If you really think about it, it's easier getting a loan for a car than a loan for bus fare!
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 is Rated as "Excellent!" by 1151 Users
    Car Loan BYTES FROM OUR KITCHEN

    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
      "Best service"
      0.5 5.0/5 "Blown Away!"
      I have taken Car loan with State bank of India.The loan amount is six lakhs.The rate of interest is 9% nominal as compared to others.The EMI amount is 10,000 paid through an ECS.The tenure is seven years.The net banking service is good and convenient to use.
      Was this review helpful? 0
      , chennai
      Reviewed on Jan 09, 2018
    • SBI Car Loan
      "Best"
      0.5 4.0/5 "Great!"
      I am having the car loan with the State bank of India. Rate of interest was around 12% and the service was good one for me. I got the loan amount within fifteen days of time and I have got the commercial vehicle through an easy way where as everything went through a different channel.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 09, 2018
    • SBI Car Loan
      "Best service"
      0.5 5.0/5 "Blown Away!"
      I have taken car loan with SBI and it was a good loan experience, the loan amount was for Rs 4 lakhs with the rate of interest of 11% which is nominal when compared to other banks. Customer service was very good and they provided door step service to collect the documents. The process was very smooth, the loan amount was disbursed within 10 days and the tenure of the loan is 5 years.
      Was this review helpful? 9
      , new delhi
      Reviewed on Dec 26, 2017
    • SBI Car Loan
      "Good Loan"
      0.5 5.0/5 "Blown Away!"
      I got this Loan with 1 day and the overall experience with it has been extremely good. The rate of Interest in this Loan is quite good. The process for this was extremely hassle free. The repayment option of them was quite good and didn't require any manual intervention.
      Was this review helpful? 5
      , hyderabad
      Reviewed on Dec 21, 2017
    • SBI Car Loan
      "Good One"
      0.5 5.0/5 "Blown Away!"
      The Customer service was good from the bank STATE BANK OF INDIA . The bank gave me a Full approval on amount i asked for .the total amount got Disbursed in a hour on time .The bank gave me a Rate of interest of11 to 12% around . The processing fee was there of 3K . Bank gave me Pre closure option there on the card .
      Was this review helpful? 4
      , jaipur
      Reviewed on Dec 20, 2017
    • SBI Car Loan
      "Best banking"
      0.5 5.0/5 "Blown Away!"
      I have taken a car loan with State bank of India.The loan amount is 4.2 lakhs.Rate of interest is low as compared to others banks.I have a processing fees 1% charges from the principle.The tenure is for 7 years.They have processed the application within 20 days.
      Was this review helpful? 1
      , secunderabad
      Reviewed on Dec 16, 2017
    • SBI Car Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I have applied for a car loan with State bank of India.The loan amount is three lakhs,rate of interest is nominal as compered to others.The tenure is for seven years.The monthly EMI is 6000 I had to submit documents to process the request.The loan request processed within 7 days.
      Was this review helpful? 6
      , kochi
      Reviewed on Dec 13, 2017
    • SBI Car Loan
      "Average service"
      0.5 1.0/5 "Really Bad"
      I have taken a Car Loan with State Bank of India.The loan amount is 5 lakhs,tenure is for 5 years.I planned to make a part payments to outstanding amount however its not possible to reduce the EMI whereas they will reduce the tenure,i am not satisfied at all with the service.The customer service is not up to the mark.
      Was this review helpful? 4
      , hyderabad
      Reviewed on Dec 13, 2017
    • SBI Car Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      The car loan service was good with the State bank of India and I got the car loan around 3 years ago. The customer support is good with the state bank of India. I have got the car loan up to 75% which was helpful, the rate of interest is low with the State bank of India , when compared with others.
      Was this review helpful? 2
      , bangalore
      Reviewed on Dec 12, 2017
    • SBI Car Loan
      "Best service"
      0.5 5.0/5 "Blown Away!"
      I have applied for a car loan with State Bank of India.the loan amount is 4 lakhs,rate of interest is 9.65% nominal as compared to others.The tenure is for one year.I have deducted processing fees of Rs 6000.I have submitted documents,they have processed the loan within 2 weeks.EMI amount is debited from my salary account.
