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  • SBI Used Car Loan is Rated as "Excellent!" by 1253 Users

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    Promised Interest Rate

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    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
      "Nice experience"
      0.5 5.0/5 "Blown Away!"
      State Bank of India has also offered me a car loan. The customer services and response is good and there are no issues in the process. The rate of interest and processing charges is normal and that is the best about the bank. The process is also satisfactory.
      Was this review helpful? 3
      , nagpur
      Reviewed on Sep 11, 2018
    • SBI Car Loan
      "Very Good Service"
      0.5 5.0/5 "Blown Away!"
      It has been a very good experience i had with this Car Loan. The process in getting this loan just took one day and it has been simple and easy. The loan amount which they had provided has been satisfactory as well as the interest rate with them has been nominal as well. Their customer support also had been responsive during the process.
      Was this review helpful? 1
      , jaipur
      Reviewed on Sep 07, 2018
    • SBI Car Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      It was a best experience with SBI for car loan, the loan amount was for Rs 2 lacs with nominal interest rate when compared to others. It was a new car which was taken back in 2008. Customer service was good and they followed up on time.
      Was this review helpful? 4
      , kolkata
      Reviewed on Sep 06, 2018
    • SBI Car Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      I've taken a car loan form the SBI. The loan amount was 4.5 Lacs, the process was easy. The rate of interest was really competitive.The pre-closure charges are also pretty low. They can still work on reducing the interest rate and still make their profit.
      Was this review helpful? 4
      , lucknow
      Reviewed on Aug 31, 2018
    • SBI Car Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      My car loan was taken with SBI 2 years back. The loan amount was 4,70,000 and the in the tenure period was 7 years . Their customer sere and responses was sup to the mark. They haves sanctioned the loan with the committed time, and the processing fee was also nominal.
      Was this review helpful? 6
      , new delhi
      Reviewed on Aug 30, 2018
    • SBI Car Loan
      "Best Service"
      0.5 4.5/5 "Excellent!"
      I had a very nice experience with car loan from SBI, the process was smooth and i received my loan amount on time. The loan amount was sufficient and the rate of interest was fine. I am happy with the customer service of SBI and the tenure period is 7 years.
      Was this review helpful? 7
      , bangalore
      Reviewed on Aug 29, 2018
    • SBI Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have taken a car loan with SBI and my loan experience was good, the loan amount was for Rs 3.5 lacs with nominal interest rate when compared to others. It is a new car and the process was smooth at the time of taking the loan. Customer service was good and the tenure period for this loan is for 7 years.
      Was this review helpful? 4
      , jaipur
      Reviewed on Aug 27, 2018
    • SBI Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      My car loan experience was good with SBI, the loan amount was for Rs 8 lacs with nominal interest rate when compared to other banks. My loan was approved based on the on road price. The tenure period for this loan is for 7 years out of which 2 years is already completed.
      Was this review helpful? 4
      , bangalore
      Reviewed on Aug 21, 2018
    • SBI Car Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      My car loan was taken with SBI 1 year back. The loan amount was 4 lakhs and the Interest rate was satisfactory . The tenure period was 7 years . The customer service and responses was up to the mark. The loan was approved on time and the documentation was quite smooth.
      Was this review helpful? 4
      , chennai
      Reviewed on Aug 18, 2018
    • SBI Car Loan
      "Good"
      0.5 4.0/5 "Great!"
      My car loan was taken with SBI 2 years back.The loan amount was 6 lakhs and the interest rate was satisfactory . He tenure period was 5 years.There is no issues faced with the service here. The customer service and responses was up to the mark. There is no processing fee at all.
      Was this review helpful? 12
      , bangalore
      Reviewed on Aug 14, 2018
    • SBI Car Loan
      "Hassle free"
      0.5 5.0/5 "Blown Away!"
      I have taken a car loan from SBI and my loan experience is pretty good. My loan amount is 2.5lakh and interest rate is 8.5% it is nominal in the market. There is no hidden charges. I use to pay 8000 as EMI per month. Processing fee is 2% on loan amount. The process was very quick no challenges faced till date.
      Was this review helpful? 3
      , noida
      Reviewed on Aug 14, 2018
    • SBI Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      My car loan experience was good with SBI, the loan amount was based on my requirement ad the rate of interest was nominal when compared to other banks. Customer service was good and they responded on time. The tenure period was for 5 years but i preclosed in 2 years. There are no additional charges on preclosure.
      Was this review helpful? 2
      , new delhi
      Reviewed on Aug 07, 2018
    • 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 6.60 lakhs with nominal interest rate when compared to other banks. Customer service was good, they responded on time and they collected documents on time. The tenure period for this loan is 5 years.
      Was this review helpful? 6
      , hyderabad
      Reviewed on Jul 31, 2018
    • SBI Car Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I have taken my car loan wit SBI 2years back.. The loan amount was 9 lakhs and the interest rate was satisfactory . The tenure period was 5 years . I had a good experience here and the documentation was also quite easy .The customer service and responses was really amazing . There is no delay in the process and the processing fee was also average .
      Was this review helpful? 7
      , hyderabad
      Reviewed on Jul 30, 2018
    • SBI Car Loan
      "Very nice car loan"
      0.5 5.0/5 "Blown Away!"
      I have taken this car loan with SBI 3 years before. Total tenure of the car loan is totally 5 years. I have applied the loan amount of Rs. 10 lakhs and they have sanctioned the same. I don't remember about the interest rate and processing fee. I will pay the EMI through auto deduction from my account directly. I have received the loan on time.
      Was this review helpful? 5
      , hyderabad
      Reviewed on Jul 29, 2018
    • SBI Car Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      I have take car loan from the state bank of India . They have given promising rate of interest with nominal processing fees . They did instant approval for the loan . Am happy with their customer service and response in terms of car loan process. They have the tenure period of 3 years .
      Was this review helpful? 8
      , chennai
      Reviewed on Jul 27, 2018
    • SBI Car Loan
      "Very Good Service"
      0.5 4.0/5 "Great!"
      It has been a very good experience with this loan but the loan amount which they had provided had not been satisfactory. The interest rate which they had been charging had been nominal when compared with the market rate. Their customer support and the staff responses had been good where there has been a good response which they had been making.
      Was this review helpful? 3
      , sambalpur
      Reviewed on Jul 26, 2018
    • SBI Car Loan
      "Very good"
      0.5 5.0/5 "Blown Away!"
      My car loan was taken with SBI few months back. The loan amount was 7 lakhs and the interest rate was average . The tenure period was 6 years . I had a very smooth experience and the loan amount was sanctioned with in 2 hrs. There is no processing fee here.The customer service and responses was good.
      Was this review helpful? 5
      , new delhi
      Reviewed on Jul 25, 2018
    • SBI Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have taken car loan form the state bank of India . Its been long time and i have closed the loan . They have given nominal rate of interest which am satisfied with it. There is no processing fees with tenure period of 7 years . They took just 2 days for the approval of the loan . Am satisfied with the my car loan from the sbi.
      Was this review helpful? 2
      , new delhi
      Reviewed on Jul 25, 2018
    • SBI Car Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      The process in getting the loan had been smooth and easy and the loan has been disbursed in one single day. The loan amount which they had provided had been satisfactory and the interest rate has been less when compared with the other banks which are offering. Their customer support also had been very good and they had been responsive as well.
      Was this review helpful? 7
      , hyderabad
      Reviewed on Jul 20, 2018
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