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  • SBI Used Car Loan is Rated as "Excellent!" by 1233 Users

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    Promised Interest Rate

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    SBI Used Car Loan

    Introduction to SBI used car loans

    State Bank of India is one of the largest lenders in the country and a Fortune-500 company. Established 200 years ago, this public sector bank is a leading provider of used car loans as well. SBI provide the best car loan scheme for you to purchase a secondhand car, provided it is not older than 5 years. Under SBI used car loans, you can take finance for purchase of pre-owned passenger cars, Multi Utility Vehicles (MUVs) and SUVs that aren’t older than five years. SBI offers easy repayment options and comparatively lower interest rates, thereby quickly establishing itself as a popular pre-owned car financier.

    Features & benefits of SBI used car loans

    SBI used car loans offer you:

    1. No Advance EMI
    2. Longest and easy repayment tenure (7 years)
    3. Lowest interest rates
    4. Lowest EMI
    5. Loan-to-value upto 85% of on-road price of car ( this includes insurance, registration and accessories worth Rs 25, 000)
    6. Interest calculated on Daily Reducing Balance basis
    7. Flexibility of paying EMI anytime during the month
    8. Low pre-payment penalty, only 2%
    9. Low processing fee not exceeding 0.51% of loan amount
    10. SBI Life cover optionally available to applicants

    Eligibility Criteria for SBI Used Car Loans

    To avail an SBI used car loan, you should be:

    1. An individual between 21-65 years of age.
    2. A permanent employee of State / Central Government, PSUs, private limited company or a reputed establishment, or
    3. A professional or self-employed individual who is an income tax assesse, or
    4. A person engaged in agricultural cultivation and allied activities.

    Salaried:

    1. The net annual income of applicant and/or co-borrower if any, together should be Rs. 3,00,000.
    2. Self-employed, professionals and Proprietary / Partnership firms: Net Profit or Gross Taxable income of Rs. 4,00,000 p.a. ( income of co-borrower can be clubbed together.)
    3. Agriculturist: Net Annual income of applicant and/or co-borrower together adds up to be Rs. 4,00,000.

    Loan Amount

    SBI allows a used car loan amount 2.5 times of net annual income of the applicant. Spouse’s income could also be considered provided the spouse becomes a co-borrower in the loan.

    Documentation Required for SBI Used Car Loans

    Used car loan applicants would need to submit the following documents along with the completed application form to SBI:

    1. Borrower’s bank statement copy for last 6 months.
    2. 2 passport size photographs of borrower(s).
    3. Signature identification from bankers of borrower(s).
    4. A copy of passport /voter’s ID card/PAN card.
    5. Proof of residence
    6. Copy of most-recent salary-slip showing all deductions
    7. I.T. Returns/Form 16: Two years for salaried employees and three years for professional/self-employed/businessmen duly accepted by the ITO wherever applicable to be submitted.
    8. Proof of official address for non-salaried individuals

    Margin

    A margin of 15% of the on the road price is required (which includes vehicle registration charges, insurance, one-time road tax and accessories).

    Repayment

    Customers can enjoy the longest repayment period in the industry with SBI used car loans--as long as 84 months. A longer tenure can mean lower EMIs for borrowers.

    Processing Fee

    SBI charges a flat processing fee at 0.51% of loan amount on used cars.

    SBI Used Car Loan Interest rates:

    SBI charges a percentage point of 0.45% over base rate for applicants who are men, and 0.40% over base rate for women applicants on its used car loans. Interest rates also vary for loans on used and certified cars and for terms above 3 years.

