If you really think about it, it's easier getting a loan for a car than a loan for bus fare!
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  • SBI Used Car Loan Reviews

    • SBI Car Loan
      "GOOD SERVICE"
      0.5 4.0/5 "Great!"
      Got car loan with State bank of India for a interest rate of 8.5%, which was very low comparatively. The documentation process was very good and smooth They have responded well on my car loan application they gave polite service.The loan amount got disbursed within a weeks time.over all it was a good service
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      , gurgaon
      Reviewed on Aug 18, 2017
    • SBI Car Loan
      "Swift Service"
      0.5 5.0/5 "Blown Away!"
      This is the known fact that the SBI is the best place for the lowest interest rate. I had taken the car loan, for which, they provided the lowest interest rate, and I am sure that I cannot get this rate from any other bank. Furthermore, they had completed the process in just two days. Actually the bank has done everything in a good manner because I went through a car dealer. It was a pleasant surprise that I had got my loan from SBI in two days but this happened because of the dealer. I just submitted my documents to the dealer and the rest of the loan process was taken care by the dealer. It was a hassles free service.
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      , chennai
      Reviewed on Aug 16, 2017
    • SBI Car Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      The car loan service with State bank of India was really good. Within 10 days of time SBI has disbursed my car loan. The rate of interest is low with SBI, when compared with others. I am happy with the loan amount. They approved the loan amount more than my expectation .The service provided by SBI on my car loan is very much satisfactory.
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      , bangalore
      Reviewed on Aug 07, 2017
    • SBI Car Loan
      "Good car loan process but be more responsI ve"
      0.5 4.0/5 "Great!"
      My first car loan was with SBI it was also good it was a new car immediately they financed it. I did not receive any kind of reminders for EMI how ever it was good overall. I did not even receive a welcome kit or a welcome call too when my loan was confirmed.
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      , udaipur
      Reviewed on Aug 07, 2017
    • SBI Car Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I got a good deal from State Bank of India for the car loan. I got a rate of interest of around 8.65% and the process was also smooth. As I had submitted all the required documents in one go the loan got approved I had applied for 2.50 lakhs and this is for a tenure of 6 years.
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      , gurgaon
      Reviewed on Aug 06, 2017
    • SBI Car Loan
      "Nice Service"
      0.5 5.0/5 "Blown Away!"
      I took car loan from State bank of India about four years ago. I do not remember about the interest rate but they sanctioned the loan on time. But now the interest rate is high with SBI for the loans. Customer service is better. But then for my car loan, they provided a good service.
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      , bangalore
      Reviewed on Aug 05, 2017
    • SBI Car Loan
      "Nice Service"
      0.5 5.0/5 "Blown Away!"
      I took car loan from State bank of India about four years ago. I do not remember about the interest rate but they sanctioned the loan on time. But now the interest rate is high with SBI for the loans. Customer service is better. But then for my car loan, they provided a good service.
      Was this review helpful? 0
      , bangalore
      Reviewed on Aug 05, 2017
    • SBI Car Loan
      "GOOD SERVICE"
      0.5 4.0/5 "Great!"
      Got car loan with State bank of India for a interest rate it depends on the cibil score how good it is processing fee they have charged is around 1000 rupees and the tenured is for 5 years of time. SBI took around 24 hours to disburse my car loan. The documentation process was very good and smooth. Overall the service is really good with SBI
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      , new delhi
      Reviewed on Aug 03, 2017
    • SBI Car Loan
      "Very Good service"
      0.5 5.0/5 "Blown Away!"
      The State bank of India has disbursed my car loan within 7 days of time. The customer service was average with SBI. They were done most of the paper works by themselves. The SBI has taken care of end to end process in regards with my personal loan application. All my queries were answered by SBI executives. There is no additional charges and there is no Fore-closure charges and the rate of interest was the best which I got from SBI.
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      , chennai
      Reviewed on Aug 02, 2017
    • SBI Car Loan
      "Moderate Service"
      0.5 4.0/5 "Great!"
      SBI is good in offering services especially when it comes to loan, on the same lines it is not that great, because they are taking too much time for document collections and approvals. Except the loan services, other banking service are good with SBI.