      Was this review helpful? 2
      , ernakulam
      Reviewed on Dec 11, 2017
    • SBI Car Loan
      "Better service"
      0.5 5.0/5 "Blown Away!"
      I have taken car loan from SBI and it was overall a good loan experience with SBI. The loan amount was for Rs 5 lakhs with the rate of interest of 9.70% which is proper rate. The process was quite fast and my loan amount was approved within the given time. Customer service was good and they responded on time. There are no charges on foreclosure and part payment. It was overall a good service from SBI.
      Was this review helpful? 7
      , gurgaon
      Reviewed on Dec 07, 2017
    • 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 5 lakhs with the low rate of interest when compared to other banks. The process was quite fast and my loan amount was approved within one day. Customer service was good and they responded on time. Overall it was a good service from SBI.
      Was this review helpful? 1
      , pune
      Reviewed on Dec 07, 2017
    • SBI Car Loan
      "Good service"
      0.5 3.0/5 "Satisfactory"
      I have taken a car loan with State Bank of India.The loan amount is five lakhs.Rate of interest is 9% nominal as compared to other banks.They had processed the loan within 15 days but it was too long documentation process.The EMI is paid through an ECS.
      Was this review helpful? 3
      , bhubaneshwar
      Reviewed on Dec 07, 2017
    • SBI Car Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      My car loan experience was good with SBI, the loan amount was for Rs 6 lakhs with the rate of interest which is nominal when compared to other private banks. The process was very smooth, it took 3 days for the loan amount to get approved. Customer service was good, they provided door step service to collect the documents and there was a good coordination. My loan amount was approved based on Ex-showroom price and there is no charges on foreclosure and part payment.
      Was this review helpful? 4
      , mumbai
      Reviewed on Dec 06, 2017
    • SBI Car Loan
      "Recommedable"
      0.5 5.0/5 "Blown Away!"
      I got my car loan from State bank of India. The approved loan amount was 3 lakhs. The monthly EMI is 8000 for a tenure of 5 years. But within 9 to 10 months i have closed the car loan with the full amount. The pre closure charges was 1700. Its recommendable to others.
      Was this review helpful? 3
      , new delhi
      Reviewed on Dec 06, 2017
    • SBI Car Loan
      "Very good"
      0.5 5.0/5 "Blown Away!"
      My car loan was taken 2 years back . The loan amount was 5 lakhs and the interest rate was 9-10% which was avergae in the market .the loan process was very easy here and they have sanctioned the loan with in a day of time.Here no processing fee here so My overall experience was very good and I would like to recommend to others.
      Was this review helpful? 5
      , bangalore
      Reviewed on Dec 05, 2017
    • SBI Car Loan
      "Very good"
      0.5 5.0/5 "Blown Away!"
      My car loan was taken 2 years back . The loan amount was 5 lakhs and the interest rate was 9-10% which was avergae in the market .the loan process was very easy here and they have sanctioned the loan with in a day of time.Here no processing fee here so My overall experience was very good and I would like to recommend to others.
      Was this review helpful? 2
      , bangalore
      Reviewed on Dec 05, 2017
    • SBI Car Loan
      "Better"
      0.5 4.0/5 "Great!"
      I have closed the car loan with the State bank of India and the rate of interest was lesser one. They have disbursed the loan amount within a week of time. Everything is fine one with the State bank of India and am really happy with them.
      Was this review helpful? 2
      , ghaziabad
      Reviewed on Dec 04, 2017
    • SBI Car Loan
      "Good Experience"
      0.5 5.0/5 "Blown Away!"
      My car loan is running with SBI currently, they gave me 8.95% for new car loan. I purchased RENAULT brand car worth Rs. 4 .45 lakhs, I took the loan amount of Rs. 3 lakh, remaining I paid as a down payment. They gave me part payment, foreclosure, balance transfer option.
      Was this review helpful? 1
      , faridabad
      Reviewed on Dec 04, 2017
    • SBI Car Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I am very much happy about the service of sbi car loan service as I already have my salary account with sbi the documents part was very easy and simple also there was a concession in the interest rate they quoted me it was a excellent service from sbi car loan service.
      Was this review helpful? 3
      , pune
      Reviewed on Dec 01, 2017
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