• 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.

    Other Products from SBI group

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    SBI Used Car Loan Reviews

    • SBI Car Loan
      "Good loan offer"
      0.5 5.0/5 "Blown Away!"
      I got car loan offer from SBI which showroom suggested to apply. The rate of interest is 9.7% is fine. I taken this loan on 3.5 years back. The amount was sanctioned of 6L was sufficient with tenure period of 5 years. The car model Mahindra E2O. I have not any down payment. There are pre closure and part payment are applicable.
      Was this review helpful? 48
      , bangalore
      Reviewed on Mar 04, 2020
    • SBI
      SBI Car Loan
      "Very Good Loan Service"
      0.5 5.0/5 "Blown Away!"
      My car loan was taken from State Bank of India because the interest rate is low and the bank service is good. They have offered a loan amount of Rs. 5 lakhs and i made the down payment of Rs. 1.25 lakhs. The interest rate is 9%. I have been paying the EMI amount of Rs. 10600 per month for the duration of 5 years.
      Was this review helpful? 8
      , ludhiana
      Reviewed on Mar 03, 2020
    • SBI Car Loan
      "Good service "
      0.5 3.0/5 "Satisfactory"
      SBI is ready to provide the full loan amount of Rs. 10L for my car without any down payment. I didn't get the loan on time, i made one month EMI of Rs.13,000 after that i pre closed this loan. I got the normal interest rate, for pre closing they have charged only Rs. 500 and i purchased middle version car.
      Was this review helpful? 2
      , bangalore
      Reviewed on Mar 02, 2020
    • SBI Car Loan
      "Good service "
      0.5 3.0/5 "Satisfactory"
      I have taken car loan through State Bank of India directly.The name of this car was TATA NIXON. The rate of interest and the processing fee was fine .I am paying the premium on EMI basis. I have applied for the loan amount of 7lakhs and i have made a down payment of Rs. 3L for the tenure of 10 years.
      Was this review helpful? 0
      , bangalore
      Reviewed on Mar 02, 2020
    • SBI Car Loan
      "Good service "
      0.5 3.0/5 "Satisfactory"
      SBI bank is ready to provide the full loan amount of Rs. 10L for my car without any down payment. I dint get the loan on time i made one month EMI 13,000 after that i pre closed. I got the interest rate was normal, for pre closed they have charged only Rs. 500 and i purchased middle version car.
      Was this review helpful? 2
      , chennai
      Reviewed on Mar 01, 2020
    • SBI Car Loan
      "Good service "
      0.5 3.0/5 "Satisfactory"
      I have taken car loan through State Bank of India directly.The name of this car was TATA NIXON and the rate of interest and the processing fee was fine .I am paying the premium on EMI basis .I have applied for the loan amount of 7lakhs and i have made a down payment of Rs. 3L for the tenure of 10 years.
      Was this review helpful? 1
      , chennai
      Reviewed on Mar 01, 2020
    • SBI Car Loan
      "Good Loan Service"
      0.5 4.5/5 "Excellent!"
      There is no hidden charges for my car loan and I have chosen SBI because the showroom dealer has suggested me this bank. Documentation process was smooth and i have given the down payment of Rs. 1 lakh. I pay the EMI amount of Rs. 10000 approximately. Total cost of the car is 7 lakh. I have selected the duration of 7 years.
      Was this review helpful? 2
      , sonepat
      Reviewed on Feb 24, 2020
    • SBI Car Loan
      "Good service"
      0.5 3.0/5 "Satisfactory"
      I have taken car loan directly through SBI. The car model was 2019 and the name of this car was Volkswagen Vento .The rate of interest and the processing fee was very high and there was no processing fee .I have got all the details about the loan process very clearly and paying the premium on EMI basis .I have closed this loan successfully without any discrepancy.
      Was this review helpful? 5
      , kochi
      Reviewed on Feb 10, 2020
    • SBI Car Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I haven taken car loan from SBI. Everything was done on time and car was delivered on time .The rate of interest was bit high and the car model was MARUTI Suzuki Baleno .The loan amount got sanctioned on time .The loan process was clearly shared by the agent .I am satisfied with the service so far.
      Was this review helpful? 6
      , mumbai
      Reviewed on Jan 12, 2020
    • SBI Car Loan
      "Documentation process can be improved"
      0.5 5.0/5 "Blown Away!"
      I went to SBI branch directly to apply the car loan and I have done all the paper work as well. I can make the part payment through online because of this reason i have selected this bank. I don't find any issue so far and the overall process got completed in a single day. I took the loan 2 to 3 years before and the loan is still going on.
