alfa.
28 March 2019
Following the success of the Tata Nexon and the Tata Tiago, Tata Motors is now planning on attaining even greater volumes by entering the entry hatchback market. The entry hatchback segment sits just below the Tiago, and though many argue that the Nano and the Indica have cemented Tata’s presence in the segment, that is not actually true. The CEO of Tata Motors, Guenter Butschek, says that there is a lot of potential for the entry hatchback market space. He said that there remains some market volume in the segment below the Tigor and the Tiago where the company has no dominant play yet, but insists that the company does plan on entering the market. Tata has already made a declaration to move to just 2 platforms for all of its products – Omega and Alfa.
21 March 2019
Mahindra recently announced that its latest subcompact SUV, the XUV300, has surpassed the 13,000 bookings benchmark within a month in India. The bookings for XUV300 opened in mid-January and crossing the milestone of 13,000 bookings is definitely a piece of positive news for the company. The model has been facing tough competition with Maruti Suzuki Vitara Brezza, Ford Ecosport, and Tata Nexon.
Responding to the new milestone, Veejay Ram Chakra, chief of sales and marketing at Mahindra, stated that the company was elated with the overwhelming response. Despite being in the competitive category of compact SUV, Mahindra XUV300's exceptional performance has led it to the top 3. He further added that most of the bookings were for the top end variant of the XUV300.
In India, the XUV300 is priced from Rs.7.9 lakh and goes up to Rs.11.99 lakh. It comes in three variants W4, W6, and W8 with an option of W8 (O). One of the most feature-rich models in the segment, the XUV300 is equipped with projector headlamps with LED DRLs, LED taillamps and disc brakes for all 4 wheels. The car also boasts of climate control, 7-inch touchscreen infotainment system, cruise control, steering mounted audio control, and more.
15 March 2019
Ahead of its launch on 15 March 2019, the 2019 version of the Ford Figo was unveiled. Compared to the car that was initially launched in 2015, the facelift version of the car gets various upgrades. A host of new features, new engine options, and cosmetic changes are some of the upgrades that are available in the new model. The new Ford Figo will be launched on Tinder, a mobile dating app, to target young customers.
The Ford Figo will come with a sporty new grille and bumper with C-shaped bezels on the fog lamps. The rear portion of the car will get tweaked taillights as well as a new bumper. However, the alloy wheels remain the same. The car will get a new touchscreen infotainment system which provides support for Android Auto, Apple CarPlay, and SYNC3. The facelift version of the Ford Figo is expected to have the same engines as the new Ford Freestyle. It is expected to come with 1.2-litre Dragon petrol engine and 1.5-litre TDCi diesel engine. The car will come with a 5-speed manual transmission. The automatic version of the car is expected to be powered by a 1.5-litre Ti-VCT petrol engine. Over 320,000 units of the car have been sold in India since its launch in 2010. The complete details of the car will be available on 15 March 2019.
13 March 2019
Hyundai Motor India and Revv, the self-drive car rental service provider, have joined hands to provide Hyundai cars on a subscription basis. Customers who opt for this facility will be able to choose a flexible ownership term which includes both short term and long term tenures. The customers will also be allowed to swap the cars from the range of Hyundai cars line-up as per their preference. The feature can be availed without making any down payments. Customers who choose a short term subscription will also not be required to pay any amount towards the maintenance of the car or the insurance.
The company has claimed that the customers who will opt for a subscription of one year or more, will be provided with new cars. After the announcement was made, the Senior Director of the Sales and Marketing department of Hyundai Motors India Ltd., SJ Ha has commented that they are very excited about the present scenario of Indian mobility. The car leasing service which is based on subscription has been kick started as a pilot project in 6 cities – Mumbai, Bengaluru, Delhi-NCR, Pune, Kolkata, and Hyderabad. There have been no announcements on the part of the company about the expansion of the project. The project is set to start in the first quarter of 2019.
