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  • SBI Used Car Loan is Rated as "Excellent!" by 1219 Users

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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
      "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
    • SBI Car Loan
      "Very good service"
      0.5 4.0/5 "Great!"
      The loan experience had been very good, the process has been fast in getting this loan and there has not been any delay. The rate of interest which they have been offering also had been very good and i can say it was not too high. The loan amount which they had offered also had been satisfactory.
      Was this review helpful? 0
      , kochi
      Reviewed on Jun 04, 2018
    • SBI Car Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      It has been a good experience in taking this loan, three months back i have closed this loan amount. The rate of interest of them has been good as well, and the process has went pretty good. Even the loan amount which they had provided has been satisfactory as well.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 04, 2018
    • SBI Car Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      Got the car loan from the STATE BANK OF INDIA around a year. The customer support service and the response is good from the STATE BANK OF INDIA . The required loan amount has been given and I am satisfied with it. The rate of interest and the charges are average here and I am satisfied with it as well.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 01, 2018
    • SBI Car Loan
      "Car loan from SBI"
      0.5 5.0/5 "Blown Away!"
      From SBI i have taken a car loan and the approved loan amount was 5 lakhs. The rate of interest was 10.3%. The monthly EMI comes around 10200. There was some processing fee. Within 7 days i got the loan amount approved from SBI bank.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 26, 2018
    • SBI Car Loan
      "Satisfactory"
      0.5 4.0/5 "Great!"
      I have also taken a car loan with State bank of India. The process was good and I received the loan on time. The documentation process is also on time. The rate of interest is around 8% and the processing charges are normal. The after loan services are also good.
      Was this review helpful? 0
      , mumbai
      Reviewed on May 25, 2018
    • SBI Car Loan
      "Good Service Very low charges"
      0.5 4.0/5 "Great!"
      I took to loans form SBI. The car loan was for 6 Lacs, the application and the processing took bit longer. The interest rate is very low with the SBI. Processing is time consuming which is the only drawback with them. It took almost a month to receive the cheque.
      Was this review helpful? 0
      , kolkata
      Reviewed on May 24, 2018
    • SBI Car Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      The overall experience i had with them had been very good so far. The rate of interest which they have charging was low comparing with the market. The whole process had been very quick and there has not been any kind of issues so far with their services.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 24, 2018
    • SBI Car Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      Got the car loan from the State bank around 6 years ago. They have disbursed the loan amount within the time frame. The customer support service and the response is good from the State bank of India,. They required loan amount has been given . The rate of interest and the charges are average here.
      Was this review helpful? 0
      , new delhi
      Reviewed on May 22, 2018
    • SBI Car Loan
      "Very good service with no charges! "
      0.5 5.0/5 "Blown Away!"
      I took a car loan from SBI, believe me I got the loan amount with in a day. It must be because of the job profile. I got the loan for 7 Lakhs cleared the loan with in 2 Months. There were no part payment charges , Pre-closure charges and No processing charges. SBI is the best for car loans and their interest rate is also competitive.
      Was this review helpful? 0
      , chennai
      Reviewed on May 21, 2018
    • SBI Car Loan
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I took a car loan from the SBI, all the aplication and documentation was done at the branch. I got the loan credited to my account with in a span of seven day. The whole process was smooth and hassle free. I never had any issues with their services.
      Was this review helpful? 0
      , new delhi
      Reviewed on May 20, 2018
    • SBI Car Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      I have taken a car loan with SBI and my loan experience was good, the loan amount was for Rs 4 lakhs with nominal interest rate when compared to other banks. The process was quick and i received my loan amount on time. Customer service was good and the tenure for this loan is 5 years.
      Was this review helpful? 0
      , new delhi
      Reviewed on May 18, 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, the loan amount was less than Rs 3 lakhs with nominal interest rate when compared to all other banks. There are no charges on foreclosure and part payment options are available. Customer service was good and the tenure period for this loan is 5 years.
      Was this review helpful? 0
      , indore
      Reviewed on May 16, 2018
    • SBI Car Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      I have taken a car loan with SBI and my loan experience was good, the loan amount was based on my requirements and the rate of interest was nominal when compared to other banks. My loan was approved based on the ex-showroom price. Customer service was good and the tenure period for this loan is 5 years.
      Was this review helpful? 0
      , new delhi
      Reviewed on May 15, 2018
    • SBI Car Loan
      "Good service"
      0.5 3.5/5 "Pretty good"
      I have taken a car loan with SBI and my loan experience was good, the loan amount was more than 5 lakhs with nominal interest rate when compared to all other banks. My car loan was approved on the on-road price. They charge 3.9% of the principal amount for preclosure and the customer service was good.
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 14, 2018
    • SBI Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      It was a good experience banking with them so far, i can say they are not up to the mark where all the services which they have been providing is average. During the process of taking this loan they have collected the documents at the door steps which was convenient.
      Was this review helpful? 0
      , new delhi
      Reviewed on May 13, 2018
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