      Was this review helpful? 2
      , chennai
      Reviewed on Jan 08, 2020
    • SBI Car Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      The interest rate is low, no part payment or fore closure charges. It is very flexible so I have taken a loan from SBI. Bank offered me with 13L, complete price of the car, but i have opted only for 10L with the rate of interest 9.1%. It took only 3 days to process the loan.
      Was this review helpful? 4
      , bangalore
      Reviewed on Jan 08, 2020
    • SBI Car Loan
      "Very Good Service"
      0.5 4.0/5 "Great!"
      I have taken car loan directly through SBI directly .The car model was Maruti Suzuki Wagnor .Still this loan is active and there was no difficulties faced so far .The rate of interest and the processing fee was nominal.I have submitted the documents on proper time and the service was satisfied .
      Was this review helpful? 4
      , new delhi
      Reviewed on Dec 20, 2019
    • SBI Car Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      I have taken car loan directly through State Bank oF India .The car model was Maruti Wagnor.The loan amount was sanctioned on time without any hassle .The rate of interest and the processing fee was nominal .The agent gave a clear picture about the loan process .There was no drawbacks faced while submitting the documents .
      Was this review helpful? 4
      , bangalore
      Reviewed on Dec 17, 2019
    • SBI Car Loan
      "Very Good Loan Service"
      0.5 4.5/5 "Excellent!"
      For SBI car loan, they have charged me a interest rate of 9% which can be reduced hence i'm not happy with the loan. SBI is better and good for its loan service. I had applied the loan amount of Rs. 10 lakhs and for the other car loan its 2.5 lakhs. They have not taken more time to sanctioned my loan because they have disbursed the loan in 2 to 3 days.
      Was this review helpful? 3
      , navi mumbai
      Reviewed on Nov 25, 2019
    • SBI Car Loan
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I have taken car loan directly through SBI .The car model is Hyundai Accent and got the loan amount on exact time frame .Each and every details about the loan process was clearly shared by the agent .The rate of interest was very less and got the loan amount on time without any delay. Still this loan is active and not yet faced any issues until I got the loan.
      Was this review helpful? 3
      , jaipur
      Reviewed on Nov 23, 2019
    • SBI Car Loan
      "Fast approval loan"
      0.5 5.0/5 "Blown Away!"
      Taken my car loan 4 months back. I have bought the loan amount of Rs. 10 lakhs and they have sanctioned the loan immediately and the documentation process was simple and good. Within 1 day, they have processed the loan. They have provided me a interest rate of 8% and i have chosen the duration of 120 months.
      Was this review helpful? 17
      , hyderabad
      Reviewed on Nov 12, 2019
    • SBI Car Loan
      "Low Interest rates"
      0.5 5.0/5 "Blown Away!"
      Bought my car loan from State bank of India its because of less interest rate when i compared with others. I got the loan amount of Rs. 3 lakhs and i haven't paid any down payment. I have paid the EMI amount of Rs. 10000 per month. I have selected the tenure period of 3 years.
      Was this review helpful? 11
      , new delhi
      Reviewed on Nov 10, 2019
    • SBI Car Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      I have state Bank Of India car loan,the rate of interest was very nominal .I have got the loan amount sanctioned on time without any delay .Each and every details was clearly shared by the agent .I have submitted the required documents and i am comfortable with the service.
      Was this review helpful? 6
      , chennai
      Reviewed on Nov 09, 2019
    • SBI Car Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      I have taken a car loan with SBI on 11 months before which was suggested by my friend who he is an agent. EMI paying for 11,600 rupees. They have given for 7 lakhs and 13 thousands tenure of 7 years. Within one week loan got sanctioned. The car model is TATA Nexon.
      Was this review helpful? 16
      , goalpara
      Reviewed on Oct 28, 2019
    • SBI Car Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      From SBI taken a car loan on 2 months before, through showroom suggested for this loan. With interest of 9.5% nominal. They have given for 5 lakhs tenure period of 7 years. IDV of 5.5 lakhs with some discounts given for 5 lakhs. For a processing fee of 2 thousands.
      Was this review helpful? 17
      , hyderabad
      Reviewed on Oct 23, 2019
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