If you really think about it, it's easier getting a loan for a car than a loan for bus fare!
  • SBI Used Car Loan is Rated as "Excellent!" by 1315 Users

    Fees & Charges

    Promised Interest Rate

    Customer Service

    Responsiveness

    Car Loan BYTES FROM OUR KITCHEN

    SBI Used Car Loan

    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!"
      It has been quite a good experience i had with this car loan and the loan amount which they had provided has been sufficient as well. The interest rate with them was around 9.25% which was nominal when compared with the market rate. The charges which they had made has been nominal as well, and even their customer support has been responsive as well.
      Was this review helpful? 1
      , bhubaneshwar
      Reviewed on Jan 17, 2019
    • SBI Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have been taken my car loan with State bank of India, they have given me sufficient loan amount, and i am satisfied with the loan amount , and the rate of interest they have charged me up to 9.45% which is bit high compare to other bank,i have asked for 9 % but its okay, and the processing fee they have charged me was nominal,overall service is good.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jan 17, 2019
    • SBI Car Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I took my car loan in State Bank of India by last year. The charges are normal. I have spend down payment nearly 1L out of 7L. The branch is near to my residence so will never contact the customer service. The process was immediate and it was completed within 2 days.
      Was this review helpful? 2
      , hyderabad
      Reviewed on Jan 12, 2019
    • SBI Car Loan
      "Super Fast Service"
      0.5 5.0/5 "Blown Away!"
      Within two hours of time, SBI have approved my car loan. The actual on road price of the car is around Rs. 5 lakhs. But I requested the loan amount of Rs. 3.95 lakhs, the process was very instant and easy, the bank gave me the interest rate around 9.85% its low.
      Was this review helpful? 7
      , kanpur
      Reviewed on Jan 05, 2019
    • SBI Car Loan
      "Got the loan on time"
      0.5 4.0/5 "Great!"
      My car loan was purchased from SBI. I bought this loan in January 2018. Dealer has selected the SBI car loan options. I was taken the loan amount of Rs. 6 lakhs. I have been paying the EMI of Rs. 50000. I have selected the tenure period of 4 years. Documentation process was really fine.
      Was this review helpful? 6
      , chennai
      Reviewed on Jan 03, 2019
    • SBI Car Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      My personal loan experience was good with SBI, the loan amount was based on my requirement and the process was smooth. I am happy with the customer support and their response was good. Rate of interest was nominal and i have taken this car loan for 5 years.
      Was this review helpful? 5
      , bangalore
      Reviewed on Jan 03, 2019
    • SBI Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      It was a good experience with car loan from SBI, they give loans at very nominal interest rate when compared to other banks. Customer service was very good and they followed up on time. Loan amount was sufficient and the tenure period for this loan is 7 years.
      Was this review helpful? 3
      , pune
      Reviewed on Jan 03, 2019
    • SBI Car Loan
      "Good in Service"
      0.5 5.0/5 "Blown Away!"
      I had applied for a car loan with SBI and i am satisfied with the service which received. The interest rates compare to market rate it is very much reasonable. I have also experienced the customer service and i feel like they are pretty much good in customer handling.
      Was this review helpful? 6
      , noida
      Reviewed on Dec 29, 2018
    • SBI Car Loan
      "Good Car loan"
      0.5 5.0/5 "Blown Away!"
      I have got a car loan from State bank of India. The flexibility of the loan services from SBI, i have selected this loan. The processing fee was convenient and the interest rates very less when i compared to other banks. I have done the pre-closure for this loan with no charges. The service from State bank of India is fine.
      Was this review helpful? 4
      , chennai
      Reviewed on Dec 29, 2018
    • SBI Car Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have been holding car loan with State bank of India from past 1 year, the loan amount they have given me was sufficient, and the rate of interest they have charged me was bit high, and for processing fee they have charged me up to 1200-1300 it is nominal,overall service is good.
