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
      "Satisfied service"
      0.5 4.5/5 "Excellent!"
      I had a car loan experience with SBI. I bought the loan a year ago. They have disbursed my car loan within 6 to 7 days. Which is very quick and fast. The rate of interest is nominal with Sbi car loan department. I am happy with the loan amount they have provided. Overall it is a satisfied service with SBI.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 19, 2017
    • SBI Car Loan
      "Sarkari bank"
      0.5 3.5/5 "Pretty good"
      I had taken the car loan from the State bank of India because of the additional perks like nil foreclosure charges and nil part payment charges. It took around two weeks of time to get the loan disbursement. They had provided the funds and it was as per my convenience also they have provided me a longer tenure too.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 18, 2017
    • SBI Car Loan
      "Need to customer centric"
      0.5 3.0/5 "Satisfactory"
      When I have applied for the car loan through online portal with State bank of India, they have promised they will send some executive to collect my documents, but then no one turned up, which is very disappointing with them. The response part has to be focused a lot with SBI. The service need to be improved with SBI. They need to stick on their promises.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 18, 2017
    • SBI Car Loan
      "Best Offer in the Market"
      0.5 5.0/5 "Blown Away!"
      Normally with Nationalized bank its hassle to get the loan, SBI also have lot of loan process, but I had submitted proper documents and I had taken the car loan. There i s no customer service, but still they disbursed the amount on time to the dealer. SBI interest rate is low when compared to other banks.
      Was this review helpful? 0
      , pune
      Reviewed on May 16, 2017
    • SBI Car Loan
      "Improve your Customer Service"
      0.5 4.0/5 "Great!"
      SBI don't have good customer support, but still service is good they done the car loan disbursement on time. I asked for the lesser amount so they mentioned 80% of loan at on road of the car. I am fine the interest rate its nominal and their loan option is also good.
      Was this review helpful? 1
      , mumbai
      Reviewed on May 15, 2017
    • SBI Car Loan
      "The best"
      0.5 5.0/5 "Blown Away!"
      I have taken my car loan from State Bank of Bank and the process was excellent from them. They completed the deal on the said date and the bank was normal on the interest rate and processing charges. In all I faced no hassles and the after loan services has been smooth as well.
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 12, 2017
    • SBI Car Loan
      "Process should be simple"
      0.5 4.0/5 "Great!"
      SBI provides the best offer on loan products but documents process was very tough, they requested lot of papers to process my car loan like Form16 and other papers. It almost took around one month to arrange all the documents finally they disbursed the amount to the dealer.
      Was this review helpful? 0
      , godhra
      Reviewed on May 10, 2017
    • SBI Car Loan
      "Good "
      0.5 5.0/5 "Blown Away!"
      I got the car loan with the State bank of India and the interest rate is around 12.5%. I got the loan amount in my account within a month of time. Processing charges were around 2500 Rupees and they have provided around 80% of cost of car as loan.
      Was this review helpful? 0
      , pondicherry
      Reviewed on May 09, 2017
    • SBI Car Loan
      "Hassle free process"
      0.5 4.0/5 "Great!"
      SBI charged high rate of interest compared to axis, they offered the interest rate around 9.2% but AXIS offers around 9% on car loan, I took this car loan on February 2017, they done fast car loan process within three days of time and they disbursed the loan to the dealer.
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      , bangalore
      Reviewed on May 09, 2017
    • SBI Car Loan
      "Good Service"
      0.5 3.5/5 "Pretty good"
      State bank of India response and the follow up was very quick and prompt.The documentation process took a bit longer time, they took around 3 to 4 days to disburse my car loan. The rate of interest is very low when compared with banks. Overall I would say it is a best service with state bank of India.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on May 08, 2017
    • SBI Car Loan
      "Good Bank"
      0.5 5.0/5 "Blown Away!"
      Initially I applied with HDFC bank for a car loan but when I did not receive any response from them I moved to SBI where they had processed my loan application and disbursed the loan on time. Interest rate for my car loan is below 9%. The entire car loan process went good with SBI.
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      , bareilly
      Reviewed on May 08, 2017
    • SBI Car Loan
      "GOOD SERVICE"
      0.5 4.0/5 "Great!"
      Within 7 days the car loan was disbursed from sbi bank by seeing all my documents they singed and approved the interest rate was offered was around 10.85% for this loan they have charges for 4k for documentation charges.
      Was this review helpful? 0
      , haldwani
      Reviewed on May 08, 2017
    • SBI Car Loan
      "Best offer in the market"
      0.5 4.5/5 "Excellent!"
      My perception of SBI, I thought they wont response to the customer's but in my case it was totally different. They have responded well on my car loan application they gave polite service. SBI interest rate and fee is low, compared to other competitor. My loan amount was Rs.3 lakhs for the tenure of five years.
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      , pune
      Reviewed on May 08, 2017
    • SBI Car Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I had taken my car loan from State Bank of India and the process was smooth and easy The documentation process was smooth and easy with SBI. The rate of interest 8.25% and processing fee was 7850 and it is for 7 years It was overall good experience from sbi because my friend is working in SBI and he has taken care of everything.
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      , kolkata
      Reviewed on May 07, 2017
    • SBI Car Loan
      "Good deal on ROI"
      0.5 2.0/5 "Expected more"
      The only good deal I received from State Bank of India for the car loan is the rate of interest which was of 8.75% and the processing charges was minimal. But the bank surely needs an improvement in the services. The after loan services has not been satisfactory.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 06, 2017
    • SBI Car Loan
      "Smooth & easy process"
      0.5 5.0/5 "Blown Away!"
      I had taken my car loan from State Bank of India and the process was excellent overall. The rate of interest and processing charges were normal and the loan was disbursed on time without any hassles and it was a clear process. The documentation part was also normal.
      Was this review helpful? 0
      , nagpur
      Reviewed on May 06, 2017
    • SBI Car Loan
      "Good deal"
      0.5 4.5/5 "Excellent!"
      State bank of India provided a good deal on the car loan with a lesser rate of interest and processing fee. Just that they do not have a field staff. I had to go over to the bank and complete my paper works. The after loan services has also been perfect till date.
      Was this review helpful? 0
      , calicut
      Reviewed on May 06, 2017
    • SBI Car Loan
      "The best bank"
      0.5 5.0/5 "Blown Away!"
      I had taken my car loan from State Bank of India and the process was smooth and easy. I got a reasonable rate of interest and the processing charges charged was also very much reasonable. The loan disbursement was done on time and overall it was a hassle free process.
      Was this review helpful? 2
      , visakhapatnam
      Reviewed on May 05, 2017
    • SBI Car Loan
      "Reliable service"
      0.5 4.0/5 "Great!"
      Had a car loan with state bank of India. I have availed the loan with the help of the show room executives and it was very smooth transaction with my car loan application. There customer service haven't bothered to give a call back o check the status of my loan. I can say they need to be improve a lot with there customer support. There is no communication happened from the bank to the customer.The rate of interest is very low as it is nationalized bank.
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      , secunderabad
      Reviewed on May 04, 2017
    • SBI Car Loan
      "Nice experience"
      0.5 4.0/5 "Great!"
      SBI has been almost good in the process for the car loan. The bank was better in the response as I got the loan on time and the documentation was simple too. The rate of interest and processing charges was nominal the after loan services are smooth as well.
      Was this review helpful? 0
      , secunderabad
      Reviewed on May 03, 2017
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    SBI Used Car Loan is Rated as "Excellent!" by 935 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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