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
      "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 .
      Was this review helpful? 0
      , 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.
      Was this review helpful? 0
      , 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.
      Was this review helpful? 0
      , 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.
      Was this review helpful? 0
      , 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.
      Was this review helpful? 0
      , indore
      Reviewed on Jul 05, 2017
    • SBI Car Loan
      "Very good service with the best Interest rate"
      0.5 5.0/5 "Blown Away!"
      The state bank of India just took 2 days time to disburse my car loan. I got a friend in SBI branch so I have submitted my documents through my friend. I am happy about the loan amount. The required loan amount has been disbursed. The rate of interest is low with SBI . I am happy with the car loan service with state of India.
      Was this review helpful? 0
      , indore
      Reviewed on Jul 05, 2017
    • SBI Car Loan
      "Quick and fast service"
      0.5 4.0/5 "Great!"
      It was an easy process to apply for the car loan with SBI. I have applied car loan through state bank of India net banking immediately, I got OTP to my mobile and I have met the nearest SBI branch, which I have selected and they gave a call and I have submitted the required documents. Within a day time, I got the disbursement with SBI. The rate of interest is on the lower side when compared with ICICI bank. I am very much satisfied with the loan amount.
      Was this review helpful? 0
      , gurgaon
      Reviewed on Jul 05, 2017
    • SBI Car Loan
      "Attractive deal on the ROI"
      0.5 5.0/5 "Blown Away!"
      State Bank of India has been great in the car loan process. The documentation is normal and I got the loan on time. The deal was very attractive on the rate of interest. It was around 8.5% and the processing charges was a minimal amount of Rs. 400
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 04, 2017
    • SBI Car Loan
      "Good Experience with SBI"
      0.5 4.5/5 "Excellent!"
      SBI gave me good experience on the car loan, through my friend I have taken the car loan. Bank took only four to five days to sanction the loan. I have purchased Maruthi ignis car, SBI offered requested amount with the interest rate of 8.9% it has part payment without any charges.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jul 04, 2017
    • SBI Car Loan
      "Good option in the market"
      0.5 5.0/5 "Blown Away!"
      SBI gave me flexible interest rate and within a week they done RTGS payment to my account. I took the loan of Rs. 6.35 lakhs this is for a tenure of seven years. They offered me 8.7% of interest, it is least in the market and there are no preclosure charges which are applicable.
      Was this review helpful? 0
      , pune
      Reviewed on Jul 04, 2017
    • SBI Car Loan
      "Very good services"
      0.5 5.0/5 "Blown Away!"
      I have taken my car loan from State Bank of India. The process was quick and overall a good experience as I got a good deal on the interest rate and processing charges. It was a zero fee and the interest rate was of 9.98%. The disbursement was on time as well.
      Was this review helpful? 0
      , dehradun
      Reviewed on Jul 03, 2017
    • SBI Car Loan
      "EXCELLENT"
      0.5 5.0/5 "Blown Away!"
      SBI has formed a simple and smooth process for my car loan the documentation part was simple and they offered me a rate of 8.5%. The processing charges was 3000. I am happy that the loan amount provided and it was as per my requirement Overall a smooth process.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jul 03, 2017
    • SBI Car Loan
      "Very Good service"
      0.5 5.0/5 "Blown Away!"
      State bank of India car loan services were really great. The car loan got disbursed within 2 days of time, which is really helpful when it comes to SBI. The rate of interest is low, when compared with others. The customer service and the response was very good with Sbi. I am completely happy with the loan amount too.
      Was this review helpful? 0
      , panipat
      Reviewed on Jul 01, 2017
    • SBI Car Loan
      "Excellent deal"
      0.5 5.0/5 "Blown Away!"
      State bank of India offered me a good deal on the car loan. The rate of interest was of 8.75% and there were zero processing charges. I would not be charged when I want to foreclose the loan as well. The after loan services are also good and smooth.
      Was this review helpful? 0
      , kolkata
      Reviewed on Jun 30, 2017
    • SBI Car Loan
      "Very Good service"
      0.5 5.0/5 "Blown Away!"
      The State bank of India approved a car loan with the lowest interest rate of 8.25%. I got the loan within 4 days of time. I am happy about the loan amount. They were ready to give the 100% loan amount but I got it with 80% . The customer service and the response was good with Sbi, the executives came and collected my documents. I am happy about the service.
      Was this review helpful? 1
      , madurai
      Reviewed on Jun 29, 2017
    • SBI Car Loan
      "Its Good"
      0.5 4.0/5 "Great!"
      I submitted all my softcopy documents to the dealer to avail SBI car loan. They have forwarded it to the bank. SBI took 15 days to process the loan because there was one document which was pending from my end, hence it got delay. I got the amount of Rs.10 lakhs for the tenure of 5 years, I am very happy about the interest rate which was around 9.1% and it is very low.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 29, 2017
    • SBI Car Loan
      "Very Good service"
      0.5 4.0/5 "Great!"
      The response was good with State bank of India and In concern to my car loan application they have came to my place and done everything. Then I got the best interest rate in the market , the executive was also very helpful and I am happy about the SBI service.
      Was this review helpful? 1
      , kolkata
      Reviewed on Jun 29, 2017
    • SBI Car Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      The car loan service with State bank of India was really good. Within 2days 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 . I got Wagon R car with the SBI car loan. The service provided by SBI on my car loan is very much satisfactory.
      Was this review helpful? 2
      , ahmedabad
      Reviewed on Jun 27, 2017
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    SBI Used Car Loan is Rated as "Excellent!" by 998 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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