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      , hyderabad
      Reviewed on Aug 02, 2017
    • SBI Car Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      The State bank of India has approved my car loan within a day time. The customer service and the response was average with SBI. I would like to suggest that the customer service can be improved with SBI in future. The rate of interest is the same with Dena , in fact I would say it is much lower. Therefore I am very much contented with their service.
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      , hyderabad
      Reviewed on Aug 02, 2017
    • SBI Car Loan
      "Very good service"
      0.5 5.0/5 "Blown Away!"
      It has been a year now since I had taken a car loan from SBI. The rate of interest for the loan was around 9.45%. I am banking with SBI for a long time now. I did not face any problem with the bank till date. Even they are good in providing customer service too.
      Was this review helpful? 1
      , nagpur
      Reviewed on Aug 01, 2017
    • SBI Car Loan
      "Very good service"
      0.5 5.0/5 "Blown Away!"
      I got a car loan from State Bank of India. They have disbursed my loan within a span of 3 days . The customer service and the response is really excellent with SBI. The rate of interest is low when compared with other banks. I would like to recommend SBI car loan services to others.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Jul 30, 2017
    • SBI Car Loan
      "Super fast process & good deal on ROI"
      0.5 5.0/5 "Blown Away!"
      State Bank of India has been excellent in the process for the car loan. After I submitted my papers at the bank, it took a day to process the same. A super fast process and the interest rate was of 8.75% with nominal charges. The after loan services are also good.
      Was this review helpful? 2
      , bangalore
      Reviewed on Jul 13, 2017
    • SBI Car Loan
      "Best interest rate"
      0.5 5.0/5 "Blown Away!"
      Interest rate is around 9% fro the car loan with State bank of India. Actually I availed this loan about six months ago. Everything went good with the bank during the loan process. SBI Interest rate is the best one in the market. I got the loan on time from SBI.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Jul 12, 2017
    • SBI Car Loan
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      The car loan process with State bank of India was excellent, because they have processed it very quickly. The customer and the response was really good with SBI. Within 7 to 10 days they have disbursed my car loan . The required loan amount has been disbursed and I am happy about it. The rate of interest is nominal .
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      , new delhi
      Reviewed on Jul 10, 2017
    • SBI Car Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I am an existing customer of SBI, I directly approached them they to take car loan. I have submitted last two year form 16, KYC documents and pay slip with blank cheque. I purchased Volkswagen Vento, worth Rs. 15lakhs, I have loan of Rs. 8.6 lakhs with the good floating interest rate.
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      , kolkata
      Reviewed on Jul 07, 2017
    • SBI Car Loan
      "Good service with low interest rate"
      0.5 3.0/5 "Satisfactory"
      The car loan process with SBI is very simple. I have spent just 2 hours and submitted the required documents and within a hour time they have checked my eligibility and approved my car loan. With in 4 days the loan got disbursed and the cheque was given to the showroom itself. The rate of interest is very low when compared with other banks.
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      , chennai
      Reviewed on Jul 07, 2017
    • SBI Car Loan
      "Good in charges"
      0.5 4.0/5 "Great!"
      For the car loan, State bank of India provided a good service. The charges are nominal with the bank. I am satisfied in the rate of interest and the tenure for the loan. The bank sanctioned the loan and they processed it without any hassles.
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      , kolkata
      Reviewed on Jul 06, 2017
    • SBI Car Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I preferred SBI for the car loan because of the rate of interest. The bank quoted 8.65% of interest rate for the car loan and they done with the process in a fast manner. Post submitted my documents to the bank, they sanctioned the loan within a day. I got an excellent service from bankbazaar.
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      , indore
      Reviewed on Jul 05, 2017
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    SBI Used Car Loan is Rated as "Excellent!" by 1010 Users

    Fees & Charges

    Promised Interest Rate

    Customer Service

    Responsiveness

    Car Loan BYTES FROM OUR KITCHEN

    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.

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