    SBI Used Car Loan Reviews

    • SBI Car Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      The process in getting the loan had been smooth and easy and the loan has been disbursed in one single day. The loan amount which they had provided had been satisfactory and the interest rate has been less when compared with the other banks which are offering. Their customer support also had been very good and they had been responsive as well.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Jul 20, 2018
    • SBI Car Loan
      "Very Good Service"
      0.5 4.0/5 "Great!"
      The process in getting the loan had been very good and the loan amount which they had provided had been satisfactory as well. The payments tenures has been for seven years and i had taken a loan amount of 5L. The rate of interest has been okay with them where it has been kept floating and it has been changing according to the market rate.
      Was this review helpful? 1
      , bangalore
      Reviewed on Jul 17, 2018
    • SBI Car Loan
      "Best Service"
      0.5 4.5/5 "Excellent!"
      I have taken a car loan with SBI and my loan experience was good, the loan amount was for Rs 2 lakhs with nominal interest rate when compared to other banks. My loan was approved on Ex-showroom price and it was a new car. There are no charges on preclosure and i have completed 50% of the tenure period. I have to pay an EMI for 4 years for this loan.
      Was this review helpful? 2
      , mumbai
      Reviewed on Jul 13, 2018
    • SBI Car Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      My car loan experience was good with SBI, the loan amount was for Rs 4 lakhs with nominal interest rate when compared to others. My loan was approved on ex-showroom price and the customer service was good. There are no foreclosure charges and there is no particular tenure period for this loan as the loan can be closed anytime.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jul 13, 2018
    • SBI Car Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      It had been a very good experience i had with them for getting this car loan. The process was very simple and easy where it took very less time in getting the loan. The loan amount which they had provided me had been satisfactory and the interest rate also had been nominal and there has not been any extra charges which had been taken for the process or anything so far.
      Was this review helpful? 0
      , kolkata
      Reviewed on Jul 12, 2018
    • SBI Car Loan
      "Interest rates are very less"
      0.5 4.0/5 "Great!"
      I have applied for a car loan services in SBI. But compared to other banks the car loan is very cheap ant they have offered me interest rate of 9.4%. I have visited the branch and the response is very good. They have given a break up for the car loan but i have never look up on it. I have just received the quotations. I have to submit the documents of basic things. There are no much documents required,
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 10, 2018
    • SBI Car Loan
      "Good"
      0.5 4.0/5 "Great!"
      My car loan was taken with SBI 1 year back. The loan amount was 10 lakhs and the interest rate was satisfactory . The tenure period was 5 years . The customer service and responses was good. The documentation was very smooth and there are no issues faced so far. They have sanctioned the loan within the time limit
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 10, 2018
    • SBI Car Loan
      "Very Good Service"
      0.5 4.5/5 "Excellent!"
      The process in getting the loan had been easy and smooth and it has taken just 2-3 days in getting it. There has been some good discounts and offers provided where the rate of interest has also been less. They had given a loan amount of six lakhs which has been satisfactory. It has been a hassle free experience.
      Was this review helpful? 3
      , new delhi
      Reviewed on Jul 09, 2018
    • SBI Car Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      The process in getting the loan had been good and the loan amount which they had given had been satisfactory. They had given the loan with the best rate of interest and there has not been any delay in any of their process. Their customer support had also been responsive.
      Was this review helpful? 4
      , new delhi
      Reviewed on Jul 07, 2018
    • SBI Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      Got my car loan from Sbi bank , they did quick for documentation and approval . Rate of interest is nominal as that time it was OK when comparing to other banks .they gave tenure period of 5 years with processing fees of Rs 4000. I paid Emi through Ecs , and there customer service and response is Average.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jul 03, 2018
    • SBI Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have taken a car loan with SBI and my loan experience was good, i have taken a new car worth Rs 4.2 lakhs and my loan was approved on Ex-showroom price. The rate of interest was nominal when compared to other banks. Customer service was good and the tenure for this loan is 7 years.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 01, 2018
    • SBI Car Loan
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I took a car loan from the SBI. The agent came and collected documents got the loan with in 2 days. After clearance of the loan till now they haven't provided the certificate. The loan amount was 2.5 lacs. The whole process was smooth. The Internet rate was normal when I took the loan.
      Was this review helpful? 1
      , new delhi
      Reviewed on Jun 29, 2018
    • SBI Car Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      The process in getting the loan has been very good and i had a very good experience with them. It has been a simple process. The loan amount which they had given had given has been satisfactory and the interest also had been good as well. There has not been any issues faced with the banking services offered by them.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 29, 2018
    • SBI Car Loan
      "Good service"
      0.5 3.0/5 "Satisfactory"
      The experience with them had not been that good and the process in getting the loan has been lengthy. The interest rate with them had been good and the loan amount which they ahd given had been satisfactory. There has been some extra charges which they had been making and the services which they had been providing has not been up to the mark.
      Was this review helpful? 0
      , hubli
      Reviewed on Jun 25, 2018
    • SBI Car Loan
      "Better"
      0.5 4.0/5 "Great!"
      I am having the car loan with the State bank of India and the interest is around 10.75%, also the customer service is good too. I would like to say that the response is also good too. I am happy with them till now.
      Was this review helpful? 1
      , new delhi
      Reviewed on Jun 23, 2018
    • SBI Car Loan
      "GOOD"
      0.5 5.0/5 "Blown Away!"
      I have taken my car loan with the STATE BANK OF INDIA. I have been using since 2015 and it is very comfortable by using the loan. The rate of interest is 8.5% at the beginning and from January it is 9.5%. The loan amount is satisfied. I have got quickly the loan for my car.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 13, 2018
    • SBI Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      The loan experience has been good with them. Where the whole process in getting this loan has been smooth and easy. The rate of interest has been okay with them and the loan amount which they had provided has been satisfactory as well. There has not been any issues faced and it went well.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 11, 2018
    • SBI Car Loan
      "Very good"
      0.5 4.0/5 "Great!"
      My car loan was taken with SBI 5 years back. The loan mount was 6 lakhs and the interest rate was satisfactory .The customer service and responses was up to the mark.The processing fee was nominal. They have sanctioned the loan with the committed time.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 08, 2018
    • SBI Car Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      It has been a very good loan experience with them, where the whole process has been very easy. It took just two days in getting this loan. The loan amount had been satisfactory and they had been offering a good interest rate as well. Their customer support also had been good so far.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jun 08, 2018
    • SBI Car Loan
      "Easy to get"
      0.5 4.0/5 "Great!"
      I have not chance to go through their banking statement. The interest rates very less like 9.75 for the new car buyers. They have their own rules and term and conditions. It was one time payment and processing fee was less compared to other banks. I got car loan of Rs. 6 lakhs and I'm making the EMI of Rs. 10000.
      Was this review helpful? 0
      , pune
      Reviewed on Jun 05, 2018
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