      Was this review helpful? 1
      , pune
      Reviewed on Dec 27, 2018
    • SBI Car Loan
      "Very Good loan"
      0.5 5.0/5 "Blown Away!"
      I bought my car loan from State bank of India. 3 years ago, i have got this loan. I pay the EMI amount of Rs.10,800 for the loan amount of Rs. 6.5 lakhs. I have chosen the tenure period of 7 years. The documentation process was quite simple and easy.
      Was this review helpful? 2
      , bangalore
      Reviewed on Dec 24, 2018
    • SBI Car Loan
      "Good service"
      0.5 4.5/5 "Excellent!"
      I have taken car loan through STATE BANK OF INDIA , they offered sufficient loan amount to me . I receive my loan within few days the process was very prompt with this bank . . The tenure period is good and rate of interest it is nominal in the market .
      Was this review helpful? 2
      , chennai
      Reviewed on Dec 22, 2018
    • SBI Car Loan
      "Good in Service"
      0.5 4.0/5 "Great!"
      I was looking for car loan and thats when i went applying with SBI as i have a savings account in SBI. While applying there was not much documentation work and my request was processed on time. When it comes to interest charges, it is pretty much high. Hence the settlement of my loan has been done.
      Was this review helpful? 8
      , bangalore
      Reviewed on Dec 19, 2018
    • SBI Car Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I had taken this loan a long time and the experience with them has been simple and smooth. The loan amount which they had provided has been sufficient and the interest rate with them has been nominal when compared with the market rate. The charges which they had made also has been nominal.
      Was this review helpful? 3
      , new delhi
      Reviewed on Dec 19, 2018
    • SBI Car Loan
      "Best Financial Service"
      0.5 5.0/5 "Blown Away!"
      State bank of India is giving good service for the car loan where they took some week time for the approval and documentation . Am pretty happy with the service where they have explained the terms and conditions . Am making the payment through Ecs mode. Where they have given good rate of interest where they charges nominal processing fees of Rs 750.
      Was this review helpful? 4
      , ahmedabad
      Reviewed on Dec 16, 2018
    • SBI Car Loan
      "Good Financial service"
      0.5 4.5/5 "Excellent!"
      I have taken car loan from the state bank of India . They have give good rate of interest and am happy with it . They took only 1 week for the approval and documentation . There charges some nominal amount for processing fees . Overall am satisfied with my car loan.
      Was this review helpful? 4
      , mumbai
      Reviewed on Dec 12, 2018
    • SBI Car Loan
      "GOOD BANKING"
      0.5 5.0/5 "Blown Away!"
      I have taken the personal loan with the STATE BANK OF INDIA where the process is very quick and very fast process. The loan amount is satisfactory also the rate of interest is 8.75% also there is a pre closer charges applicable and 5 years to repay the loan.
      Was this review helpful? 1
      , chennai
      Reviewed on Dec 12, 2018
    • SBI Car Loan
      "Nice loan from SBI"
      0.5 3.5/5 "Pretty good"
      I have purchased the car loan from SBI. The details given about the car loan was good. I have taken the loan amount of Rs. 2.5 lakhs. They have provided me a interest rate of 9% and there was some processing fee. I have been paying the EMI of Rs. 5700 and I'm making the payment through ECS.
      Was this review helpful? 1
      , mumbai
      Reviewed on Dec 11, 2018
    • SBI Car Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      I have taken a car loan with SBI and my experience was good, it was a new car and the loan amount was for Rs 7.6 lacs with nominal interest rate when compared to others. Customer service was good and the tenure period is 5 years.
      Was this review helpful? 2
      , bangalore
      Reviewed on Dec 11, 2018
    • SBI Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have been holding my car loan with state bank of India from past 1 year, the loan amount they have give me was sufficient for me , but there service is not up to the mark, they took long procedure to get loan, the rate of interest they have charged me is less comparing to other bank, and there are no hidden charges .
      Was this review helpful? 2
      , hosur
      Reviewed on Dec 08, 2018
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