12 March 2019
28 February 2019
Porsche AG has confirmed that the next generation Macan will be all electric. Porsche will unveil the SUV by the end of 2019, and production is expected to begin in 2020. This will be the first all-electric SUV that will be launched by Porsche. The Porsche Macan is currently the company’s best-selling vehicle.
Porsche already plans to launch the first electrically sports driven car, the Taycan, by the end of 2019. The Taycan Cross Turismo will launch thereafter. Porsche AG’s Chairman of Board Management, Oliver Blume, said that the company plans to invest over six billion euros on electric vehicles by 2022, and 50% of all Porsche vehicles will be electric by 2025. He further added that for the next ten years the manufacturer will focus on pure electric sports cars, plug-in hybrid models, and petrol engines. In July 2018, Porsche decided to manufacture the next generation Macan at Leipzig. The vehicle will be developed along with Audi AG and will be based on the Porsche Premium Platform Electric (PPE) Architecture.
28 February 2019
The South Korean subsidiary of Mahindra is going to introduce its all-new global SUV SsangYong Korando to the public at the upcoming Geneva Motor Show next month. Before the public debut of the car, the company has released the photos, specifications, and other details of the car at a private event held in South Korea. This 4th generation Ssangyong Korando features a 10.25" infotainment touchscreen and a 9'' digital instrument panel which has minimised the number of manual buttons and knobs. The car has also received a 1.6-liter turbodiesel engine mated with a 6-speed manual transmission. Among the safety features, it has auto emergency braking (AEB), Safety Distance Alert, Lane Keep Assist (LKAS), Driver Attention Alert (DAA), and intelligent adaptive cruise control. Since Mahindra has previously used two top-notch SsangYong SUVs for the Indian market namely SsangYong Tivoli as Mahindra XUV300 and SsangYong Rexton as Mahindra Alturas, there is a possibility that the new Ssangyong Korando can become the 2020 new generation Mahindra XUV500 later.
22 February 2019
The automatic transmission of the Tata Harrier has been spotted testing. The unit, which is sourced from Hyundai, will come with a 6-speed gearbox.
While the booking for the Harrier started in October 2018, Tata Motors launched the car on 23 January 2019. For the month of January 2019, Tata sent 422 units of the car to dealers. While most the cars sent were test drive and display cars, deliveries for the car are slowly picking up. Tata Motors has not confirmed the launch date for the automatic version of the Harrier, but it is expected to be launched in the coming months due to high demand. The car is expected to be powered by a 2.0-litre Kryotec diesel engine which produces 140hp and 350Nm of torque. Tata Motors also plans to launch a coupe and a 7-seater variant as well. However, there has been no confirmation from Tata regarding the coupe variant.
21 February 2019
Maruti Suzuki launched the facelift version of the Wagon R on 22 January 2019 and is already being well received by the public. The third generation Wagon R has largely retained the design of the original but also comes with a host of new features in terms of the car’s interiors.
The 2019 WagonR is based on the Ignis Heartect A platform and comes with new headlamps and tail lamps in addition to a number of upgrades. The car’s interiors come with a dual-tone dashboard, a 17.78cm touchscreen infotainment system that is compatible with Android Auto and Apple CarPlay.
Under the hood, the Wagon R has a 1.2-litre petrol engine which can produce a power of approximately 81hp and a torque of 113Nm. The car also comes in automatic and manual transmission options. Both transmission variants claim to provide a mileage of 21.5 kmpl.
The price of the 2019 Wagon R ranges between Rs.4.19 lakh and Rs.5.78 lakh (ex-showroom).
31 January 2019
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.
Car Loan
Car Loan
Car Loan
Car Loan
Car Loan
Car Loan
Car Loan
Car Loan
Car Loan
Car Loan
Car Loan
Car Loan
Car Loan
Car Loan
Car Loan
Car Loan
Car Loan
Car Loan
Car Loan
Car Loan
